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September/October 1991 • Nevada Business journal 3 In today's business world, fmishing second means fmishing last. Every detail of your business, including location and office design, are vital factors in determining your success. In Las Vegas, the cards are stacked in your favor with Hughes Center. This high-performance business community puts you in the center of activity with unequaled access to all major arterials and is only minutes fromMcCarran International Airport, the Las Vegas Convention Center and the world famous Strip. Hughes Center is the center of business in Las Vegas. Location is one detail you can't afford to overlook We invite you to inquire about the leasing opportunities at Hughes Center. Please call 791-4400.

A developme Corporation 3800 Howard Hughes Vegas, Nevada 89109 702•791•4400 September/October 1991 IC 0 NTENT S Volume 6- No. 7

Master-Planned The Dollars and Sense of Master-Planned Communities As the 21st century looms, "planned unit developments" are swiftly becoming the communities Communities ofthe future, both in terms of residential popularity and economic impact. m Planned Communities in Southern Nevada A listing of the master-planned communities in the area. m G.C. Wallace Civil engineers setting the stage in Nevada. m High-End Homes on the Rise at Summerlin R/S Development's semi-custom Bel Air Estates offers design choices to buyers. Summerlin Celebrates Opening of First Park m The seven-acre Hills Park at Summerlin will be dedicated to the City of Las Vegas in October.

On the Cover Lake Las Vegas Executives at American Ne vada A prediction in the 1960s that 30 years hence, a world-class resort would be built around a Corporation -developer of Green Valley- stand by one of the com­ lake in the Las Vegas Wash left many shaking their heads in disbelief. munity's renowned sculptures. From left to right: Brad Nelson , m VTNNevada senior VP of community develop­ Offering Southern Nevada's developers a wide range of services from land surveying to ment; Mitchell E. Mize, VP ofcom­ construction administration. mercial development; James E. Griffin , chief operating officer. See page 21. m Spanish Trail: The Final Chapter Photo: Tom Craig/Opulence Although buildout is near at this tony planned community, the book is far from closed.

Features m SPECIAL SUPPLEMENT: Green Valley Southern Nevada's original master-planned community continues its record-breaking growth. Here's an update on the latest developments at Green Valley. m Nevada Executive Lifestyle: J. Christopher Stuhmer Stuhmer was selected by the National Homebuilders Association to construct their coveted "New American Home" showcasing the newest in product technology and design trends.

NEW FEATURE: Homes of Distinction- Signature Homes- builder of one of Summerlin 's first neighborhoods- is rated one of the nation's five fastest growing builders.

Departments m Executive Profile: Bob Schulman of Schulman Development- staying one step ahead. m Tax Tips: How to read a mutua/fund prospectus m Nevada Briefs: Hughes Center opens newest buildings • Record growth marks mid-year for NFCU • Rosewood Lakes attracts strong sales activity • Caesars Canyon resort takes shape • LV Convention Center expansion on schedule • Mueller Streamline relocates to Dermody Park • Whitney Ranclz Center expands • Trustees attend mid-project tour of DR/• Allen Jones named manager for TPC Club at Summerlin • Local computer center honored.

Business in the '90s: Don't look for employees- make them look for you. Taking Shape m Construction at Rosewood LAkes, a mas­ ter-planned community in Reno, is moving m Business Indicators & Analysis: Nevada's economy offers mixed signals. While gaming at a brisk pace. Page 49. revenues are up, sales tax figures reflect a disappointing slump in retail sales. MASTER - PLANNED COMMUNITIES

THE DOLLARS AND SENSE of Master .. Planned Communities

by Tom Martin

W HEN is a master-planned commu­ communities depends on who is doing the cooperation between the private and pub­ nity considered viable? talking. For the developer and municipal lic sectors. At this phase, private interests This tantalizing question produced a government involved, a planned commu­ are affected since announced planned com­ variety of answers in Southern Nevada. nity of any size becomes viable when the munities affect adjacent land values and But the question itself takes on new sig­ master plan is approved for a given parcel other current projects. Brad Nelson, the nificance in an era when at least 60 to 70 and fmancing is secured for future devel­ chief planner for Green Valley, speaks percent of new homes have been built in opment. For the engineers, home-build­ from the developer's point of view: "A planned communities, or at least planned ers and the real estate/construction indus­ planned community gives the developer unit developments (PUDs) for more than try, this master plan becomes a reality the ability to do special things for the five years. Nobody can predict when when irtfrastructure and homes combine community - and large amounts of land homes and commercial centers in planned to create jobs, payrolls and neighborhoods give you a lot of leverage." communities will significantly outnum­ that can be marketed. For commercial and Of course master plans need a lot more ber all other homes and commercial areas. industrial interests the viability of planned land than the traditional parcel-by-parcel But planners, developers, the real estate/ communities depends on how they fit into method. "The north Las Vegas Valley is development community and local gov­ localized demographics as well as broader the last frontier for this area," said Wil­ ernments are aware that this is possible in economic goals of the region. liam Gohres a principal in the firm that Southern Nevada at some future time past created Rancho Del Norte. And these "last the year 2000. frontiers" of the Las Vegas Valley are "We have the opportunity to do it right," I T may appear that there is little eco­ easily identifiable, existing primarily on said North Las Vegas Director of Econo­ nomic impact at the beginnings of master­ the western, southern and northern fringes, mic Development Patricia Howard. "We planned communities, but feasibility in locations of the most significant new can avoid the mistakes of our neighbor to itself produces a perceived effect. Here, projects from the 1980s forward. the west," she said in reference to L.A.­ there is a wide range of views, beginning There are different factors for the Orange County basin of Southern Cali­ with this succinct comment by North Las Truckee Meadows of Reno and Sparks, fornia. Although not all would agree, her Vegas' Howard: "Planned communities according to Greg DoerrofTaylor Wood­ view reveals the moral imperative in­ give us better land-use planning and the row Homes, a partner with Dermody Prop­ volved in master-planned communities. infrastructure is created in a more cohe­ erties in Rosewood Lakes. "Here, we are Buttheanswertotheviabilityofplanned sive manner," she said, describing the just starting to see more thoughts about

6 Nevada Business journal • September/October 1991 TOM CRAIG Summerlin' sfirst village park, The Hills Park offers a cultural and recreational center of activity for residents. the advantages of planned communities," and for sophisticated analysis of the eco­ more than 140 public meetings before 39 he said. "In the past, more land was posi­ nomic impact on the communities in which agencies of local, regional and federal tioned where standard tracts made sense. we build," said Sun City Marketing Vice origin. In that process, ownership of the Now, a lot oflargerparcels are available." President Ed Southard. There can be a single 2,200-acre parcel struggled through Determining feasibility has its own ef­ fme line to this economic impact, as seen fmancial difficulties of at least three ma­ fect. "Let's face it, feasibility is based on in analysis from Silver Canyon, a joint jor developers before Transcontinental actual cost," said Kyle Kacy of Dunmore venture of Cosmo World, Spanish Trail Properties acquired sole interest in 1990. Homes, which is planning and building in Associates and Caesars World near Hen­ Large portions of the immense "Husite" Rancho Alta Mira in the northwest Las derson's Sky Harbor Airport. Cosmo on the foothills of the Spring Mountains Vegas Valley. "It is not unusual to see World's analysis showed that Henderson were either traded or sold off over a period $1 million spent after land costs to deter­ would receive $9.2 million in revenues of 30 years before Summa Corp. decided mine a theme and ways to mitigate prob­ over the six- to seven-year construction to create Summerlin on more than 20,000 lems created by the site," said Les period as opposed to spending $6.8 mil­ acres. On the other hand, Desert Shores in McFarlane, a principal in VTN Nevada, lion, a net surplus of $2.4 million. northwest Las Vegas - with five small one of the state's leading engineering And the process of land acquisition/ man-made lakes- went from planning to flrms since the early 1960s. He is refer­ assembly and public approval can take near build-out in four years. ring to examination of actual infrastruc­ time, a process that can grind away at the ture, construction costs, geological and resources of any developer. For Green hydrological studies, creating maps of Valley, flrst portions of the land were M EASURABLE economic impact streets and specilic land use as well as bought by the late Las Vegas Sun Pub­ begins with construction of infrastructure mandatory desert tortoise studies. lisher Hank Greenspun in 1952. It was not followed by building the products actu­ How much study is necessary depends until1972 that 4,700 acres purchased from ally used by residents: Homes, schools, on how deep your pockets are. Del Webb Henderson produced a large enough par­ commercial centers, churches as well as Communities, which is creating Sun City celformaster planning (8,000-plus acres), public safety and health facilities. Las Vegas has extensively researched the approved in 1973. But the flrsthomes did Few developers are up front about these mature adult community of North Amer­ not go up until 1978. When Lake Las up-front costs. A range shows $200 mil­ ica. "We'll commit large fmancial re­ Vegas is filled next year, it will culminate lion for The Hills at Summerlin; from sources to create a proftle of our purchaser a process of nearly 30 years that involved $125 million to $175 million for Sun City

