CEDARst Companies has broken ground on Flats Arts District, a 311-unit multifamily development located at 123 W. Imperial Avenue in the Las Vegas Arts District.
The project is a joint venture between Chicago-based CEDARst Companies, a vertically integrated real estate development platform, and Bridge Investment Group (NYSE: BRDG). The groundbreaking was attended by numerous development team members, local businesses owners, neighbors, and government officials including Councilwoman Olivia Diaz, Mayor Pro Tem Brian Knudsen, and mayoral candidate Shelley Berkley.
With the start of construction, this development represents the third ground-up multifamily development by the CEDARst and Bridge Investment partnership.
“Las Vegas is experiencing tremendous growth and economic expansion which has translated to very strong multifamily fundamentals” said Mark Heffron, Chief Development Officer for CEDARst Companies. “We are excited to partner with Bridge in delivering high-quality housing to the most vibrant cultural hub in Las Vegas.”
When completed, Flats Arts District will include a mix of studio, one-bedroom, two-bedroom, and three-bedroom units, with 5,100 square feet of ground-floor commercial space and 317 parking spaces within a structured garage. Apartments will include in-unit laundry, balconies, state-of-the-art appliances, smart-home systems, and keyless entry. The community amenities include a large fitness center, resort-style spa facilities with water circuitry and saunas, curated co-working spaces, and a sunset deck/lounge.
According to Kit Barmeyer, Managing Director at CEDARst, the firm’s intent is to “deliver a project that celebrates the charm and charisma of the Arts District while making the community more accessible and supporting the incredible businesses and venues that have long called the neighborhood home”.
The Arts District is located less than five miles northeast of the Las Vegas strip and provides an enclave of boutique coffee shops and homegrown restaurants, as well as proximity to the thriving entertainment area.
The CEDARst-Bridge partnership has completed two previous joint venture developments in San Diego and Vancouver. The most recent project completed by the duo was The Nash, a $72.5 million, 190-unit development that opened in May of 2024 in San Diego.
