Matter Real Estate Group has secured construction financing to build its $400 million mixed-use project called Uncommons in Las Vegas. It is being called the first of its kind mixed-use project in southwest Las Vegas, and is now on track to break ground in the spring of 2020.
"The Las Vegas market is now in a robust forward movement and ready for a healthy new supply of office space that hasn't been available in the past decade," Jim Stuart, a partner at Matter Real Estate, tells GlobeSt.com. "Additionally, the Las Vegas market's growth, combined with the growing local workforce, are thirsting for an entirely new workplace environment. This outlook is a transformation from traditional growth stimulants such as tourism and travel, to new and emerging companies becoming established and growing in this region."
This economic growth has created demand for a new kind of mixed-use property that hasn't been in the market before. The 40-acre site will accommodate curated office, restaurant, food hall, lifestyle and residential space. "Las Vegas has been in a transformative state for some time and now ready for this next step," Stuart says. "This community is ripe for this project and craves the opportunity make connections in the moments in-between. The soul-less office park / building/ campus is a thing of the past."
Matter is aiming to take the property a step further by infusing communal and social space throughout. "Uncommons is a vision of the best design thinking around a mixed-use campus that is people centered and socially focused. Matter Real Estate is focused on intention and curiosity," says Stuart. "We strive to think beyond what is familiar so we can contribute and accelerate the needs of occupiers that attract the best talent and people in addition to providing the opportunity to bring people together in a more meaningful way."
Mosaic Real Estate Investors funded Matter's construction loan. Now that Matter has secured financing, the company is focused on securing operators before the 2020 ground breaking. "There are many carefully orchestrated steps that are being undertaken prior to construction of phase I beginning in March of 2020. One of the most important steps is the thoughtful curation and procurement of the 'right' food and beverage operators," says Stuart. "This aspect is so important to the success of the project and we will take time to be sure we have the right mix."
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Kelsi Maree Borland
