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Redevelopment agency approves $8.7 million amendment for West Side market hall and workforce housing support
Summary
The RDA approved a second amendment to a master lease with Art House 4 LLC to fund tenant improvements and support a market hall within a mixed-use project on the historic West Side. The amendment covers up to $8.7 million, with an estimated $4.3 million reimbursable by a federal CNI grant.
The City of Las Vegas Redevelopment Agency voted to authorize a second amendment to the master lease with Art House 4 LLC, not to exceed $8,700,000, to fund tenant improvements and related costs for a market hall located at the northwest corner of D Street and Jefferson Avenue in the historic West Side.
Agency staff said the larger mixed-use development — by Cherry Development — includes 104 workforce housing units and nearly 9,000 square feet allocated for a market hall. The RDA previously entered a 15-year lease for the market hall/retail space; under the amendment the RDA will assume responsibility for certain tenant improvements totaling roughly $6.5 million. Staff told the agency that approximately $4.3 million of that amount will be reimbursed to the RDA by the city’s partners through the federal CNI (Choice Neighborhoods Initiative) grant that was awarded for the Marble Manor redevelopment.
Dina Babbski, director of Economic & Urban Development, described the food-hall portion as an incubator space to attract startup vendors and provide subsidized short-term leases for new entrepreneurs. “We will be finding subtenants for the food hall,” she said, adding that an operating plan with job-creation timelines will be presented later to ensure CNI grant compliance.
Grant Garcia, cofounder of Cherry Development, said construction is well under way and that portions of the building are topped off; he invited agency members to upcoming hard-hat tours. “Without all of you, the hard work, the effort, and the time that’s been put into this project over the last… three years, we wouldn’t be where we’re at,” he said.
Agency members expressed support for the project’s anticipated synergy with the nearby college campus and local neighborhood activity. Miss Summers Armstrong moved approval of the amendment; the clerk posted that the motion carried. The transcript does not include a roll-call tally.
