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LAS VEGAS-Sunset Pilot Plaza, a 180,000-sf office development is under way at Hughes Airport Center. The project consists of two three-story buildings with glass and steel exteriors on a nine-acre site at the intersection of Sunset and Pilot roads, adjacent to McCarran International Airport. The total development cost is in excess of $50 million.

The developer is a joint venture of Stoltz Management Co. of Bala Cynwyd, PA and GoldenTree InSite Partners of New York City. Construction began this month. The first building is slated for the first quarter of 2008, the second one year later. The project architect is JMA and the general contractor is Martin Harris Construction. Stoltz and GoldenTree did not respond for requests for additional detail on the project.

“Gaming and hospitality companies continue to relocate office and administrative functions out of hotels and casinos into nearby office buildings, providing excellent tenant demand for the Airport submarket and for this project in particular,” says Rob Vahradian, managing director of GoldenTree InSite Partners, in a prepared statement.

Stoltz and GoldenTree acquired the development site in March 2006 as part of a package deal that included nine buildings total 600,000 sf of office/flex space and four development parcels. Seven of the buildings and two of the parcels are in Hughes Airport Center while the remainder are in Hughes Cheyanne Center.

Full-service asking rents range from $3.10 to $3.25 per sf per month. The valley’s class A office market finished the first three month of the year with a 7.4% vacancy rate, according to Applied Analysis, a locally based economic research firm.

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