September/October 1991 • Nevada Busi ness jou rnal 7 THE DoLLARs & S E N S E 0 F MASTER-PLA N NED CoMMUNITIES

Las Vegas; in excess of $150 million for three full-time jobs over its construction However, our land must also be competi­ Green Valley; nearly $80 million for Lake period. "So in Green Valley with about tive in price so the homes built there can Las Vegas; and $600 million for Silver 1,000 homes a year, we create 3,000 jobs, also be competitive in price. As a result, Canyon. Some of these figures reflect not including those working on infra­ we have to factor in how much premium land costs, but that's the one specific structure." Silver Canyon estimates it will the builder is willing to pay." figure closely held by all developers. create 3,350 construction jobs with a total All this construction has a direct effect But there are some interesting tidbits payroll of $110 million. Sun City Las on other facets of the real estate industry. involved in this process. The Peccole­ Vegas will generate $150 to $200 million The Greater Las Vegas Board of Realtors Triple 5 Partnership and the city of Las in home construction costs for its first has seen its numbers swell to more than Vegas created a $3 million assessment phase. Rancho Del Norte construction is 3,000 from slightly more than 1,000 dur­ district to widen Charleston Boulevard estimated to affect 200 households each ing the 1980s. Jeff Perkins, sales director from Durango Drive to Hualapai Road in day with an annual payroll of at least $5 for First American Title Company of far western Las Vegas. "The entire region million. Lake Las Vegas will produce Nevada, estimates that 80 percent of the -particularly people driving to Red Rock 1,000 to 2,000 construction jobs. From firm's business, both in land and home Canyon- benefits," said Wayne Ryriger 900 to 1,200 jobs are estimated for current transactions, comes from planned com­ ofTriple 5. Silver Canyon will pay at least construction at The Hills at Summerlin. munities. And VTN Nevada is typical of $5 million in system development fees for The economic impact of construction many engineering fmns in Nevada, swell­ utilizing reuse (non-potable) water to water also depends on the style of the developer. ing to 120 employees this year from less its golf courses and common greenbelts. A developer that creates "superpads" for than 20 in the early 1970s witfimostofthe R.A. Homes (now Ober Homes) spent individual homebuilders actually disap­ fmn's current clients developing master thousands analyzing types of beach sand pears from the operation as land is sold. plans. Primary lenders become deeply • for its Beach Club recreation facility. And Individual builders then create homes for involved in master plans when marketing American Nevada Corp. has spent mil­ each neighborhood that are then sold to of homes and commercial centers begins. lions developing parks, recreation centers home buyers. Summerlin, Green Valley, and greenbelt areas that were donated to Peccole Ranch, Rancho Del Norte, Desert the city of Henderson, which will main­ Shores and The Lakes are examples of ~D now is the time for the term tain them in perpetuity. McFarlane of this. Some developers remain part of the dear to the hearts of the marketing crowd: VTN Nevada estimates a completed street construction picture during the home­ Rooftops. This is the bottom-line number with water, sewer and utilities costs $3 a building phase and even after commercial needed by the Bureau ofthe Census, ex­ square foot, not including land costs. construction. Rancho Alta Mira (Dunmore ecutives of big-name manufacturers who As development begins, jobs, payroll Homes) and Whitney Ranch (American relocate and operators of retail businesses, and cost of materials significantly impact West Homes) are examples of this. Some large and small. But there are some mis­ Southern Nevada. For most developers, developers are the only builders in a conceptions about rooftops when applied actual labor costs and jobs produced at planned community, such as Del Webb at to planned communities, which appear to their sites are hard to determine, because Sun City, US Home at Los Prados, Pardee read favorably because large numbers of subcontractor's bids are based on com­ Construction at Spring Valley, Rancho households are grouped in one geographi­ bined costs of labor, materials and trans­ Las Palmas and Eldorado, as well as Tay­ cal vicinity. Bob King, Clark County's portation. The bottom line is how many lor-WoodrowatReno'sRosewoodLakes. economic development officer, explains: workers it takes to build a home. Depend­ Chip Nelson of Woodside Homes, in­ "There's no question that PUDs are better ing on the number of subcontractors and volved in a separate tract as well as three to work with, because they offer rooftops speed of construction, from 12 to 100 planned communities, explains a builder's and amenities all at once. In themselves workers may be involved on a single options. "There is some risk because of they produce a localized commercial mar­ home, but not all of them at one time and the high value of land in master plans, but ket for retail and professional business not in a fashion that could be called a on the other hand there are risks involving services. But in terms of economic diver­ "job." And these workers will make be­ offsite and onsite improvements in indi­ sification and economic growth, it's the tween $10 to $30 an hour, although most vidual parcels," Nelson said. Mark Fine, overall region people want to know about." builders agree the average wage is about president of Summerlin and former presi­ Summerlin's Fine observes: "Our home $15 an hour. Nevertheless, some develop­ dent of American Nevada, explains the sales that create residents are market ers have made a stab at estimating con­ master developer's point of view: "Sure, driven, and they draw the commercial struction payrolls. American Nevada's our land on the back-end has more value, centers that are market driven in turn," he Nelson said that one house will create but we can control the quality of growth. said. Fine also pointed out that there is

8 Nevada Business journal • September/October 1991 s u M M E R L I N

The P-eople of I asV~sare coming horYie. The story of America's Newest Hometown. '' I like it here People are coming to Summerlin. With schools, places of worship, parks and quality 'cause me and my homes in every price range, Summerlin is friend can play in the perfect place to raise a family. There is the park all day. room to roam. Places '' to play. And, most - Malthew, Age 9 importantly, an atmosphere based on a quality of life not equalled anywhere. And soon, Summerlin will be home to thousands of families . People who have found a place SUMMERLIN that is their new hometown. ~ I-95 to Summerlin Parkway (702) 791-4500 America's Ne\vest furetawn. THE DoLLARS & S E N S E 0 F M A STER-PL AN NED CoMMU N ITIES

