Developer expects added traffic as projects progress

Los Angeles-based developer Jerry Monkarsh said he’s “absolutely” part of the reason traffic is congested in the burgeoning southwest Las Vegas Valley.

“This is mild compared to other places we’ve developed like L.A. and Phoenix,” Monkarsh, principal of EJM Development, said during a trip to Las Vegas to check on progress at The Arroyo, a 450-acre mixed-use business park near the Las Vegas Beltway and Rainbow Boulevard.

It will worsen as raw land turns into prime development in the area, he said.

A 45,000-square-foot Best Buy store is scheduled to open Sept. 14 at Arroyo Market Square, part of an estimated 4.5 million square feet of office, retail and industrial space coming to The Arroyo.

The majority of the 940,000-square-foot retail “power center” will be open in mid-December, EJM regional director Kirk Boylston said. Wal-Mart is coming in February. Other merchants include Home Depot, Sam’s Club, Sports Chalet, Bed Bath & Beyond, Ross Dress for Less, Marshall’s, Michaels, PetSmart and Office Max.

Stand-alone restaurant pads have been poured for Mimi’s Cafe, Chili’s, Sammy’s Woodfired Pizza and Jason’s Deli.

EJM entered into a 50-year ground lease with Clark County Aviation Department in 2004, similar to the deal struck between the county and Thomas & Mack Development for the 400-acre Beltway Business Park at the Beltway and Decatur Boulevard.

Monkarsh said his company will invest about $750 million in the project. Two phases of industrial construction are complete at about $20 million and two 50,000-square-foot and 75,000-square-foot office buildings are being tilted up.

MENTAL HOSPITAL: Burke & Associates has been awarded a $6.7 million contract to build the new Harmony Health Care Hospital in Henderson. The 26,400-square-foot steel and block project will have a psychiatric outpatient treatment clinic and two-story inpatient treatment center. Completion is scheduled for March.

Burke also has a $5 million contract to build the Nevada Partners Culinary Training Academy in North Las Vegas. The project includes a 5,880-square-foot banquet hall, 1,232-square-foot restaurant, nine hospitality training suites and new locker rooms.

COLONIAL BANK: Crisci Builders has begun ground-up, shell construction of a 3,900-square-foot Colonial Bank at 1440 Paseo Verde Parkway. Frank Barrera is superintendent for the $1.5 million project, which is the first new national prototype for Colonial Bank in Nevada. Completion is scheduled for December.

Crisci is also doing $1 million of tenant improvement work for Fertitta Enterprises office at 10801 W. Charleston Blvd. Courtney Fong is project manager; Parker Scaggiari is the architect of record.

LAND LOAN: Steve Brockman of Builder’s Capital negotiated a loan for $1.06 million to refinance a 2.5-acre parcel of unimproved land near Welpman Way and Larson Lane in the southeast Las Vegas Valley. The borrower was Hidden Ridge LLC.

He negotiated a $6.2 million loan to refinance a 2-acre parcel at Spring Mountain Road and Valley View Boulevard that has a Firestone Tire store on it. The borrower was Desert Inn Pioneer LLC.

OFFICE SALE: Mark Musser of the Bentley Group represented TSE Holdings in the $2.25 million sale of an 11,520-square-foot professional office building at 8978 W. Nevso Drive. The price is about $195 a square foot.