Retail center set for master-planned communities in Las Vegas
Residents paying up to a million dollars for houses in the Sunstone master-planned community — about a 25-minute drive from the Las Vegas Strip — will soon have sorely needed retail relief.
Despite significant population growth and strong household incomes, the northwest submarket remains materially underserved by retail. According to CoStar, the current retail vacancy rate in the submarket is approximately 1.7%.
Now Toronto-based Osprey Real Estate Capital — in partnership with Bruin Capital Partners — has announced the successful closing of a 13-acre land acquisition to build a retail center in Sunstone.
"Northwest Las Vegas is one of the most supply-constrained retail markets in the region, and this site gives us a rare opportunity to deliver a truly best-in-class shopping center to a rapidly growing community," said Osprey CEO Sean Dalesandro.
The project will sit at the intersection of Interstate 11 and Kyle Canyon Road — directly targeted to serve both Sunstone and the nearby Skye Canyon master-planned community. An Osprey press release identifies the site as one of the strongest residential growth corridors in the Las Vegas metropolitan area.
Kyle Canyon Road will also serve as the primary freeway access point for Monument Hills, a yet-to-be built, 857-acre master-planned community expected to deliver 4,000 to 6,000 new homes to the fast-growing neighborhood.
"The exceptional demand drivers in the northwest, including the Monument Hills master-planned community, reinforce the strength of this location,” said Jeffrey Canarelli, president of Bruin Capital Partners. “We are excited to work with Osprey to deliver another high-quality retail project that serves the surrounding communities and attracts top-tier national tenants."
Pre-development activities are currently underway — including architectural design, civil engineering, and traffic planning.
The partnership reports already having received several letters of intent from potential anchors and other national retail chains. With a limited number of pad sites planned for the project, Osprey is advising interested food-and-beverage brands — as well as other pad users — to investigate the Sunstone project early.
