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10/09/19
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Matter Real Estate Group has obtained construction financing for UnCommons, a $400 mil mixed-use development in southwest Las Vegas. The project will break ground this spring and be completed in fall 2021.
The development, featuring office, restaurant, food hall, lifestyle and residential space, was designed by the globally renowned architecture firm Gensler. It will offer a pedestrian trail, multi-purpose conference center and inspirational art, all situated on an easily walkable 40-acre site.
“UnCommons will bring Las Vegas residents a vibrant, new centerpiece to the community: a modern, urban-inspired mixed-use development designed to enhance the lives of the people who live and work there,” said Matter Real Estate Partner Jim Stuart. “Much of what will make UnCommons stand out will be the food and beverage lineup. Additionally, the lifestyle offerings are being curated to showcase some of Las Vegas’ top talents, as well as boutique brands that will be new to the market. UnCommons mirrors transformative projects that have been launched in similar sized cities such as Austin and Nashville,” he added.
Phase I of UnCommons includes nearly 200k sf of office space, a variety of popular new eateries and a food hall featuring carefully edited versions of the best of the local food scene. Lifestyle and entertainment uses include a variety of fitness studios and a luxury movie theater, plus an additional 382 urban style apartment units with the convenience of approximately 1,200 parking stalls located in two modern onsite parking structures. Phase I represents $250 mil of new commercial and residential construction and, upon completion, UnCommons will house 3,000 employees and more than 2,000 residents. The project will deliver a new supply of office space each year to meet the anticipated market demand ongoing.
Mosaic Real Estate Investors, led by Ethan Penner and Vicky Schiff, provided the funding to complete the acquisition and move forward with construction. Since forming in early 2018, Matter Real Estate now has more than 1.5 msf of commercial and industrial projects underway.
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