CEDARst/Bridge Announce $112 Million Development in Las Vegas Opportunity Zone
A joint venture between Chicago-based CEDARst Companies and Bridge Investment Group has acquired a 2.29-acre site within the Las Vegas Arts District and announced development plans for Flats Arts District, a $112 million, 311-unit podium multifamily community in a qualified opportunity zone.
The Arts District development was made supported by the CEDARst GP Opportunity Zone Fund 1, LP, filed in November 2023. It is the third multifamily development pairing together CEDARst and Bridge Investment – an alternative investment manager with approximately $49.4 billion of assets under management as of Sept. 30, 2023 – and the fourth qualified opportunity zone development CEDARst has undertaken.
The effort is part of a more robust western expansion for CEDARst, a vertically integrated real estate development platform.
The plans for the Las Vegas development are unfolding as other CEDARst/Bridge ventures progress. A $72.5 million, 190-unit community in San Diego, Calif., is nearing completion, and a 226-unit building in Vancouver, Wash., branded The Miller, completed construction this past summer and is nearly stabilized.
“We’re excited to further our relationship with Bridge Investment Group,” said Mark Heffron, cofounder and chief development officer of CEDARst Companies. “Las Vegas has been a market we had been collectively targeting for a few years. We’re thrilled to plant a flag with them in the Arts District.”
The development within the Arts District has been designed to feature 311 units, including 86 studio units, 185 one-bedroom units, 38 two-bedroom units, and two three-bedroom units. On the ground floor, there will also be 5,100 square feet of retail space. Apartments will include in-unit laundry, balconies, state-of-the-art appliances, smart-home systems, and keyless entry. The project amenity offerings are health and wellness-oriented and include a large fitness center, resort-style spa facilities with water circuitry and saunas, curated coworking spaces, and a sunset deck/lounge. Parking will be comprised of 317 stalls.
The Arts District is located less than five miles northeast of the Las Vegas strip and has boutique coffee shops and homegrown restaurants resulting in a vibrancy that makes it unique. Demolition of the existing improvements will begin immediately, paving the way for a groundbreaking in February. The first units are expected to be delivered in the fourth quarter of 2025.
“From the timeless unit finishes, expansive amenity package and distinctive architecture, Flats Arts District will raise the bar in every way,” Heffron said.
“…This apartment complex will bring energy to a community that is undergoing an impressive transformation,” said David Coelho, chief investment officer of Bridge Investment Group’s opportunity zone strategy. “We value our partnership with CEDARst and believe that our work is helping transform opportunity zones into communities across the country.”
The CEDARst-Bridge partnership continues to evaluate qualified opportunity zone fund options in markets outside of Vancouver, Wash., San Diego, Calif., and Las Vegas.
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