REAL ESTATE BRIEFS: SEPT. 10
Downtown Summerlin hosts Parade of Mischief
Downtown Summerlin has announced the return of the Halloween event, Parade of Mischief, produced by BESTAgency, this October.
The frightfully fun, family-friendly parade will fill the streets of Downtown Summerlin with mischievous mayhem every Friday and Saturday night in October starting Oct. 1 at 7 p.m. Other parade nights include Oct. 7, 8, 14, 15, 21, 22, 28 and 29. The parade is free, open to the public and takes place along Park Centre Drive.
“Parade of Mischief is back and better than ever. We’ve added three themed floats that will enhance patron visibility and add to the overall entertainment value of each performance,” said Halee Harczynski, senior marketing director, Downtown Summerlin. “In addition to the new floats, we’ve cast over 30 local youth as dancing zombies, ghosts, witches, wizards, wild creatures and more. It’s an event you won’t want to miss!”
Downtown Summerlin is part of a planned urban center, serving the entire Las Vegas Valley. It includes retail, entertainment/sports, offices, a hotel and multifamily residential elements, all designed to create a vibrant, walkable urban core within the award-winning 22,500-acre Summerlin master-planned community. Downtown Summerlin totals nearly 400 acres and features more than 125 stores and restaurants in a streetscape-shopping environment with pedestrian thoroughfares and dynamic storefronts.
The first phase of development opened to the public in October 2014. Today, Downtown Summerlin is also home to City National Arena, the practice facility for the National Hockey League’s Vegas Golden Knights, and Las Vegas Ballpark, a 10,000-capacity minor league baseball stadium that is home to the Las Vegas Aviators of the Pacific Coast League. Downtown Summerlin boasts two Class-A office buildings — ONE and TWO Summerlin — that encompass a combined 380,000 square feet in the heart of the retail epicenter. A third Class-A office building, 1700 Pavilion, spans 267,000 square feet on 3 acres directly south of Las Vegas Ballpark and will open by the end of the year.
In addition to Downtown Summerlin’s two luxury multi-family developments, Constellation and Tanager, a third, Tanager Echo, is on target to open in early 2023, providing an inclusive community with an abundance of residential, optimal office space and connected walkability within the master plan that creates a destination unlike anything else in Southern Nevada. Additional information can be found at www.summerlin.com.
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Tri Pointe earns national workplace award
Tri Pointe Homes has announced its recognition as a Best Workplace in Construction for 2022-2023. Based on an analysis of survey responses from over 25,000 employees from Great Place to Work-Certified companies in the construction industry, the award reflects Tri Pointe Homes’ people-first philosophy coupled with its proactive approach to addressing several challenges in the construction industry, including labor shortages.
“We celebrate all the great awards our company receives throughout the year and the Best Workplace in Construction honor really stands out because of the major pain points the industry has faced and the thoughtful and hard work required to surmount those obstacles,” said Tom Mitchell, president and chief operating officer of Tri Pointe Homes. “We will continue to support our team members in every way possible, cultivating a passionate work culture, which is one of the key brand pillars that defines Tri Pointe Homes. But we also look outward to grow and advocate for our critically important industry, knowing that the efforts we make now will be crucial for its future growth.”
In June 2022, the 16th consecutive month that construction job resignations outpaced or equaled layoffs and discharges, the number of job seekers with construction experience plunged to a record low, according to an analysis of federal employment data released by the Associated General Contractors of America. To combat labor shortages by cultivating the construction talent pipeline, Tri Pointe Homes is taking several steps, including developing a college relations program that the company will pilot with select divisions in 2023. In select divisions, the homebuilder has created a new construction apprentice position, which will become a feeder path to higher job levels, possibly including assistant construction manager.
Moreover, Tri Pointe is focusing on internal promotion. For the period from July 1, 2021 to July 1, 2022, 100 percent of Tri Pointe Homes’ senior construction manager positions and 75 percent of director/vice president positions were filled by internal team member promotions.
“We have promoted 16 individuals across the company this year to senior construction manager, a position in which they are available to help successfully onboard, train and mentor other team members,” said Heather Breidenthal, chief human resources officer of Tri Pointe Homes. “That has been a game changer for us. Professional development is a huge focus, but compensation will always be at the top of the list for employees. One team member said that, despite only having a high school diploma, he was fortunate enough to make more than most individuals with college degrees.”
Great Place to Work Certification, the global benchmark for identifying outstanding employee experiences, is recognized worldwide by employees and employers, with more than 10,000 companies across 60 countries applying for certification every year.
Tri Pointe Homes’ certification process earlier this year revealed that 90 percent of employees at the homebuilder say it is a great place to work compared to 59 percent of employees at a typical US-based company. Ninety-six percent of team members said they were made to feel welcome when they joined the company, and 93 percent said they were proud to tell others they work there.
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LaPour names vice president of finance
LaPour Partners, a commercial real estate development and investment company in the Southwest, announced the addition of Matthew Hoyt as its first vice president of finance. Hoyt brings more than 15 years of experience in commercial real estate finance, loans and mortgages. His expertise spans a variety of property types, including office, industrial, retail, multifamily, self-storage and hospitality lending.
