NAIOP Southern Nevada held a Members Only Education Event in August 2024 with panelists David Kim, Director of Development Services Matter Real Estate; Marco Velotta, Planning Project Manager Chief Sustainability Officer for the City of Las Vegas; and Raheel Sadiq, Project Manager Renewable Energy, NV Energy.

Southern Nevada is rapidly becoming a hub for innovation and sustainable development, driven by the increasing demand for electric vehicles (EVs). This shift toward electrification is not only reshaping the automotive landscape but also having a profound impact on commercial real estate, particularly in the infrastructure needed to support this growing demand. With various incentives provided by NV Energy and local jurisdictions, this is a pivotal time for businesses and property owners to capitalize on the EV revolution.

The global push toward cleaner energy solutions has brought electric vehicles into the mainstream, and Southern Nevada is no exception. Consumers and businesses alike are transitioning from traditional gas-powered vehicles to electric alternatives. According to industry projections, electric vehicle adoption in Nevada is expected to increase significantly over the next decade, spurred by both environmental concerns and the availability of financial incentives.

– EV sales in Nevada are anticipated to grow by over 20% annually over the next five years.

– By 2030, it is estimated that 30% of all vehicles on the road will be electric, further boosting demand for EV charging infrastructure across the region.

This growing demand has created opportunities for commercial real estate developers to integrate EV-friendly solutions into their projects. Whether it’s retrofitting existing properties or designing new developments with EV charging stations, the commercial real estate sector is set to play a crucial role in the region’s electric transformation.

As the demand for electric vehicles increases, so too does the need for a supporting infrastructure. The integration of EV charging stations is becoming an essential feature for many commercial properties, particularly in retail centers, office buildings, multi-family housing, and industrial parks.

• Retail Centers: Shopping malls and retail complexes can attract customers by providing charging stations, giving EV owners a place to shop while their cars charge.
• Office Buildings: Corporate tenants are increasingly looking for properties with charging infrastructure to accommodate employees who drive EVs. Offering these amenities can enhance tenant retention and property value.
• Multi-Family Housing: As more renters and condo owners drive electric vehicles, residential complexes with EV charging stations are becoming more desirable. This presents a competitive edge for landlords and developers.
• Industrial and Distribution Centers: The rise of electric delivery trucks and freight vehicles creates a need for charging stations at warehouses and logistics centers.

By integrating EV charging infrastructure, commercial properties can not only meet the current demand but also future-proof themselves as electric vehicles continue to grow in popularity.

In support of Nevada’s transition to clean energy, local jurisdictions and NV Energy are offering several incentives to encourage businesses to invest in EV infrastructure.

NV Energy has rolled out a range of programs designed to assist businesses with the installation of EV charging stations. These include rebates and grants that can offset the cost of purchasing and installing charging infrastructure. Key programs include:

• Electric Vehicle Commercial Charging Incentives: NV Energy offers rebates for businesses that install Level 2 and DC fast charging stations. The rebate amounts can vary depending on the number of chargers and the type of property.
• Charging Depot Program: This program supports the development of large-scale charging hubs, especially for fleet operators and transportation companies.

Local governments in Southern Nevada are also getting involved by streamlining the permitting process for EV charging stations and offering tax breaks to businesses that invest in sustainable infrastructure. Additionally, zoning laws are being updated to require or incentivize EV charging stations in new developments.

 

As Southern Nevada continues to experience economic growth and development, the rise of electric vehicles will increasingly influence commercial real estate decisions. The push for a greener, more sustainable future is reshaping the region, and developers who act now to incorporate EV infrastructure into their projects will be well-positioned to reap the benefits. The combination of growing consumer demand, government support, and financial incentives makes this the perfect time for commercial property owners to get plugged into the future of mobility.

Our panelists provided industry informed insight into how the commercial real estate industry is impacted by these changes as well as how the local governments and utilities are working to address the concerns of the CRE community. Members can come to our Members can come to our next Education program on November 22, 2024. Look for more information soon!

Education Committee Chair
Jennifer Turchin
CODA Group
O 702.795.2285 | jennifer@codagroupinc.com

 

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Click here for more cartoons.