time lag, so that demographics catch up tion: Most developers, whose projects are But there are intangibles associated with with rooftop numbers needed by these under construction, report marketplace planned communities that will have a businesses. "I think you will see substan­ conditions make it impossible to accu­ strong economic impact, so strong mu­ tial commercial development in Summer­ rately estimate any kind of market value. nicipal governments are already seeking lin in three to five years." The newesttrend in Southern Nevada is growth limitations. The first such action The specifics of residents in master­ planned communities as job centers, a came through curtailment of water per­ planned areas is important to market­ concept pioneered by Green Valley, which mits, and now density of growth in certain driven businesses and municipalities. In has developed not only retail and profes­ areas may be addressed. Engineer McFar­ Green Valley, for example, American Ne­ sional centers on its land, but a business lane ofVTN, who represents many of his vada estimates 32,000 current residents. park that marks the location for two high­ clients before public bodies, had these Representative of Southern Nevada in profile businesses: Ethel M Chocolates comments: "Emotional political issues can general, the average household is com­ and KVVU-Channel 5 Television. "In­ detract from real issues. Government agen­ prised of a family of four (two children cluding the Green Valley Athletic Club cies are in a dilemma: The public wants a under 12) where the head of household is with over 100 jobs, there are between lean public-sector staff to save money and a professional and the average household 2,000 and 3,000 permanent jobs created let the private sector accept liability; or income is $55,000 annually. This profile on sites controlled by American Nevada. public agencies will need large staffs to might vary from one planned community And there may be 10,000 more jobs cre­ handle problems in the public sector. And to another, from the affluent lifestyle of ated on land we control at the south end of should only new developers pay the costs Spanish Trail (average income approxi­ the community because of the greater of new infrastructure?" mately $200,000) to such affordable areas opportunity for industrial and commer­ But there is more optimism than skep­ as Spring Valley. Del Webb is even more cial development," said master planner ticism about planned communi ties. North exact, profiling a mature adult couple Nelson. The Lakes is the location for the Las Vegas' Howard speaks from an eco­ worth $360,000, an income of $40,000 Citibank Credit Center and its 600 jobs. nomic diversification standpoint: "While annually, bank deposits of $50,000 and As Summerlin develops, President Fine we are planning infrastructure for five who spend $15,000 a year in retail stores. said that it will be a small town producing years growth, big industrial finns are look­ The effect on population is most dramati­ jobs in retail stores, professional offices ing for relocation sites 10 years in the cally seen in Green Valley, which has and businesses that will relocate there. future when rooftops will meet their crite­ swelled to 50 percent ofHenderson's pop­ But Silver Canyon and Lake Las Vegas ria." American Nevada's Nelson is more ulation over a 12-year period. go a step farther, with destination resorts localized in his analysis: "You can see the The effect of planned communities as a that produce large numbers of permanent impact of Green Valley at the main en­ whole on the tax base is difficult to mea­ jobs. The destination resort at Silver Can­ trance (Sunset Road and Green Valley sure, since so many are at various stages yon, which will include a 350-room non­ Parkway) where we placed a public li­ of development. And even during con­ gaming resort, Jack Nicklaus Golf Center brary and very visible outdoor sculpture struction, developers and builders pay a and ATP Tennis Center will employ 1,700 as well as extensive commercial build­ variety of taxes and fees, from building with an annual payroll of $220 million, in ings. Here we're making a strong state­ permits to utility franchise fees. Residents addition to taxes and fees of normal busi­ ment about our commitment and value to pay property and sales taxes. Del Webb ness operations. "We'll be pioneering a the (larger) community. conservatively estimates the first phase of tourist niche that previously only went to This area's changing image is the focus Sun City will produce $14 million in sales Scottsdale or Palm Springs," said Cosmo of two other executives. "We saw Las annually at build-out in two years. Ameri­ World's Jim Toscano. But Lake Las Ve­ Vegas as a dynamic city," said Cosmo can Nevada's Nelson said that at build­ gas will be looking for this same clientele, World's Toscano, a former banking ex­ out, the remaining nearly 2,000 acres of according the Transcontinental Director ecutive from Denver, "And its demograph­ Green Valley will produce $1.5 million in of Public Relations Bob Campbell: "Our ics and characteristics are going to change tax revenues annually. Although the gross resorts will be the next generation of Las in the next decade." Summerlin's Fine market value at build-out is not the base Vegas entertainment," he said. The larg­ puts it this way: "The image that planned for taxation, some builders were willing est such job-producing community in Ne­ communities project will be one of or­ to offer this figure, including: Lake Las vada history with as many as eight resorts, derly growth that will attract people to Vegas, $3.8 billion; Rancho del Norte, it could employ 20,000 to 22,000. These this quality of living, as opposed to other $500 million; Sun City Las Vegas, near are totals that could only be exceeded by areas (regions in the U.S.) Sowemustput $1 billion for the first phase; and Rancho large industrial developments, possibly our priority on quality of growth. That is Alta Mira, $130 million. A word of cau- the Apex center north of the valley. real economic impact." •

10 Nevada Business journal • September/October 1991 11 A S T E R PLANNED C 0 M M U N T E S

THE LAKES: This 1,700-acre project PlANNED COMMUNITIES was the first in the far western Las Vegas Valley, and is nearing build-out with more than 5,000 single-family homes and other multi-family neighborhoods. The center­ IN SouTHERN NEVADA piece, developed by West Sahara Invest­ ments (Collins Brothers, et.al.), is a lake around which several luxury neighbor­ hoods are being built. The Lakes is also From the merely ambitious to the truly spectacular, Southern Nevada's planned the location for Citibank Park. Build-out is expected in the mid-1990s. developments have fueled the area's record growth. Here is a list of current projects, LOS PRADOS: U.S. Home is the master either planned or in various stages of construction. planner, developer and builder for this pioneer northwest valley golf community of more than 400 acres, which includes a wide range of homes, a golf course and CANYON GATE: Torino Industries is More than 40,000 residents, several clubhouse. It is located on Lone Mountain developing this golf course project at schools, commercial areas and recreational Road east of Rancho. Nearly 1,000 homes Durango Drive and Sahara A venue in facilities are part of this master plan with are planned with build-out in the 1990s. western Las Vegas. The project is more build-out scheduled sometime after 2000. than 400 acres and will include more than A business park is also part of Green MACDONALD RANCH: Home con­ 600 residences and a membership-only Valley's master plan. struction should begin in 1991-92 for the country club. Build-out is possible by the first phase of this 3,000-acre master plan mid-1990s. THE HILLS AT SUMMERLIN: The first at the foot of Black Mountain in Hender­ village of Summa Corporation's Sum­ son south of Lake Mead Drive and west of DESERT SHORES: This nearly 1,000- merlin master-planned community, The I-515. A golf course and destination re­ acre development in the northwest valley Hills is located between Angel Park Golf sort have been proposed by the MacDon­ is currently nearing build-out. Key ameni­ Course and Sun City Summerlin on the ald family in addition to a wide range of ties are four small lakes and a beach club. western edge of the Las Vegas Valley. neighborhoods, parks, schools and com­ Adjacent South Shores planned commu­ Several builders are now marketing homes mercial centers. nity was once part of the original Desert in this village, which will include school Shores master plan. sites, parks, a golf course and commercial PAINTED DESERT: A target golf course center. Overall, Summerlin will occupy is the centerpiece for this 1, 000-acre-plus ELDORADO: More than 8,000 homes over 20,000 acres and could include a development that includes a wide range of are being developed and built by Pardee population of more than 200,000. housing and recreational facilities. Build­ Construction in this northernmost sector out is expected before 2000 by Cal Pacific of the Las Vegas Valley - the first of LAKE LAS VEGAS: This 2,000-acre­ Development. Nearly 2,000 homes will several master-planned communities in plus master plan includes an earthen dam be built in this community, which is adja­ North Las Vegas. The community is west that will hold back a man-made lake east cent to the recently completed Santa Fe of Craig Road via Camino alNorte. Build­ of Henderson on the border of the Lake Hotel and Casino. out is expected past the year 2000. Mead National Recreation Area. Several resorts and golf courses are planned in PECCOLE RANCH: This 1,700-acre GREEN VALLEY: Considered the pro­ addition to other tourist and recreational master plan straddles Charleston Boule­ totype of planned communities for the facilities. Several thousand homes will vard adjacent and east of Summerlin. Southern Nevada region, American Ne­ also be part of this project, developed by Homes are being built in the first phase vada is developing more than 8,000 acres Transcontinental Properties. Resort and between Sahara A venue and Charleston. between Sunset Road and Lake Mead home development is expected to begin in More than 10,000 housing units are Drive in the northern area of Henderson. 1992 and continue well pas 000. planned in addition to trails, parks, a golf

Se ptember/October 1991 • Nevada Business journal II 11 A S T E R PLANNED C 0 M M U N T E S

course and large commercial center. A Road via Camino al Norte. Adjacent to destination resort are planned in addition partnership of Triple-Five (Edmonton this property and Craig Road Golf Course to more than 2,000 homes. Marketing of Mall in Canada) and the Peccole family of is Fairview Estates, also being developed homes could begin in 1992. Las Vegas, a 20-year build-outis planned. byC.R.I.B. SPANISH TRAIL: Nearing build-out in RANCHO ALTA MIRA: Dunmore RANCHO LAS PALMAS: This Pardee the southeast valley, this luxury golf com­ Homes is developing 350 acres in the Construction community pioneered the munity was master-planned, developed northwest valley, where the California southern Paradise Valley area. Pardee is and built by Spanish Trail Associates. building giant is joined by several other the master planner, developer and builder Spanish Trail has received more regional homebuilders. More than 500 homes are in this 4,00-acre project which includes and national recognition than any previ­ planned, and the project includes a park more than I ,000 homes, recreation cen­ ous residential development. More than and commercial centers. It is located on ters and a school site. Build-out is ex­ 1,500 residences are planned on more Lone Mountain Road east of Rancho. pected by 2000. than 600 acres.

