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August 19, 2014

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Despite inventory, builder breaks ground on office space

Sansone St. Rose Coronado Office Park

Construction gets under way on the three-story 80,465-square-foot class Launch slideshow »

Concerns about a glut of office and retail space in the Las Vegas Valley aren't stopping some brave developers from adding even more space to the market.

The Sansone Companies, headed by developer Roland Sansone, broke ground last month on a three-story, 62,364-square-foot Class A office building at a development called Sansone 215 Coronado in Henderson. This is just south of the 215 beltway, and south of Paseo Verde Drive, on the west side of St. Rose Parkway at Coronado Center.

"His philosophy is 'position yourself for the future,'" said Rhonda Panciro, a vice president at Colliers International who is working to lease the development.

Panciro said the development isn't entirely speculative, since Sansone has a letter of intent in hand for 25,000 square feet from an existing undisclosed client at one of his other local developments. That tenant is looking to expand.

She said Sansone is also offering an aggressive lease rate of $1.59 per square foot per month, which she said makes the building attractive to renters of office space in the area that are looking at $2 per foot for renewing their leases in their current locations.

Besides the office building, the $20 million project will have three more smaller buildings for retail tenants.

Panciro said that even as Sansone plans for a Spring 2010 occupancy at Sansone 215 Coronado, he's looking at additional developments along the 215 Beltway at Rainbow Boulevard and Sunset Road and that the developer and his leasing team are talking to potential clients interested in those areas.

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City National Bank has awarded 33 "Reading Is The Way Up'' grants totaling $16,500 to support literacy-based projects at elementary, middle and high schools in Nevada.

Visit www.readingisthewayup.org to see the list of local winners.

The bank said Reading Is The Way Up is the award-winning literacy initiative through which City National has donated more than 40,000 books to elementary school libraries in Nevada, California and New York, and awarded 385 teacher grants to enhance literacy.

The $500 grants will help augment or expand literacy projects that were judged to be creative and engaging, and that would have a tangible affect on student achievement. The winning programs are expected to directly improve the literacy of about 2,000 students in Nevada, the bank said.

"We are excited to award much needed funds to a greater number of very deserving educators in Nevada this year as part of our annual literacy grant program," John Guedry, executive vice president and Nevada region manager of City National Bank, said in a statement. "These literacy grants are an investment in our future and part of our daily commitment to the communities we serve."

Projects funded included:

--A "Kindergarten Family Academic Involvement" bilingual reading and computer game program in Las Vegas that enhances English and Spanish speaking and reading skills for both students and their families in the home environment.

--Through a "Build Our Library-1 Book at a Time" program in Reno, students will have access to a greater number of books in the school library for both reading and research purposes.

--As part of a collaborative "6th Grade Science Kit Earth Systems" program, students will develop a greater appreciation for the world around them and learn how to become better stewards of the earth's limited natural resources.

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