Brent Wright, PE, SE
CEO, Wright Engineers
bw@wrightengineers.com

Clark County Department of Aviation has an upcoming vacant land auction comprised of ±93.51 acres divided into 12 sale units that will each be sold to the highest bidder during a public 48-hour online auction conducted by Commercial Real Estate Exchange, Inc. (CREXi).

The auction will start on Monday, October 21, 2024 at 9 a.m. PDT and will end on Wednesday, October 23, 2024 at approximately 9 a.m. PDT, depending on the bidding activity.

Anyone interested in placing a bid must register and submit a participation deposit by wire transfer. The amount of the bidder deposit ranges from $10,000.00 – $25,000.00 based on the particular sale unit. The registration period begins on Tuesday,  September 10, 2024 and ends on Tuesday, October 22, 2024. The minimum bid price for each sale unit has been established by appraisal in accordance with NRS requirements.

Information pertaining to the auction is posted online at www.harryreidairport.com/auction and contains the following:

• Minimum bid price
• Bidder registration instructions
• Resolution of Intent to Sell Property at Public Auction form (Resolution) specifying the terms of the sale (is expected to be posted by Friday, September 20, 2024)
• CREXi website link to access due diligence material and register to bid (is expected to be posted by Tuesday, September 10, 2024)

–   Due diligence material will include:

• Purchase and Sale Agreement (contains escrow instructions)
• Environmental Site Assessment Report (Phase I)
• Appraisal Reports
• Title Commitment

Please note the following key changes to the auction process from historic auctions:

• Minimum bid price is established by the average of two appraisals instead of the highest of two appraisals in accordance with revisions to NRS 244.281 that became effective on October 1, 2019.
• This will be an online only auction.
• A non-refundable earnest money deposit of 20% of the successful bid is required to open escrow.
• Successful bidders have 180 days to close escrow.
• During the escrow period, successful bidders may submit development applications to apply for entitlements on the property.

For additional information, click HERE for the flyer or please visit our website at www.harryreidairport.com/auction

 

Clark County Department of Aviation

realestate@lasairport.com

(702) 261-4129

Businesses and HOAs helping Southern Nevada conserve water

With the clock ticking down to remove useless grass, businesses and HOA communities across the valley are taking advantage of the Southern Nevada Water Authority’s (SWNA) cash incentives by upgrading their non-functional grass with water smart landscaping.

And for good reason.

Starting Jan. 1, 2025, the rebate for such projects will be reduced to $2 per square foot for the first 10,000 square feet of non-functional grass converted to drip-irrigated trees and plants, and $1 per square foot thereafter.

The Aliante Master Association, which oversees the master planned community of Aliante is getting ahead of the game and removed more than 71,000 square feet of grass in April through the SNWA’s Water Smart Landscapes program. That’s enough grass converted to save more than 5 million gallons of water annually.

Businesses, HOAs and multifamily properties can still take advantage of the current rebate of $3 per square foot for the first 10,000 square feet of grass converted and $1.50 per square foot thereafter for projects completed by the end of 2024.

The changes to the cash rebate program come as a state-mandated deadline to remove non-functional grass in the driest city in the nation draws nearer. The Nevada Legislature in 2021 passed a law that prohibits the use of Colorado River water to irrigate non-functional, decorative  grass — found along roadways and medians, in front of and around businesses and some of the grass managed by homeowner associations starting Jan. 1, 2027.

For Southern Nevada, grass irrigation remains the largest consumptive use of water from the Colorado River, which provides 90 percent of our limited water supplies. Despite last year’s great winter, the river remains in a federally declared shortage condition that reduces Nevada’s allocation for the third consecutive year.

Some businesses, HOAs and other non-single-family properties across the valley have already taken a major step towards compliance with the law, but there is still a considerable about of useless grass that needs to be removed before the deadline

Once fully implemented, the conservation law will help Southern Nevada save 9.5 billion gallons of water annually. Additional information about both Nevada law and the SNWA’s Water Smart Landscapes rebate program is available at snwa.com.

 

The SNWA’s Water Smart Landscapes Rebate will be reduced to $2 per square foot for first 10,000 square feet of converted turf starting Jan. 1, 2025. Businesses, HOAs and multifamily properties can still take advantage of the full $3 per square foot cash incentive for projects completed by the Dec. 31, 2024.