Embracing the vision of the North Las Vegas City Council to completely revitalize the heart of downtown North Las Vegas, Agora Realty and Management (Agora) has closed escrow on approximately 19 acres of land in the heart of downtown North Las Vegas. The land parcels are strategically located at the gateway to North Las Vegas, east of the I-15 freeway along Lake Mead Boulevard and north along Las Vegas Boulevard. Agora plans to develop a mixed-use master-planned commercial district, to be called NLV Gateway, that will include medical offices, retail shops, restaurants, multifamily housing, micro-businesses units, and community-focused public space.
“This project will create another exciting destination in North Las Vegas for residents and visitors, bringing almost 1,000 new jobs into the City and new services and amenities to folks. This is something the City Council and I have worked toward for the past eight years and created the right environment and processes so that could happen,” North Las Vegas Mayor John Lee said. “Agora has already made a tremendous impact in our downtown area, and we look forward to working with them on this next project to continue to bring our vision to reality.”
As part of the North Las Vegas City Council’s strategic vision to create a more vibrant, livable downtown district where residents can more easily and comfortably live, work and play, Agora’s new destination will bring much needed healthcare and medical services downtown along with new restaurants and shops as well as provide a unique location for business start-ups and local entrepreneurs within a series of micro-business units.
“This destination will forever change the downtown area,” said Cary Lefton, CEO of Agora Realty. “Agora looks forward to working with North Las Vegas leadership to redevelop North Las Vegas’ central business district. This corridor is the gateway to the City and will become a vibrant, walkable, job-generating mixed-purpose series of districts that celebrates what makes North Las Vegas so unique.”
Based on initial planning, the new development will create more than 900 permanent jobs. Construction could begin as early as first quarter 2023 with completion set for mid-to-late 2024. SCA Architects has been tapped to do construction drawings, and Mycotoo will be working with Agora on design and programming for the micro-businesses and public space.
“This is a historic project not only for downtown North Las Vegas, but for our entire City,” Ward 1 Councilman Isaac Barron said. “One of my biggest goals has been to transform our downtown into a district where people live and gather that is rich with shops, services and amenities. This is a major step in making that vision a reality.”
Since 2020, North Las Vegas ranks fifth on the list of cities with the greatest population increase in the United States, and over the last decade, the City’s population has grown by nearly 25 percent.
“We believe in the North Las Vegas community,” Lefton said. “The City’s strong pro-business leadership has created a bright vision for the future.” Agora credits the City of North Las Vegas’ innovative and proactive, pro-business processes for creating the right foundation for their success in the market.
Agora has been investing in North Las Vegas for the past six years, beginning with the redevelopment of Fiesta Plaza, a 200,000-square-foot grocery-anchored shopping center located on approximately 23 acres in the city’s downtown area. Agora Realty acquired Fiesta Plaza in mid-2016 with only 55 percent of the available retail space occupied and no anchor stores. Since that time, the firm has fully leased the center, expanding La Bonita Supermarket as well as adding Conn’s, Ross Dress for Less, Ace Hardware, U.S. Bank, Denny’s, Shoe Palace and other local and national tenants.
All told, Agora’s portfolio has more than 550,000 square feet of retail space in North Las Vegas and the greater Las Vegas market with five new, ground-up developments in various phases of development totaling over 208,000 square feet.
About The City of North Las Vegas
North Las Vegas stretches across the northern rim of the Las Vegas Valley and is home to more than 275,000 residents. As a premier place to live, work and play, North Las Vegas leads the valley in new home development while maintaining a longstanding tradition of successful economic development in a business-friendly environment. The City of North Las Vegas’ fast and faster approach has made the city a top destination in the country for development opportunities. North Las Vegas is a hub for new job creation and economic diversification that attracts global brands, innovative industries, manufacturing, e-commerce, and logistics centers. For more information, visit www.cityofnorthlasvegas.com.
About Agora Realty & Management, Inc.
Agora Realty & Management, Inc. is a leading West Coast full-service real estate development firm headquartered in Calabasas, California. Founded in 1986, the company has an impressive track record for its comprehensive in-house expertise, team-centric culture, strong partnerships and exceptional ability to bring together the right people with the right properties. Real estate holdings and projects include shopping centers, business parks, mixed-use retail, office buildings and residential condominiums, as well as both single- and multi-family dwellings. Agora owns a 1.8-million-square-foot real estate portfolio that includes a mix of properties in Hawaii, Nevada, and California. For more information, visit www.agoraproperty.com.
Source: http://www.cityofnorthlasvegas.com/newsdetail_T6_R654.php
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