RANCHO DEL NORTE: This 300-plus­ SILVER CANYON: Cosmo World and SPRING VALLEY: Pardee Construc­ acre project is master-planned by C.R.I.B. Spanish Trail Associates are joint venture tion's most ambitious planned commu­ Ltd., with several builders in the first partners for this I, 700-acre development nity is approaching build-outbn Rainbow stages of marketing homes. A school site, in the south valley adjacent to Sky Harbor Blvd. between Tropicana Ave. and Spring park and shopping center are planned for Airport in Henderson. A Jack Nicklaus Mountain Rd. Nearly 3,000 residences, the development situated north of Craig Golf School, an ATP Tennis Center and parks, school sites and commercial cen-

12 Nevada Business journal • September/October 1991

MOBILE MAsTER-PLANNED CoMMUNITIES COMMUNICATIONS,

INC. ters are part of this development, which now lends its name to arJ unincorporated BENDIX/KING town that also includes much of the sur­ 2·WAY RADIOS rounding area in the southwest valley. Coverage in the following cities: SUN CITY LAS VEGAS: Del Webb Las Vegas, Henderson, Boulder City, Communities has recently announced that Pahrump, Searchlight, Laughlin, it will exercise its option on several hun­ Bullhead City, Needles, Stateline, dred acres adjacent arJd to the west of its Tonopah, Tucson, Nogales, and others! current building program. In the frrst phase, CONVENTIONAL TRUNKED 3,000 homes for mature adults are plarmed to go with commercial centers, a golf 2-WAY RADIOS 2-WAY RADIOS course arid a $6 million private recreation from from center. Sun City is the senior residential $399.00 $799.00 section of Summerlin, Summa Corpora­ 1 YEAR PARTS & LABOR WARRANTY! tion's master-plarmed town on the west­ ern edge of the Las Vegas Valley. CALL TODAY! ' • 4330 West Tompkins WATT INDUSTRIES: The well-known Las Vegas, Nevada 89103 702-362-9700 California developer-builder is master­ plarming more tharJ 2,200 acres on the northern edge of the valley in North Las Vegas, adjacent to a flood detention ba­ sin. First phases call for a major thorough­ fare and several hundred homes, with Watch For Messages recreational and commercial centers seen for future phases. Marketing could begin in 1991 with build-out through 2000. Vegas Instant Page™ introduces the Motorola WHITNEY RANCH: AmericarJ West wristwatch pager. It gives Homes is the plarmer, developer and pri­ you the practicality of a mary builder in this 600-plus-acre com­ watch and the convenience munity east of Whitney Mesa. Single­ of a pager. With the family homes, condominiums, apartments wristwatch pager, you are and commercial centers are part of this always accessible to development, which is west arid adjacent clients, friends or family to the planned Sunset Galleria Mall. members. Information is displayed on an easy-to-read OTHERS: Mar~y other planned-unit de­ VEGAS screen. The message memory velopments, some with manufactured ~INST:Afti can store incoming messages to housing, are seen in Southern Nevada, PAGE ~-· be reviewed later. The including the nearby towns of Pahrump, How people on the move do business on the go. wristwatch pager, our superior Mesquite and Laughlin. These, however paging coverage area and our will not offer a wide range of facilities arid commitment to customer services beyond homes. They include The For complete details, call service, are examples of how we Bluffs, Hillsboro, Rock Springs, Calico 384-2862 or visit us at are working to meet the Estates, Smoke Rar~ch, several parcels business and personal 1221 South Casino owned by Lewis Homes as well as exist­ communication needs of people ing neighborhoods that have approved Center, Las Vegas. on the go. master plans. •

14 Nevada Business Journal • September/October 1991 11 A S T E R p L A N N E D c 0 M M u N T E S

Canyon project - a golf and destination resort complex on 1,300 acres in Hen­ derson. Facilities include 27-holes of Jack G. C. WALLACE Nicklaus golf, a three-hole Nicklaus golf academy, 18-hole Rees Jones course, a Caesar's World-operated resort hotel, an Civil engineers setting the stage Association of Tennis Professionals fa­ cility and 600 acres of residential housing partly developed by Spanish Trail Asso­ Thousands of Southern Nevada citi­ Paralleling the northern boundary of ciates. GCW activities have focused on zens currently enjoy the comforts of liv­ Green Valley South is the Union Pacific planning and design of offsite and onsite ing in one of the area's many master­ Railroad. A portion of GCW' s civil engi­ infrastructure (roads, water, sewer, re­ planned communities. Many of the ad­ neering effort included designing a rail­ claimed water, drainage and dry utilities). vantages of living in these carefully road crossing, one of the first in the area. The project scope also included desert planned developments go unnoticed by This necessitated considerable coordina­ tortoise relocation and fencing, tempo­ the residents who make use of them. Such tion with, and approvals by, railroad and rary construction water, BLM land acqui­ elements as unified design features, utili­ state highway authorities. sition, and coordination for power, gas, ties that can accommodate future growth, Still in the design phase, a second Pardee and telecommunications. Construction has adequate use of open areas to create pleas­ development in the Green Valley area is been initiated on offsite water and re­ ant park-like vistas, proper placement of Westwood Village. This community is claimed water facilities and onsite roads commercial, residential and educational located a quarter-mile south of Green and drainage. Services include construc­ facilities as well as other more mundane Valley South on Windmill Parkway. It tion survey and field engineering during infrastructure elements all combine to encompasses approximately 160 acres, construction. All aspects of the project make a community "master-planned". 715lots, a commercial area and a portion have been closely coordinated with the Providing planning, design and infra­ of Pittman Wash. City of Henderson offices. structure for these communities is no small In addition to preparing the mapping, undertaking. Many of the valley's devel­ grading plans, improvement plans, water Summerlin opers rely on the expertise of civil engi­ network analysis, sewer analysis, and traf­ Howard Hughes Properties retained neeringfirm G.C. Wallace, Inc. (GCW) to fic study, GCW provided special treat­ GCW as a consultant for the developer's take them through the civil engineering ment of the Pittman Wash area. Pittman mega project: Summerlin. The company stages of their projects. Wash traverses the southeast comer of the is currently providing land planning, en­ site, providing the opportunity to con­ gineering planning, design engineering, Green Valley tinue a linear park along the channel. The construction engineering and design team The primary focus of the involvement gabion-lined channel was designed to be coordination for the 22,000-acre master ofGCW in the Green Valley area has been aesthetically pleasing with a rim trail for planned community. Summerlin will be community development projects for bicycles and pedestrians. comprised of28 master-planned villages Pardee Construction Company. This work On a smaller scale, but indicative of the approximately 1,000 acres each. By the has included the developments called many fine developments in Green Valley, early 21st century, it will be home to Green Valley South, Westwood Village is Heartland. Developed by Heartland approximately 250,000 persons, the site and Green Valley. Additionally, on a Homes, this subdivision consists of ap­ of business parks, town center retail cen­ smaller scale, GCW has worked with proximately 12 acres and 95 lots. ters, a retirement community, a multitude Heartland Homes to plan and engineer the The development ranges from "begin­ of golf courses and a regular tournament Heartland subdivision. ner" home models to larger three- or four­ stop on the'PGA tour. Of the Pardee projects, Green Valley bedroom family homes. GCW has pro­ Anticipating the transportation needs South is nearing completion. The GCW vided the land planning and civil engi­ of a community of 250,000 is no easy team, led by Terry Adams in close asso­ neering including hydrology, grading task. Two highway projects, a tri-level ciation with Pardee, provided the land plans and improvement drawings. interchange and a divided parkway, are planning and civil engineering for this now under way at the Summerlin site. 165-acre development. Located at Pecos Silver Canyon The first improvement is the construc­ and Robindale Roads, the community GCW was also selected for planning, tion of the 3.5 mile limited-access Sum­ contains 791lots and a four-acre park site. design and field engineering for the Silver merlin Parkway linking the Rainbow Bou-

