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Redevelopment Agency approves lease and sublease to bring Nevada State University into downtown medical district
Summary
The RDA approved a lease with Blue Dream LV LLC and a sublease with Nevada State University to place a new allied health campus and clinic on the third floor of 2050 South Pinto Lane. The university and city projected enrollment, clinic capacity and multi-year economic impacts; the lease total was corrected on the record to $12,327,750.
The City of Las Vegas Redevelopment Agency on July 16 approved two related agreements to bring Nevada State University into the Las Vegas Medical District: a lease between the RDA and Blue Dream LV LLC for the third floor of 2050 South Pinto Lane, and a sublease to the Nevada System of Higher Education for use by Nevada State University.
Dina Babzski, director of economic and urban development, opened the presentation and asked to place on the record a correction: the total lease amount for item 7 was corrected to $12,327,750. Babbski said the RDA will lease space from Blue Dream LV LLC and sublease it to Nevada State University to operate an allied health education campus and a juvenile health clinic on the third floor of the new medical office building.
Babbsky and university representatives described the arrangement as a long-term partnership intended to expand health-care education capacity downtown and provide clinical services. Babbski said the lease's full term is 20 years—structured as a 10-year lease with two five-year extensions—and that rent is set at $2.50 (as presented by staff). She said the RDA's contribution toward rent over the first five years is $1,800,000 and that rent would commence in October if tenant improvements proceed on schedule.
"Nevada State University is the community's university," Dr. Derionne Pollard, president of Nevada State University, said in remarks introducing the school's role. Pollard and Dr. Amber Lopez Lassiter, chief of staff, described Nevada State's student population and plans for the new campus. Lopez Lassiter said the university expects the downtown campus to enroll an estimated 500 students and offer about 60 courses per term; staff materials estimated the clinic component could see up to 250 pediatric patients per week.
Babbski said Nevada State's projected investment over the 20-year term—based on staffing, student fees, lease and other costs—exceeds $40,000,000. The city presented an economic-impact model that estimated more than $33,000,000 in impact over 10 years and, separately, projected that the education and related activity could lead to more than 9,000 jobs over 10 years.
Blue Dream principals Adi Prabhu, M.D., and a business partner addressed the agency and said leasing the space anchors the new medical office building and furthers redevelopment goals. The public hearing was opened and closed with no public speakers.
Council members praised the partnership. Councilwoman Diaz moved to approve the lease (item 7) and the motion passed; she then moved to approve the sublease (item 8) and that motion also passed. Staff said the RDA and university will present related materials to the Nevada System of Higher Education Board of Regents at its September meeting for final university approvals.
All figures above (enrollment estimates, clinic capacity, projected investment and economic-impact numbers) were presented by city staff and Nevada State University during the meeting; some are projections and are noted as such in the staff presentation.
