Onerepublic singer buys LV building
Onerepublic frontman Ryan Tedder is known for belting out such hits as “Apologize” and “Stop and Stare.”
Now the pop-rock star is plowing millions into a seemingly random line of business: Las Vegas’ office market.
Tedder led a group that acquired a four-story, roughly 105,000-square-foot building at Rainbow Boulevard and Post Road in the southwest valley, according to New York broker Keith Kantrowitz, who represented the buyers and invested in the deal.
Backed by a $23.1 million bank loan, Tedder’s group shelled out $33 million: $32.35 million for the building and $650,000 for a 1.9-acre parking lot across the street, property records show.
The sale, by WGH Partners, closed Jan. 11.
Compared to other types of commercial real estate in town, Las Vegas’ office market has been slower to recover from the recession. It still grapples with a high vacancy
RAINBOW
a play on Area 51, Interstate 15 and 1915, the founding year of the Fisher Brothers real estate firm.
Meow Wolf CEO Vince Kadlubek said his group’s space will be themed around consumerism. His space will feature an attraction similar to an exhibit at last year’s Life is Beautiful music festival. In a dark room, visitors could run their hands over beams of light that played music.
On Wednesday, the Las Vegas
City Council launched a process that could turn Area 15 into a new tourism improvement district, which would give financial incentives to the Fisher family.
The developers bought the Area 15 land in 2005 for $50 million. The land was part of a previous development the Fishers planned with Station Casinos.
The companies wanted a mixeduse development on almost 90 acres running south along I-15 from the Palace Station on Sahara Avenue to where Rancho Drive dead ends.
The Fishers acquired the sites on which the Fletcher Jones Mercedes dealership and the Scandia Family Fun Center had stood.
On that Fisher land today are the Dig This attraction, where customers 14 and older can rent 90 minutes with a bulldozer, and the Tarkanian Basketball Academy.
“We learned our lesson from
2006,” Winston Fisher said Thursday. “Our projects can’t be so big we can’t finish them.”
The idea for Area 15 came about two years ago, Fisher said. He wanted to marry art, shopping and his love of superheroes and science fiction.
His goal is not to create a giant shopping center with just visuals worthy of Instagram, he said. He wants an attraction for locals, the art community and tourists to add to their visits to the Strip.
“I am inventing a new mall,” he said. “As long as it is organic, we’ll be successful.”
Contact Wade Tyler Millward at wmillward@reviewjournal. com or 702-383-4602. Follow @ wademillward on Twitter.