September/October 1991 • Nevada Business Journal 15

MASTER-PLANNED CoMMUNITIES

levard interchange and Summerlin. Ac­ Desert Shores cess to the Summerlin Parkway will be G.C. Wallace, Inc., became involved via the expansion of the Rainbow Boule­ with the Desert Shores development in vard interchange of the Oran K. Gragson the initial master planning stage and car­ Expressway (U.S. 95). The addition of a ried that involvement to all phases of the steel fly over bridge will expedite travel to project from engineering sitework to ar­ Summerlin while maintaining north and chitectural design. Desert Shores is a southbound traffic flow. Designed to in­ master-planned community in Las Vegas terstate standards, Summerlin Parkway providing an attractive environment fea­ will provide direct high-speed access to turing lakeside living for its residents. and from Las Vegas. The master development design uti­ lized five lakes as the dominant elements, Sun City Summerlin comprising 64 acres within the 986-acre Within the huge master-planned com­ community. Beyond allowing changing munity of Summerlin lies another special vistas from the collector roads, the lakes community that required GCW's exper­ function as visual relief, creating buffers tise. Sun City Summerlin, an active-adult between the individual neighborhoods. retirement community developed by Del At the center of the Desert Shores resi­ Webb Corporation, appointed GCW to dential areas is a water-oriented recre­ provide the engineering design and mas­ ation area featuring a 20,000-square-foot ter planning for all the basic infrastruc­ swimming lagoon. In addition to provid­ ture. The unique aspects of the active ing the site planning and lagoon layout for adult community pervaded all areas of the recreation area, GCW provided the engineering design. The requirements of architectural design for the Beach Club. this specific marketing niche and the age­ Site planning for the development in­ controlled specifications of the commu­ cluded the incorporation of curvilinear nity received special attention during the streets (with a theme bridge), thus provid­ planning and detailed design stages. ing speed control and opportunities for The combination of Webb's specific focal accent points. The main loop road expertise in the design of adult retirement affords views across each of the five lakes. communities and GCW's, knowledge of In addition to the production housing local requirements resulted in a win-win GCW has completed, there are various situation where the needs of the Sun City lots for sale to custom home builders. community were recognized while re­ These carefully selected lots are elevated Relieve tension, arthritis pain, specting the regulatory responsibility of 25 to 30 feet above the fairways to provide all local agencies. panoramic views ofLas Vegas. These lots back and neck pain with The infrastructure development for Sun will range in price from $65 ,000 for the City was not a simple task. Master plan­ custom home lots to $225,000 for the ACCUPRESSURE ning for the 1 ,050-acre development estate lots. The custom home sites in Phase needed to consider not only Sun City's I of the project sold out in the fust three HEALING THERAPY future growth but the planned develop­ weeks of sales. ment of Summerlin and other private lands adjacent to the project. All major water Canyon Gate A AcADEMY oF and sewer lines crossing the site were Torino Industries, with the assistance oversized to allow for future development of GCW, is dedicated to developing a KENPO KARATE of the surrounding areas. Power, tele­ country club lifestyle better than any yet phone and natural gas requirements for developed in Nevada. Their goal is to Self Defense • Fitness • Therapy Sun City and the adjacent land were also create the most desirable address in Las studied by the respective utilities and these Vegas, which will be achieved when the 3025 E. Desert Inn Rd. Suite 7 needs were incorporated into the master exclusive Canyon Gate golf course com­ planning efforts. munity is completed in 1993. • Las Vegas, NV • (702) 733-7788

Septe mber/October 1991 • Nevada Business journal 17 1J A S T E R PLANNED C 0 M M U N T E S

selling homes with as many options as we have, you want your homebuyers to see what's possible," she said. Those purchasing homes at Belaire Estates will be able to choose from a surprising variety of custom options. R/S considers itself"the custom touch builder", something that's underscored by the phi­ losophy of giving the buyer maximum freedom to personalize his or her own home. For this reason, it's doubtful any two homes in Belaire Estates will be alike. Buyers can select Corian, granite or ceramic countertops in various colors throughout the home, as well as tile, gran­ ite or marble fueplace treatments. Buyers have the option of any of three fmishes on their kitchen cabinets. They also can choose the color of their bath fixtures. "The process of purchasing one of our homes and selecting options doesn't hap­ pen in one day," says Schaefer. "Most of our buyers will schedule a separate ap­ pointment to make their option choices." And what about room changes, den options and other specification changes? HIGH-END HoMES oN "We'll seriously consider any reasonable request to customize the floorplans to the buyer's preference," says Schaefer. All of the home buyer's choices are re­ THE RrsE AT SUMMERLIN corded, then managed by the company's purchasing department. The hard work pays off for R/S in customer satisfaction and the high quality of the fmal home. R/S Development's semi,custom Belaire Estates "We prefer having quality control over the final product, as opposed to turning offers design choices to buyers this process over to a design center. When you're a semi-custom builder, it's part of the total package." R/S Development's Belaire Estates, the "Initial offerings at Summerlin con­ The Hills will eventually feature a vari­ first of several high-end, privacy-gated sisted of single-family homes for fust­ ety of upscale neighborhoods. Two other housing neighborhoods was unveiled ear­ tirne and move-up homebuyers," said gate-guarded neighborhoods, Eagle Hills lier this year in The Hills of Summerlin. Schaefer. "Six months and 190 home sales and Tournament Hills, opened for sales Belaire Estates put the finishing touches later, the market appears ripe for these late this summer. Both feature custom on model homes and began sales concur­ larger, upscale homes." homes on the nearby PGA TOUR Tour­ rent with their completion. R/S Vice Presi­ R/S Development has accumulated a nament Players Course. dent Cindy Schaefer says Belaire Estates number of serious prospecive buyers for Information on Belaire Estates and the will include 81 homes with three floorplans Belaire Estates, but elected to release its other neighborhoods in The Hills is avail­ offering 2,326, 3,011 and 3,256 square fust eight homes only after the models able at the Summerlin Information Center feet on lots of at least 7,600 square feet. were ready for viewing. "When you're on Summerlin Parkway offl-95 West..

18 Nevada Business journal • September/October 1991 11 A S T E R P L A N N E D c 0 M M u N T E S

The common thread of quality contin­ SUMMERLIN CELEBRATES ues in the Hills South Village, designed to include some 500 custom, semi-custom homes and villas built around the Tourna­ ment Players Club 18-hole championship OPENING OF HILLS PARK golf course and country club. The course is scheduled to open for members and their guests in November. The Pueblo, Summerlin's second fam­ Community spirit builds as Summerlin grows ily-oriented village, has started its resi­ dential development with Sedona, a single­ with parks, schools, churches and homes family home neighborhood built by Se­ dona Homes. The 570-acre village will be bisected by the 65-acre Pueblo Park. Homebuyers in Nevada, as well as in Unlike other developing neighbor­ Construction has also begun on the first other rapidly developing areas, today look hoods, schools came fust at Summerlin. phase of the Pueblo Medical Center, a for more than floorplans when consider­ Two top-rated private schools-The Mead­ 60,000-square-foot medical office com­ ing their families' most important invest­ ows School and The Hebrew Academy­ plex near The Meadows School. ment. They look for easy access to neigh­ are already an important part of the com­ As civic, cultural and community fa­ borhood amenities such as schools, parks, munity. The Hills Park includes a27-acre cilities begin construction, a significant churches, shops and cultural centers. They school site donated by Summerlin to the portion of Summerlin's acreage remains look for lasting value in an area designed Clark County School District for future reserved for open space, with key areas for quality growth and development. elementary and junior high schools. The dedicated as family activity focal points. They look for a new hometown. elementary school, designed to accom­ Summerlin's 25 villages will be linked by That's what Summerlin is building on modate 600 students, is scheduled to open the Summerlin Trail-a 160-mile network 22,000 acres of prime Las Vegas Valley for the 1993-94 school year. The junior of bicycle and pedestrian paths connect­ real estate being developed by Summa high school, with a 1,200 -student capac­ ing neighborhoods to one another and to Corporation on the northwestern edge of ity, is projected to open soon after. parks, churches, schools, shopping, of­ the city. And more than a dozen families Anchored by the village amphitheater, fices and other "people places". a week are deciding to make Summerlin The Hills Park includes a central pavilion Previously known as "Husite", the their new hometown. with picnic tables, picnic ramadas with sprawling parcel of land was originally In the spirit of Columbus Day, South­ barbecues, tennis courts, sand volleyball purchased in the 1950s bythelateHoward ern Nevadans have been invited to "dis­ court, basketball court and a unique play­ Hughes as a possible research laboratory cover" Summerlin during a weekend cel­ ground with playwall for climbing kids. for Hughes Aircraft Company. The acre­ ebration October 12 and 13 to mark the The 1,1 00-acre village includes family age was rechristened in 1988 as Summer­ official opening of the master-planned neighborhoods under development by lin (the maiden name for Hughes' grand­ town's first village park. The seven-acre Nevada's best builders: Panorama Point mother), and will eventually be home to Hills Park at Summerlin will be dedicated by Woodside Homes; Las Colinas and some 150,000 residents in 80,000 homes. to the City of Las Vegas with a ceremony Visions by Watt Homes; Valle Del Fiori Research that went into Summerlin's accompanied by the Las Vegas Symphony by Signature Homes; Evergreen and Cy­ master plan - which took three years to Orchestra's Picnic Pops performance. press Grove by Lewis Homes; Belaire complete - focused on the best possible "This inaugural event for The Hills Estates by R/S Development; Copper living arrangement between people and Park underscores Summerlin's carefully Ridge by DiLoreto Homes; Cherry Creek the natural environment in an economic crafted quality-of-life theme," said Mark by Schulman Development; Amarante by and cultural climate conducive to quality Fine, president of Summerlin, a division Pacific Properties; Serenata by Coleman growth, said Fine. "Summerlin has al­ of Summa Corporation. Homes; and Hillcrest Estates by Christo­ ready set a new standard for urban plan­ While more than 150 families now re­ pher Homes. Builders for The Hills North ning in Southern Nevada," Fine said. "The side in The Hills -Summerlin's first fam­ Village were chosen with care to insure next 20 years of this town's development ily-oriented village - amenities are al­ the integrity of the family-oriented town, will continue to surpass current standards ready in place to serve hundreds more. according to Fine. of community living ... Just watch." •

