(LAS VEGAS) September 29, 2004 – The Related Companies, L.P. is proud to announce that the company has been selected by the City of Las Vegas as the proposed developer for the City’s 61 acres in downtown Las Vegas, known as “Union Park.” Related is the only developer invited to continue with the second phase of the Request for Proposal (RFP) process, which includes offering a more detailed proposal of the site to the City. Afterwards, a development agreement is expected to come before the City Council for approval.
The Related Companies is a fully-integrated real estate company headquartered in New York with an unrivaled portfolio of mixed-use developments. The company has extensive experience planning, designing, developing, managing, leasing and owning large mixed-use urban centers in a number of metropolitan markets. In addition to its large-scale development expertise, Related has an extensive history financing projects comparable in use, complexity and size to the development mix envisioned for the 61-acre site.
“We are very excited to begin this public-private partnership with the City of Las Vegas, and we share the Mayor's vision for this extremely important site," said Marty Burger, Executive Vice President of The Related Companies. “We view the development and planning of ‘Union Park’ as our company’s next great challenge and opportunity, and have devoted a great deal of time and resources to this effort. Once completed, this project will certainly be recognized as one of the nation’s great mixed-use developments.”
Related’s proposal to the City of Las Vegas presents a comprehensive master plan including residential, retail, hotel, office, and cultural components. The proposed plan embraces true urban redevelopment, and offers Las Vegas a vision of the future of city development. This future intends to meet the challenges of increased population growth, and greater complexity in transit and environmental solutions through development of a self-contained community where residents and visitors can work, live and play. Described as a “city within a city,” such a large scale project will usher in the new renaissance of downtown Las Vegas on an unprecedented scale.
Related has recently completed such high-profile, mixed-use projects as CityPlace, a 72-acre urban destination in West Palm Beach and the $1.7 billion Time Warner Center at Columbus Circle in Manhattan, which is regarded as a world landmark in mixed-use development.
Further, Related is already helping to reshape downtown’s urban landscape, as co-developer and partner in World Market Center – the 57-acre home furnishings complex under construction on the site adjacent to “Union Park.” With the depth and breadth of its components, “Union Park” complements World Market Center and will offer the entire range of amenities and support infrastructure to the home furnishings industry.
“All three companies that responded to the city’s request for proposals were qualified, but the selection committee was most impressed with The Related Companies because of the level of development of its preliminary proposal and its continuing commitment to development in the downtown area,” Las Vegas Mayor Oscar B. Goodman said. “I am confident that at the end of this negotiation period, we will enter into an agreement for an urban, mixed-use development that will be the heart and soul of southern Nevada.”
One of the nation’s largest developers in the last five years, today, the Related portfolio includes more than $11 billion in real estate assets spread over 47 states, including nearly 140,000 residential units and nearly 7 million square feet of commercial and retail space.
Media Contact: Dana Pretner at: dpretner@lasvegasmarket.com
Phone: 702.380.0919 ext. 109 or Cell: 702.348.9509
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