UnCommons, the First-of-its Kind Mixed-use Community in Las Vegas, Moves Forward with Secured Financing
LAS VEGAS (Sep. 24, 2019) – Construction financing has been secured for UnCommons, a first-of-its kind mixed-use development in southwest Las Vegas being developed by Matter Real Estate Group. The highly anticipated $400-million project will break ground this spring and be completed in fall 2021.
The curated office, restaurant, food hall, lifestyle and residential offerings, designed by the globally renowned architecture firm Gensler, will be complemented by 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 200,000 square feet 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 million 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.
Matter Real Estate worked with lender Mosaic Real Estate Investors, founded by Ethan Penner and Vicky Schiff, to complete the acquisition and move forward with construction. “We personally seek out like-minded entrepreneurial developers that are not only sound investments for our platform, but those that are bringing projects to life with enduring impact. The team at Matter is doing that with their vision for UnCommons,” said Penner.
When Governor Sisolak was serving as Chair of the Clark County Commission, he immediately designated UnCommons as a high impact project (HIP), a recognition that is selectively provided for projects that create economic diversification for the state.
Other high-profile HIP projects in Southern Nevada include the $2 billion Allegiant Stadium, the new home to the Las Vegas Raiders and UNLV football teams, and Sheldon Adelson’s and Madison Square Garden’s $1.5 billion MSG Sphere at the Venetian.
The development team also worked closely with Clark County Commissioner Michael Naft in processing the complex entitlements. “UnCommons represents an important new entertainment destination for the residents of our community as well as the opportunity to bring a world class work environment for our local employers,” added Commissioner Naft.
According to the firm managing the office leasing and CBRE managing director Michael Newman, there has already been huge interest in the office space with multiple tenants well into lease negotiations. “UnCommons is unique in Las Vegas by specifically addressing the trends affecting the recruitment and retention of workforce talent. Frankly, I don’t believe the market fully recognizes the impact this project will have with local employers” said Newman.
A virtual tour, which shows the total ambiance of the campus, is now available by clicking here.
Since forming in early 2018, Matter Real Estate has rapidly advanced and emerged as a leading developer with more than 1.5 million square feet of commercial and industrial projects underway. Some of Matter Real Estate’s other Las Vegas projects include the recent groundbreaking of the 725,000-square-foot Matter Logistics Center @ West Cheyenne Avenue, the 450,000-square-foot Matter Park @ Henderson, now under construction, the new 150,000-square-foot Matter @ Craig Road, and the 135,000-square-foot Matter Business Park @Warm Springs, now nearing completion.
About Matter Real Estate Group
Matter Real Estate Group is a real estate development company whose goal is to elevate the everyday human experience, enabling people, businesses and communities to thrive. The company is led by three partners, Jim Stuart, Matt Root and Kevin Burke, each with more than 25+ years of experience in the development of place making projects combining vision, construction and operating strategy all under one roof. The firm strongly believes that development can be a curated experience designed around business needs while at the same time focusing on flexibility, purpose and inclusiveness. Headquartered in San Diego, California, Matter focuses on developing within the Western U.S. with projects in planning or under construction in major cities including Austin, Las Vegas, Los Angeles and Phoenix. To learn more, visit www.matterrealestate.com.