“Matthew joining our team marks a significant milestone for LaPour Partners,” said CEO Jeff LaPour. “With more than $500 million in our development pipeline, Matthew will play a vital role in the expansion of our real estate portfolio across Nevada, Arizona and Colorado. I look forward to working together to expand our strategic partnerships, accelerate our regional growth and deliver significant long-term value to our investors.”
Hoyt will join LaPour’s executive leadership team and oversee the company’s financial operations. He will assume responsibility for the company’s overall financial health and guide key decision making for the deployment of capital resources.
“For decades, LaPour has been at the forefront of commercial real estate development throughout the region,” Hoyt said. “It’s an honor to join LaPour’s exceptional leadership team and I look forward to applying my transactional experience and longstanding capital partner relationships to drive sustained growth for the company.”
Prior to joining LaPour, Hoyt served as the senior vice president for CommCap Advisors for over a decade, where he focused on commercial loan origination with life insurance companies, CMBS lenders and regional financial institutions. Hoyt is active in many industry organizations; he sits on NAIOP Southern Nevada’s board of directors, is chair of the organization’s Membership Committee and serves on the chapter’s Community Service and Developing Leaders Institute committees. In addition, Hoyt directs the Mentorship Program for the Lied Center for Real Estate Studies at UNLV and sits on the Institute’s Executive Council of Advisors.
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Cushman &Wakefield announces promotion
Cushman &Wakefield announced the firm has appointed Venessa McEvoy to the role of director of brokerage in Nevada. Based in Las Vegas, McEvoy will support the needs of Cushman &Wakefield’s brokerage and business operations in the Nevada market, which includes offices in Las Vegas and Reno. Her primary responsibilities will include business development, associate broker training, strategic planning, recruiting, industry networking and providing a resource to all services providers and clients.
McEvoy joined Cushman &Wakefield in 2019 and most recently served as the firm’s Nevada Operations director. Known for her vision and business planning acumen, she has partnered closely with fee earners to develop revenue growth strategies and has guided support staff to streamline implementation. This combined approach resulted in exponential growth and remarkable market share gains for the firm in Nevada.
McEvoy will continue to report to Christina Roush, Cushman &Wakefield’s managing principal of Nevada and San Diego, who said, “I am very excited for Venessa to be in this critical new position for Nevada.
She has excelled in leadership roles throughout her career and possesses a deep knowledge of Nevada and of our industry. At Cushman &Wakefield, Venessa has shared a vision and partnered with me in crafting the Nevada market’s tremendous success. She has helped to re-imagine the business support for brokerage and operations and make Cushman &Wakefield a leading commercial real estate brokerage in the Nevada market, today.”
“Cushman &Wakefield in Nevada has some of the very best industry talent and top performing professionals and teams in the state. I am humbled to be appointed to this role and look forward to integrating even further with our clients and fellow colleagues,” McEvoy said. “As this market continues to experience growth, I am most excited to work alongside our producers and team members as they endeavor to activate strategies that bring best-in-class service to our clients and help them achieve their real estate goals.”
Prior to joining Cushman &Wakefield, McEvoy served as director of marketing for national consumer and B2B brands where she led implementation of national expansion initiatives as well as new product innovation and development. She also worked with real estate developer, Harsch Investment Properties, and was instrumental with creating operational models and strategic objectives still present at the company over a decade later.
She graduated from the University of Nevada-Las Vegas where she holds a Bachelor of Science degree in business administration with a strong emphasis on strategic marketing.
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Homeowner Assistance Fund expands program
The Nevada Affordable Housing Assistance Corp. administers the Nevada Homeowner Assistance Fund, which offers free services for homeowners battling financial hardship. The organization recently announced the expansion of its programs.
The Mortgage Reinstatement Assistance Program provides funds to help income-qualified homeowners cure their delinquent first mortgage loan arrearages, and other housing related expenses, such as property taxes, homeowner’s insurance, and homeowners fees. Payments may be available to reinstate loans from foreclosure.
The expansion includes the increase of the reinstatement maximum from $35,000 to $50,000. The unpaid principal balance must meet the Government Sponsored Enterprises conforming loan limit at the time of origination.
Additional information to know:
■ The loan (mortgage payment, or other housing-related expenses, such as property taxes, homeowners’ insurance and HOA fees) must be two or more payments past due.
■ Delinquent household related expenses may be reinstated regardless of the loan being current, paid off, or if the homeowner has a reverse mortgage (home equity conversion mortgage). This addition will allow for reverse mortgages and loans that are current or paid off to receive assistance with past due housing-related expenses, such as taxes, homeowners’ insurance and HOA fees.
■ Principal Reduction (Recast) Component: Once the application is analyzed and it is determined the homeowner cannot afford his/her mortgage payment, up to $50,000 for principal reduction to recast the loan may be included and meet NAHAC’s definition of an affordable payment. If a principal reduction component is included in the transaction, there will be a five-year lien (instead of the traditional three-year lien).
■ Program maximum variance/increase of 10 percent: The MRAP program maximum is set at $50,000 for mortgage reinstatement or principal reduction. In either case, an additional $5,000 may be approved as needed to reinstate the loan or lower the principal balance.
To learn more and apply for NAHAC assistance programs, visit NAHAC.org or call 888-320-6526.
