The Howard Hughes Corporation is to host a groundbreaking ceremony on June 23, headlined by Nevada Governor Brian Sandoval to mark the beginning of construction on a 180,000-square-foot build-to-suit campus in the Summerlin master-planned community for Aristocrat Technologies.
More than 600 Las Vegas-based Aristocrat employees, currently housed in multiple buildings located on Warm Springs Rd. west of the 215 Beltway entrance, are expected to make the move to the new Summerlin campus once it is completed in late 2018. The project is expected to cost approximately $45m excluding land and generate a stabilized yield on cost of approximately nine per cent.
“The Aristocrat team evaluated a significant number of options for relocation across the Valley. We are very pleased to be working on this project with The Howard Hughes Corporation as they share our vision for building a best-in-class facility. The location we have selected in Summerlin will enable us to provide our employees and our customers with a world-class facility,” said Aristocrat Executive Vice President and General Counsel Mark Dunn.
The relocation is in line with a growing corporate trend to locate workplaces closer to communities, boosting quality of life and providing employees with access to more nearby amenities. In Summerlin, this includes parks, golf courses, walking trails and Downtown Summerlin, located just minutes from the new Aristocrat campus.
The two-building campus, encompassing approximately 180,000 square feet, is planned on the corner of Hualapai Way and the 215 Beltway. The three-story structures—approximately 90,000 square feet each—will reflect the high standard of design for which the community is known. The campus and site boast notable Beltway visibility, providing Aristocrat with significant opportunities for freeway signage.
“With the continued growth of Downtown Summerlin, the community is becoming an even more appealing destination to live, work, and play,” said David Weinreb, Chief Executive Officer of The Howard Hughes Corporation. “Aristocrat is an excellent addition to Summerlin. The company’s employees will be able to enjoy the amenities our community has to offer, from nearby walking trails and parks to the exceptional shopping, dining and entertainment options at Downtown Summerlin, located just minutes from the new Aristocrat campus.”