The subject property encompasses the hard corner of North Pecos Rd and East Lake Mead Blvd. The parcel is surrounded by built multi-family, single-family, as well as commercial developments, and is in close proximity to both N. Las Vegas Boulevard and Nellis Air Force Base. Development and investment in the area is re-surging with Harmony Homes building new attached two story residential product approximately one block east of the subject property.
Running west of the site is a municipal wash. The owners of the site worked through an eminent domain case with the City of North Las Vegas to construct the wash. A settlement agreement was reached between all parties granting the owner of the property the right to construct a point of ingress/egress along N. Pecos Rd, which will allow access to the site for traffic running north and south. The portion of the wash which is already covered was designed to support large loads, including large trucks and supply vehicles. The remainder of the wash can be capped and assembled as part of the existing site. A copy of this agreement can be provided to interested parties, and the attorney involved in the case can be made available for further insight on the subject.
At the same time, the current ownership negotiated a deal with the home owner’s association of the neighboring (due west) condominium development for a (100) year ground lease of the Northern portion of their property. The ground lease was paid in full, and there is an option to extend this agreement at the end of the lease term for a nominal fee.
By capping the remainder of the wash, in conjunction with the ground leased area, the end user will be able to significantly increase the amount of usable space offered by the site. The sellers have put together some sample site plans to demonstrate the ways in which all of the pieces can be assembled.