September/October 1991 • Nevada Business Journal 19 11 A S T E R PLAN N E 0 C 0 M M U N T E S

Asia." A typical resort may have 1,500 rooms, and not all will be the high-rise lAKE lAs VEGAS variety. He said no announcements have been made because ofTranscontinental' s conservative approach. "These first re­ sorts will set the standard. We want to do these deals right, or not at all," he said. A prediction in the 1960s that a world,class The amenities of the lake and the resort will also be available to the general pub­ resort would be built around a lake in the Las lic, Campbell said. "As many as 55,000 day visitors could come to Lake Las Ve­ gas." He said they could use their cars, as Vegas Wash east of Henderson some 30 years well as taxis on land or water to move through the resort area. The residential hence left many shaking their heads in disbelief. section on the south shore would be closed to the tourist, he said. Power-driven craft will not be permitted on the lake for rec­ reational purposes. But the man who made the prediction, handle the normal flow of water through In addition to resort hotels, an innova­ J. Carlton Adair, will see his dream of the Las Vegas Wash. The lake will be tive sea-water aquarium is another planned "Lake Adair"- now known as Lake Las filled with waterpumpedfrom Lake Mead, visitor attraction." It is based on a concept Vegas-come true in 1992, silencing even part of an agreement that Adair made in in New Zealand where people walk the strongest skeptics. On the day the lake the early 1960s with the Colorado River through the water through transparent is filled, it will have been the culmination Commission for an allotment of 10,000 tubes," Campbell said. Non-resort ameni­ of applications before 39 public agencies, acre-feet of water. ties will include commercial projects for over 140 public hearings and expendi­ As the time for resort and residential retail and office space. tures approaching $80 million. At build­ development nears, there is an atmosphere The dam itself is 4,800 feet long, 192 out sometime past the year 2000, the value of anticipation in Transcontinental Prop­ feet high, 719 feet wide at the base and 68 of project is estimated to be approxi­ erties offices in Las Vegas. "We're really feet wide at the top. "Actually, because of mately $4 billion. excited," said Robert E. Campbell, vice the long approval process, the dam is Although it will not be in the form fl:fst president of public affairs and marketing. over-engineered," Campbell said. He also imagined by Adair, Lake Las Vegas - Present plans call for some development points out water quality will have the developed by Transcontinental Proper­ to begin in 1992 after the lake is full, with highest priority for both the developer and ties of Phoenix, Arizona - will be one of opening of resorts and home marketing the city of Henderson. When develop­ the most elegant master-planned commu­ seen by 1993 and 1994. ment is completed, a master association nities in this region's history. Campbell said both sides of the lake and neighborhood associations will man­ The centerpiece of this 2,243-acre proj­ will be developed on a parallel basis, and age the lake and open land in the project. ect, the lake itself is two miles long with a that announcements should be made in A key aspect of the Lake Las Vegas maximum width of one mile and is cur­ 1992 on who the developers of various project is slightly more than half of the the rently being filled behind an 18-story projects will be and what they will build. land remaining after the lake is filled will earthen dam. The entire project could Campbell said the resorts will set a new be open space, or managed open space, eventually include eight resorts, five golf standard for Southern Nevada. "It will be including roads and golf courses. courses, as many as 3,500 housing units the next generation of Las Vegas enter­ The Lake Las Vegas timetable calls for complete with land and water transporta­ tainment," he said. "We will build resorts land purchases and construction to begin tion systems. where a family will stay for several days. in 1992 and continued through the term of Part of the initial construction process There won't be any flashy signs, but there the project, scheduled for at least seven to has included installation of twin pipes, 84 will be gaming. We want understated el­ 10 years. "We're definitely here for the inches in diameter, underneath the lake to egance that you might seen in Europe or long-term," said Campbell. •

20 Nevada Business journal • September/October 1991

------~~~~-...... - ~G~~-----.;.~- GREEN VALLEY All that a community can be. First Interstate Bank of Nevada is proud of its contributions to the quality of life here in Green Valley. Over the past year, First Interstate Bank has contributed nearly $1 million to organizations dedicated to making Nevada a better place to live. The bank is widely known for its support of education in Nevada, in addition to being a proud contributor to United Way. As the state's leading rmancial institution, we've helped more Nevadans improve the quality of their lives than any other bank. With more than 75 banking offices and 135 ATMs, nobody makes banking easier.

Green Valley Parkway Office, 451-7963 Sunset Green Valley Office, 434-0280

FII'St Interstate Bank " I obody makes banking easier. Member FDIC G R E E N v A L L E y

ALL THAT A COMMUNITY CAN BE

by David Hofstede

Ten years ago, if you looked moved here, the .green of grass for residents of Green Valley on and trees would come. I think the streets of Henderson, you'd ~we've fulfilled that expectation." be lucky to meet one in every To develop the land, Hank 25 people you interviewed. Try Greenspun formed American that same experiment today, Nevada Corporation. "My dad Silver. Springs Recreation Center and Park and you'llfind the odds of meet- was a newspaperman, and he ing a Henderson resident resid- in the village of Silver Springs tried not to let anything inter­ ing in the Green Valley com- fere with his ability to run a munity are almost 50-50. mostly in 50- and 100-acre increments. newspaper," said son Brian. "He admit­ Since the first homes were built in Brian Greenspun, Hank Greenspun's ted he didn't know anything about de­ Green Valley in 1978, over 32,000people son and current Sun editor, recalls sev­ veloping, so he hired good people who have made the move to Nevada's first eral visits to the neighboring desert. were much more capable to handle the and largest master-planned community "Imagine getting in a car six blocks off of day-to-day operations, though he con­ (total Henderson population: approxi­ Fremont Street, which is where Las Ve­ tinued to advise and consult." After early mately 70,000). Within its 8,400 acres gas ended, and then driving 15 miles personnel changes and a recession-in­ are houses and apartments of all shapes through nothing but sand on dirt roads, duced delay, a team was assembled and and sizes, along with shopping centers, and saying that someday there will be work began on turning the publisher's restaurants, schools, parks, recreational people living there. A lot of people dream into reality. facilities, office complexes, industrial thought he was crazy. They probably Brian Greenspun continues the family sites - all in an area that was home to don't think so anymore." tradition as AN C's president. The firm's tortoises and cacti just two decades ago. Greenspun's interest in the area con­ chief operating officer is james E. Grif­ The story of Green Valley actually tinued to grow throughout the '50s and fin, who joined the company in 1984. dates back almost four decades, when '60s, culminating with an acquisition of "Green Valley has grown both faster and Hank Greenspun and his partner Wilbur 4, 700 acres from the city of Henderson better than expected, and it's been a Clark began purchasing land on the far in 1971, thus giving him a total holding challenge keeping on top of that growth, outskirts of what then passed for Las of 8,400 acres. The land was christened particularly when the company started Vegas. Clark had already built the Desert Green Valley at a time when Green Acres to diversify into new projects and com­ Inn Hotel, the city's fifth major resort. was on TV, and after Greenspun Ranch mercial ventures," Griffin said. Greenspun would later become founder was considered and rejected. "It was The whole idea behind a master­ and publisher of the Las Vegas Sun. named Green Valley when it was noth­ planned community is to build not only Clark's interest in real estate waned, but ing but brown," said Brian Greenspun houses but almost everything else that Greenspun continued to acquire land, with a laugh. "\ e figured when people the occupants of those houses will even-

