Las Vegas developer planning 2 valley hotels

Bob Schulman, the chairman and owner of Schulman Properties, said a $115 million luxury apartment project, dubbed Ilmunia Midtown, proposed for the Las Vegas Arts District is now planned as a hotel with some space dedicated to medical uses. The property is proposed near the intersection of Charleston Boulevard and Grand Central Parkway.

Schulman said he made the pivot because the entertainment aspect of the Arts District is well-suited for visitors.

“The Arts District, providing the restaurants and the entertainment and stuff it does, and the arts, I think it’s all huge,” Schulman said. “I think we’re like San Diego’s (Gaslamp Quarter) 20 to 30 years ago.”

Another hotel is proposed for Lake Las Vegas, and a luxury apartment project recently opened in Henderson.

The plans for a hotel in the Arts District and Lake Las Vegas are in their early stages, Schulman said, and didn’t provide a timeline on completion.

In a recent interview with the Las Vegas Review-Journal, Schulman said he sees plenty of opportunity in luxury real estate in Las Vegas and has a few projects going on around the valley.

Ilmunia on Raiders Way

Earlier this month, Schulman Properties opened an apartment project, called Ilmunia on Raiders Way, which has 232 units and was developed with a “Steve Wynn-type mentality,” Schulman said. The complex has many amenities that try to imitate those in hotels, including room service from Lexie’s Bistro, which operates onsite, pools, a spa, outdoor cabanas, a sand volleyball court, pickleball courts and a large outdoor screen.

“We don’t necessarily say we’re in the real estate business, we’re in the business of hospitality, community, wellness, so we approach it differently,” Schulman said. “My whole thinking is, experience, experience, experience, how do I create amazing experiences.”

Schulman said it cost about $90 million to develop the apartments and another $20 million for the amenities. The property has other more residential-focused amenities including coworking spaces, a dog park and a pilates and yoga studio.

Rents at the new apartments range from $2,000 to $4,000 for one- and two-bedroom apartments while penthouse units can go for $8,000 a month. Even with the high prices, the project has been able to quickly attract tenants and is currently 35 percent leased, Schulman said. He said most of the lessees are retirees and people with jobs that can be done remotely. Most residents have moved from another state.

Growth in luxury

Schulman said there is plenty of room for growth in luxury multifamily real estate in Las Vegas and this real estate is in its early stages of development away from theStrip.

“I think that we are moving into condos big time, and for a change of life, and convenience and location,” he said. “I think it’s just the beginning and they don’t have to be high-rise.”

Some areas that could handle more luxury residential development in the Las Vegas area include Summerlin, west Henderson and the Blue Diamond area, Schulman said. He cited all these areas having good access to the Strip and the airport and noted the Oak View Group’s NBA stadium project has vaulted the Blue Diamond area, making it more alluring for real estate development.

Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on X.