A joint venture between Chicago-based CEDARst Companies, a vertically integrated real estate development platform, and Bridge Investment Group (NYSE: BRDG) 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 is the third ground-up multifamily development pairing together CEDARst and Bridge Investment, the fourth qualified opportunity zone development CEDARst has undertaken, and part of a more robust western expansion for CEDARst.
“We’re excited to further our relationship with Bridge Investment Group,” said Mark Heffron, CDO 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 Arts District is located less than five miles northeast of the Las Vegas strip. This next Flats offering is an infill site at 123 W. Imperial Ave. It is an area that is unlike the traditional Las Vegas experience. It 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 2025.
“From the timeless unit finishes, expansive amenity package and distinctive architecture, Flats Arts District will raise the bar in every way,” Heffron said.
“Flats Arts District will be the first Class-A apartment complex located directly within 18b. 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 plans for the Las Vegas development are unfolding as another CEDARst/Bridge joint venture nears completion at 4135 Park Blvd, a $72.5 million, 190-unit community in San Diego. The 226-unit building branded The Miller, which is the third joint venture with Bridge, completed construction this past summer. The Vancouver asset is nearly stabilized.
The CEDARst-Bridge partnership continues to evaluate QOZ opportunities in markets outside of Vancouver, San Diego and Las Vegas.