Special Advertising Supplement to Nevada Busincssjoumal • iii G R E E N v A L L E y

graphic village, often built around a cen­ tral focus, such as a school. At Silver Springs, the central focus is a recre­ ational center that was donated by Ameri­ can Nevada to the city of Henderson. The center contains a new gymnasium, swimming pools, a diving tank, tennis courts, ball fields and picnic areas. The centerpiece of Warm Springs Vil­ lage is The Green Valley Library and Cultural Center, which is perhaps best known for its outdoor sculpture mu­ seum. Established by ANC in 1984, the museum focuses on the work of Ameri­ can sculptor]. Seward johnson, Jr. Ac­ cording to Nelson, the life-like bronze figures were only leased at first on a short-term basis, "but the public response was so overwhelmingly posftive that we made many of them permanent displays." There are five villages in all, contain­ Green Valley's prestigious Legacy Golf Club ing a total of 33 separate housing devel­ opments (see sidebar) . Among the many tuallywant or need. Located within close club also includes a restaurant, confer­ developers who have contributed to proximity of Green Valley's residential ence room, pro shop, travel agency and Green Valley are U.S. Home Corpora­ developments are shopping centers such professionally-staffed child care facility. tion, The Schulman Group, Pardee Con­ as Parkway Springs Plaza, Green Valley Griffin also mentioned the Legacy Golf struction, Coleman Homes and Nelson Shopping Plaza, The Athenian Center Club, calling it "an ambitious undertak­ Development, the company behind and Gateway Plaza. The Green Valley ing': The 7 ,150-yard golf course, de­ Sandcastle Estates II in Legacy Village. Professional Center serves as the office signed by renowned golf architect Arthur "People perceive Green Valley as a more hub of the community, containing a Hills, features several holes that are rated desirable address, because the neighbor­ variety of service-oriented professionals the bestinSouthemNevada. Club facili­ hoods are planned and the growth is including healthcare providers and real ties include a driving range, pro shop, kept under control," said company presi­ estate developers. Additional business dining room and lounge. dent Bill Nelson. Sandcastle Estates is complexes include The Green Valley Finally, Griffin cited American scheduled for completion in late 1992. Civic Center and Business Park, and The Nevada's "residential developmental The drawing power of Green Valley Commerce Center. strategy, commencing in 1987 with the has not been lost on other developers, as Griffin found it difficult to choose just development of Silver Springs. This was evidenced by the plethora of master­ one especially gratifying addition. "Sev­ a planned village concept, as opposed to planned communities that have materi­ eral things since 1984 have brought the what had been, until then, a more incre­ alized all over the Las Vegas area. "We've name of Green Valley to the forefront of mental type of development." Brad Nel­ set the model for Southern Nevada, and the community, starting with the ath­ son, senior vice president of community we're pleased others have wanted to do letic club, which is probably one of the development and land sales, has devel­ the same thing," said Brad Nelson, "but top dozen clubs in the nation." The club, oped this concept in other projects he's most of them don't have the size or occupying 112,000 square feet on ap­ worked on, and brought it with him diversity of uses within them. A master­ proximately 10 acres, features indoor when hejoinedANC in 1984. planned community to us is a large-scale and outdoor pools, six indoor and seven "It's not a new idea, in fact it is hun­ project with a full spectrum of physical, outdoor tennis courts, an indoor run­ dreds of years old," said Nelson, "but it cultural and social amenities. In our ning track, Nautilus, cardiovascular and continues to be successful." In a nut­ mind most of the others are not compa­ weight training equipment, racquetball shell, the village concept organizes resi­ rable (to Green Valley), because there courts and two full gymnasiums. The dents into a defined, functional, geo- are very few developers that have or will

iv • Special Advertising Supplement to Nevada Business]oumai

------~------~-'~ have this much acreage under one con­ Great News trol, and few have a commitment to stay involved through the life of the project." In Green Valley. This has also been the focal point of Introducing Schulman Style Green Valley's most recent marketing strategy. "We've tried to create the im­ from $120,000 to $400,000 age that the Green Valley area is all a community can be," Nelson said, "and If you r search fo r a new home has led not just subdivisions and shopping cen­ Stonecreek you to Green Valley, make sure you With its Orand Opening just underway, ters. We like to say that here things 'are don't stop looking 'til you've seen Stonecreek offe rs fa mJy living with provided, not promised'." what the Schulman Group has done style in legacy Village. With up to 6 fo r fa mily living! Originally, the focus was different. bedrooms, recreation and hobby "This was the first master-planned com­ rooms, 3-car garages and a host of munity of any size in Nevada, so there custom options, you can build the was an educational process that had to The Springs home of you r dreams without take place on the benefits ofliving, work­ just a brief stroll fro m the center of spending a fo rru ne. the Village of Silver Springs, The $139,500 to $192,500 ing and recreating in this type of com­ 379-3643 Spri ngs offe~ sportS fields , munity," said james Griffin. "We thought playgrounds, jogging trails and Summerhill Estates it desirable to concentrate on families, community activities just a few steps The homes of Summerhill have won away. And the kids can walk to the and the recreational and social programs, national acclaim, including the 1990 new eanh-oheltered James Gibson religious sites and cultural activities have 10 Best Model Homes in America by Elementary School! 3 or 4 bedrooms. all reinforced that family atmosphere." Professional Builder magazine. These From $117,000 451-6712 Today, 75 percent of all buyers at Green are large, semi-custom residences in a Valley are families. private gated setting overlooking the legacy Golf Course. A must·see. Back then, early advertising also called $188,900 tO $400,000 361-1 849 Green Valley the "country side of town", because it was built in an area that was remote from both Henderson and Las Vegas, which is certainly not the case anymore. The rapid growth of not only Green Valley but all of Southern Nevada has led to a problem that must be faced if growth is to continue. "The question­ able water situation may prove to be the most important obstacle we've experi­ enced," said Griffin. "Everyone is in the process now of determining what re­ sources are there, how we can increase them, and how the water will be allo­ cated throughout the community. Hope­ fully we'll have those answers in the next few months." The increasing prominence of the Green Valley area of Henderson has caused something of an identity crisis among residents both within and out­ side the community, but both American Nevada personnel and Henderson Mayor Lorna Kesterson insist that any rivalry is exaggerated. "The relationship (between Green Valley and Henderson) was some-

Spec ial Advertising Supplement to Nevada Businmjoumal • v -G --R--E-- E--N- G~ v A L L E y

