REAL ESTATE BRIEFS JUNE 1

Platinum Contracting expands with two partners

Platinum Contracting of Nevada, a leading general contracting firm based in Las Vegas, is expanding its team with the addition of three industry veterans. The firm named Robby Jay as co-owner and president, Bill Gettman as co-owner and chief operating officer and Tom Bixby as project manager.

Platinum’s newest team members combine for nearly 100 years of experience, having worked on, or contributed to some of Las Vegas’ most iconic infrastructure, including the Las Vegas Motor Speedway, Allegiant Stadium, the 215 Freeway, the Harry Reid International Airport Connector, utility scale renewable energy projects, flood channels, detention basins, among others.

“Expanding our team with three of our local industry’s most experienced professionals, who have each played a role in building the city for the past three decades, further enhances our capabilities and offerings,” said Dean Gettman, CEO of Platinum Contracting of Nevada. “Their proven track records will drive our continued success as a leading general contracting firm in Southern Nevada.”

Jay, a seasoned professional with nearly two decades of experience in the Las Vegas construction industry, joins Platinum as co-owner and president. With an extensive background in various aspects of construction and development, he will play a pivotal role in overseeing team management, financial efficiency and development strategies.

Gettman, boasting an impressive 35-year career working alongside renowned construction companies in Las Vegas, steps into the role of chief operating officer and co-owner. With a portfolio that includes iconic projects such as the Las Vegas Speedway, 215 Freeway stretches and numerous infrastructure developments, his wealth of experience will support the firm’s daily operations and drive growth initiatives.

Bixby, with over 20 years of diverse contracting experience, joins Platinum as project manager. His extensive background, spanning from the construction of Coors Field in Colorado and Allegiant Stadium in Las Vegas to custom residential homes across Nevada, will contribute to the successful and safe delivery of projects, leading teams in the field and optimizing internal processes.

Platinum Contracting of Nevada, a 2023 Inc. 5000 honoree, is a full-service general contractor serving the Southern Nevada market. Founded in 2017, the firm specializes in grading, excavation and a vast range of underground utility installations, including water, sewer, storm drain, power, phone, cable TV and street lighting.

Nevada Rural Housing to build Mesquite apartments

The new 96-unit complex is the largest housing project for Nevada Rural Housing to date and the first one in Clark County.

The new Hafen Village Apartments offers one-, two- and three-bedroom affordable housing units ranging from 688 square feet to 1,176 square feet that include patios or balconies, extra storage and air conditioning.

Planned, constructed and managed by Nevada Rural Housing, the new apartment complex will serve working families at or below 50 percent of area median income in the community.

Wells Fargo Affordable Housing Community Development Corp. served as investor as well as the construction lender to create more affordable housing in Clark County.

The housing project was made possible by the city of Mesquite, the Nevada Housing Division, Federal Home Loan Bank of San Francisco, Wells Fargo, Clark County, Rocky Mountain Community Reinvestment Corp. and other community partners.

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Reno gets more senior housing

Nevada State Treasurer Zach Conine announced the Nevada State Infrastructure Bank approved financing to support 208 units of affordable housing for seniors in Reno. A loan of $7 million was approved to support the renovation of the Carville Park Apartments project, which provides HUD Section 8 housing assistance to senior tenants.

This project is a 52-unit development that has been owned and operated by the Northern Nevada Building and Construction Trades Development Corp. since 1979. The renovation of this project will allow seniors to rent studio apartments at $314 per month below the market rate, and one-bedroom apartments at $551 per month below the market rate.

The total cost of the project is anticipated to be $74.9 million. The bank’s $7 million investment in this project is being leveraged 9.7 times through a loan from the U.S. Department of Housing and Urban Development, private activity bonds approved by the State of Nevada, and by the AFL-CIO Housing Investment Trust, which has successfully financed 127,000 units of affordable housing throughout the country.

This project involves the installation of a solar production and storage system on all rooftops and carports. This will ensure that over 83 percent of the energy needs of the project will be offset, resulting in significant energy savings for tenants.

It is expected that this project will result in the creation of 286 construction and development jobs. Additionally, the project is expected to result in over $50 million in total economic impact to the local community.

Ovation awarded $21.9M for affordable housing projects

Alan Molasky, chairman and founder of Ovation Development Corp., announced that Ovation and its nonprofit partner, Coordinated Living of Southern Nevada (CLSN), were awarded two grants totaling $21.9 million from Clark County Community Housing Funds (CHF) for the development of two affordable housing projects. Part of the County’s Welcome Home program, the grants were approved by the Clark County Board of County Commissioners. Combined, the two projects will bring nearly 600 affordable apartments to Southern Nevada.

According to Molasky, the two developments, which are anticipated to begin construction at the end of 2025 and the first half of 2026, will include a 194-unit affordable senior community located near Bruner Avenue and S. Las Vegas Boulevard. The second development in West Henderson on Bureau of Land Management land near S. Las Vegas Boulevard and E. Larson Lane, will feature 390 units for low-income working families.

Ovation is one of nine applicants awarded affordable housing funds to develop a total of 1,273 units throughout Clark County. Of the projects being developed through the $66 million grant disbursement, Ovation will bring to market more than 45 percent of the new units announced.

“Every Ovation project begins with our commitment to the steadfast belief that everyone, regardless of income, deserves a quality home that helps to strengthen individuals, families and community,” said Molasky. “We are grateful for the trust put in us by Clark County, and we do not take this responsibility lightly. This trust is a testament to the incredible work of the entire Ovation/CLSN team and the positive impact we continue to make in our community in our mission to help address Southern Nevada’s critical shortage of affordable housing.”

As one of Nevada’s largest and leading apartment developers of both market-rate and affordable housing for low-income seniors and working families, Ovation Development ensures its affordable housing communities maintain the exceptional quality associated with its market-rate projects.

Through its partnership with Coordinated Living of Southern Nevada, Ovation provides residents of its affordable housing properties with life-enhancing wraparound services and recreational amenities that create a rich social infrastructure and high quality of life. This includes access to transportation assistance to medical appointments and shopping, health and wellness programs, food assistance as well as social outings and events.

To date, Ovation has completed 14 affordable housing communities, bringing to market more than 2,000 affordable apartment units. With seven more projects in the planning stages or under construction, by early 2028, Ovation will add an additional 1,500 affordable residences, providing much needed financial relief for low-income residents in Southern Nevada, including families, seniors and those who are employed but unable to find affordable housing.

According to the National Low Income Housing Coalition, Nevada has one of the most severe affordable-housing shortages in the nation. In response to this crisis, Clark County created the Community Housing Fund in 2022 to support affordable housing development, citing an estimated shortage of nearly 85,000 affordable homes for extremely low-income renters in Southern Nevada.