A public subsidy will bring a $71 million mixed-use skilled nursing and assisted living development to the site of a former rail yard in Las Vegas, reports the Las Vegas Review-Journal.
This week, the City Council approved a development agreement with CITRA Real Estate Capital to create the project in the Symphony Park area in downtown Las Vegas.
Under the terms of the deal, CITRA has agreed to pay a net sales price of about $3.5 million for the 3.3 acres on which it is looking to develop the project.
“We are really taking about a high-end, downtown living environment,” said Michael Saltzman, managing director of CITRA, in the article.
Development plans include a six- or seven-story skilled nursing facility with about 150 beds, while the assisted living building will be eight stories with about 140 units. The firm also intends to include ground floor retail and restaurants, as well as a five- to six-story parking garage with 464 spaces.
The subsidy could range between $2.8 million to $6.5 million for the project, which is yet to be named, according to a summary of the project.
CITRA expects construction to start by spring 2015, with completion anticipated by November 2016.
Written by Jason Oliva