Cantor Fitzgerald and Silverstein to Develop Property in Las Vegas Opportunity Zone
Affiliates of Cantor Fitzgerald L.P., a financial services firm and real estate investment company, and Silverstein Properties Inc. a full-service real estate development, investment and management firm, recently closed on a multifamily development site in a Las Vegas opportunity zone.
Affiliates of Cantor Fitzgerald L.P., a financial services firm and real estate investment company, and Silverstein Properties Inc. a full-service real estate development, investment and management firm, recently closed on a multifamily development site in a Las Vegas opportunity zone.
The site is located 15 minutes west of downtown near the Medical District and will be used to develop Meadows Apartments. Las Vegas-based TRU Development and affiliates of Silverstein will develop the property, with construction scheduled to begin this year.
The transaction is part of Cantor and Silverstein’s opportunity zone joint venture partnership, which was announced in March 2019.
The four-story development will sit nearly 10 acres and include 334 one- and two-bedroom units. Amenities include a clubhouse, two pools, a fitness center, and multiple recreational areas. The location offers transit accessibility to downtown Las Vegas and is adjacent to Meadows Mall.
The companies noted that growth in the Las Vegas market has exceeded other U.S. markets for the last few years, with Clark County’s population increasing by more than 48,000 people between 2017 and 2018 — the second largest increase of any U.S. county.
“The Las Vegas market is a great fit for Cantor Fitzgerald and Silverstein Properties. Continued job and population growth have contributed to demand for new multifamily housing,” said Marty Burger, chief executive officer of Silverstein Properties. “Renters in the area, many of them medical professionals, have few options…”
Cantor Fitzgerald and Silverstein Properties share a historical connection to the tragic events of 9/11 at the World Trade Center and played central roles in the recovery that followed.
Cantor Fitzgerald is a financial services group with more than 12,000 employees. Cantor Fitzgerald & Co. is an investment bank serving more than 5,000 institutional clients around the world and one of the 24 primary dealers authorized to transact business with the Federal Reserve Bank of New York.
Silverstein Properties is based in New York and has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006), 4 World Trade Center (2013), the Four Seasons Downtown (2016), One West End (2017) and 3 World Trade Center (2018).
