LAS VEGAS-EHB Cos. has completed the purchase of the undeveloped, 23-acre vacant parcel of land located at the southeast corner of Rampart and Alta in the western Las Vegas valley. The company will develop the parcel to connect its Tivoli Village at Queensridge with the adjacent Boca Park Fashion Village creating the ultimate shopping and dining destination.
As GlobeSt.com previously reported, EHB, together with the IDB Group and its affiliated companies, are the developers of One Queensridge Place, a luxury condominium development, located at the intersection’s southwest corner and the under-construction Tivoli Village at Queensridge at the northeast corner. The mixed-use project is expected to open in March next year.
Strategically located where Summerlin meets Peccole Ranch, this acquisition furthers the company’s vision of developing an unrivaled community hub in the Western Las Vegas Valley at this popular and convenient intersection. The company will develop the parcel to connect its Tivoli Village at Queensridge with the adjacent Boca Park Fashion Village.
Frank Pankratz, president of EHB Cos., tells GlobeSt.com that “Construction costs will not be available for a long time as things are only in the early planning and conceptual design phase.” Pankratz explains that “We are committed to the continued enhancement of this area with the ongoing development of these marquee projects of uncompromising quality and design.”
He adds that “While many developments and construction projects have been significantly slowed or halted in Las Vegas, we remain confident in the city’s future and steadfast in our vision for this dynamic mixed-use corridor. With this, we are proud to employ, directly or indirectly, several hundred Las Vegans at a time when jobs are crucial to our local economy’s resurgence.”
The parcel was purchased for $11.75 million. The seller was City National Bank and Sun Commercial Real Estate was the broker.
“The company has commenced the property’s planning and conceptual design,” says Pankratz. “Both One Queensridge Place and Tivoli Village are the vision and inspiration of EHB Cos’ chairman and CEO, Yohan Lowie, and the development of the newly acquired parcel would be of similar outstanding quality,” he says.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