After nearly 20 years of construction and expansion, American Nevada offi­ cials still find there is much to be done in Green Valley. Recently work was com­ pleted on an outdoor amphitheater, the first in Southern Nevada. The commu­ nity established another statewide first with its "earth sheltered school," a pro­ totype facility built primarily below ground to maintain a temperate indoor climate and conserve heating and cool­ ing resources. Plans for a town center complete with a new entertainment and recreational complex are also in the works. "You have to think forward or you'll never get to tomorrow, and five­ year plans aren't enough," said Green­ spun. "We have to think in terms of 20 years, especially when we have all these residents relying on us to continue build­ Photographed during the late 1970s, this aerial view looking south down Green Valley ing the kina of quality community they Parkway is scarcely recognizable when compared to the location as it stands today. moved into. That's a big responsibility." "Right now we're looking at the active thing unique in the beginning, and there Green Valley will eventually become a development of another l ,800 acres and were some trials and tribulations neces­ city by itself? Kesterson is skeptical. "It considering what we want to do with sary to figure out how we could both is very 9-ifficult to initiate a new commu­ that land," said James Griffin. "As has serve our mutual interests," said Brad nity with a complete infrastructure with­ been the case it will be largely residential Nelson. "That's been worked out, and out help from somewhere." development with some retail and office now the relationship is pretty strong." Brad Nelson agrees. "A lot of people space." Adds Greenspun, "There is so "There are certain perceptions held by have talked about it, but the idea is much flexibility right now. The new residents of both Green Valley and Hen­ totally impractical. To have to reinvent beltway represents an opportunity to derson that cause some to think that the wheel and provide a police depart­ bring facilities and institutions here that there is a divergence of interests, and ment, fire department and all those other couldn't come here before without that we've been trying to fathom what causes services would be an incredible task. accessibility. Golf course development, that and take steps to smooth over those Part of our agreement in the early days hotel development, hospitals and com­ feelings, and become a better neighbor," was that we would be in Henderson, and mercial property are all in our heads and adds Griffin. "OurjobatANCis to create we're happy with that." barely on the drawing board now, and all a successful and desirable community, The very possibility that Green Valley depend on how the community contin­ and in doing so, when we say something could one day grow into a full-blown ues to develop. Fortunately, we don't good about Green Valley, it is some­ city would be astonishing to Hank have to make all those decisions today." times taken so as to be a detriment to the Greenspun, according to son Brian. "I Historically, American Nevada has rest of the world, and it's certainly not asked him if he ever envisioned what worked on nothing else but Green Val­ meant that way." Green Valley would become. He knew ley since its inception, but when that job According to Mayor Kesterson, Green that people would live here one day, and is done the company will continue. "We Valley's growth toward Henderson that it would be a beautiful place to live, have other real estate interests that have proper has "brought us closer together but he never foresaw what has hap­ been dormant, both here and in other in more ways (than geographically)," pened." Greenspun died in 1989, his states," said Griffin. "What we're look­ but she hopes that "in the not too distant interest and confidence in the area ing at now is how to wind down Green future, we can just refer to ourselves as undiminished. "He was proud of what Valley, and what to do for an encore." It's Henderson, and not be subdivided into was built in Green Valley, and I think a daunting task, but Griffin feels "the separate areas." Is there a possibility that anyone who lives here feels the same." challenge is part of the fun. " GV' vi • Special Advertising Supplement to Nevada Business journal

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WELCOME TO THE NEIGHBORHOODS LEGACY VILLAGE LAUREL GLEN - by Coleman Homes. Single-family detached two-story homes, Currently there are 30 neighborhoods in with up to six bedrooms and 3,415 square feet. Priced from the $190,000s. various stages of development at Green Valley. LEGACY ESTATES- by Silver Springs, Inc. At the Grand Legacy. Custom home They are divided into six "villages". lots, with 1/r and 2/racre lots available. Priced from $138,000. LEGACY HIGHLANDS - by Nigro & SILVER SPRINGS VILLAGE VALLE VERDE VILLAGE Associates. At the Grand Legacy. Single­ family detached homes with up to five THE FOUNTAINS- by Silver Springs, FOXRIDGE TERRACE II- by Calmark bedrooms and 3,339 square feet . Priced Inc. Custom home lots up to one-half Homes. Single-family detached homes from the $200,000s. acre, priced from $99,000 with up to five bedrooms and approxi­ SANDCASTLE ESTATES II- by Nel­ GREEN VALLEY COUNTRY CLUB mately 3,000 sq. ft. From the $130,000s. son Development. Single-family detached APTS-by Wilmark Development. Apart­ PALISADES-by Calmark Homes. Single­ homes with up to four bedrooms and ments, some with three bedrooms, some family detached homes with up to four 2,134 square feet. Priced from $126,900. with garages and golf course views. bedrooms and 2,518 square feet. Priced SAND WEDGE ESTATES- by Stan park LA MANCHA ESTATES EDITION - from the high $'l00,000s. Construction. Single-family detached by Stanton Construction. Townhouses homes with up to four bedrooms and with up to four bedrooms and 2,513 square WESTWOOD VILLAGE 2,327 sq. ft. From the low $l00,000s. feet. Priced from $148,950. SEDONA VILLAS -by Southwest Stan­ MONTECITO ESTATES- by W .S. En­ HEARTLAND - by Heartland Homes. dards. At the Grand Legacy. Single-family terprises. Single-family detached homes Single-family detached homes with up to attached homes with up to three bed­ with up to six bedrooms and 3,446 square four bedrooms and 1,900 square feet. rooms and 2,158 sq. ft. From the $130s. feet. Priced from the $170,000s. Priced from the low $100,000s. SOUTH POINTE-by Woodside Homes. PALM VALLEY ESTATES -by Christo­ THE MERIDIAN COLLECTION - by Single-family detached homes with up to pher Homes. Single-family detached The Helmer Co. Single-family detached four bedrooms and 1,960 square feet. homes with up to four bedrooms and homes with up to five bedrooms and Priced from the low $100,000s. 3,131 square feet. From the $200,000s. 2,983 sq. ft. Priced from the $150,000s. STONECREEK - by The Schulman PARKSIDESOUTH-byNigro&Associ­ MONTELENA-by Shannen Communi­ Group. Single-family detached homes with ates. Single-family homes, up to five bed­ ties. Single-family detached homes with up to five bedrooms and 2,721 square feet. rooms and 2,361 square feet. Priced from up to five bedrooms and 2,400 square feet. Priced from the $130,000s. the $100,000s. Priced from the $100,000s. VINTAGE- by S&S Development. At SILVER MILL- by U .5. Home Corpora­ DELMONICO-by Pardee Construction. the Grand Legacy. Single-family detached tion. Single-family.detached homes with Single-family homes, up to four bedrooms homes with up to five bedrooms and up to four bedrooms and 2,616 square and2,048sq. ft. From the low $100,000s. 3,500 square feet. From $195,000. feet. Priced from the low $130,000s. SILVER SPRINGS APTS - by Pacific wARM SPRINGS VILLAGE LEGACY WEST VILLAGE Properties. Apartments with one to three bedrooms and up to 1,223 square feet. BAY BREEZE APTS-by Emerson Inter­ THE MASTER SERIES at the LEGACY THESPRINGS-byTheSchulmanGroup. national. Three models, one to three bed­ - by Desert Oak Development. Single­ One-and two-story homes with up to four rooms and up to 1,150 square feet. family detached homes with up to seven bedrooms and 2,202 square feet. Priced CRYSTAL CREEK APTS- by Sentinel bedrooms and 4,712 square feet. Priced from the low $100,000s. Real Estate Corp. Four models, one to from the high $200,000s. SUMMERHILL ESTATES - by The three bedrooms and up to 1,253 sq. ft. LEGACY LEGENDS-by Pacific Proper­ Schulman Group. Up to six bedrooms and MARTINIQUE BAY APTS- by Pacific ties. Condominiums with one to three 3,500 sq. ft. Some on golf course lots. Properties. Three models, one to three bedrooms and up to 1,244 square feet. Prices begin in high $l00,000s. bedrooms and up to 1,200 square feet. Priced from the $60,000s. G~

Special Advertising Supplement to Nevada Business journal • vii G R E E N v A L L E y

ley built by Pardee are Today Homes, PARDEE CoNSTRUCTION Ridgewood, Glenridge and Southridge. Delmonico, their newest neighborhood, is built with contemporary custom fea­ tures such as hand-troweled ceilings and rounded drywall comers. Pioneer Green Valley homebuilder maintains Other amenities, such as the gourmet kitchen, feature new designer white their number-one position in Southern Nevada "Euro-style" appliances, including self­ cleaning oven, microwave and dish­ washer. Distinctive lighting fixtures and architecturally specified recessed light­ ing is found throughout, as well as stacked and Palladian windows which invite in an abundance of natural light. Designed by the top-rated architec­ tural team ofBassenian!Lagoni, Delmon­ ico's three floor plans include dramatic features such as a double-sided fireplace in Plan 2 and an upper-level, open-to­ below bridge in Plan 3 separating the master suite from secondary bedrooms. Other upscale amenities include for­ mal entry with choice of ceramic tile or parquet flooring, fireplace with gas-log lighter valve, hand-set ceramic tile kitchen counter tops, twin-sink vanities with marble counter top in master bath, white-finish window frames on front In 1976, Pardee Construction Com­ "It's an understatement to say we're elevations, front yard with automatic pany began building homes in sparsely busy," said Ray Landry, Pardee assistant sprinkler system and automatic garage populated Green Valley. Fifteen years vice president of sales for Southern Ne­ door opener with two controls. later, with five neighborhoods and some vada. "With nine active neighborhoods Delmonico -located in Green Valley's 1,100 homes built in Green Valley alone, in five master-planned communities in most prestigious neighborhood, just Pardee is still keeping its position as various parts of the valley, Pardee works across Robindale from The Fountains Southern Nevada's leading home builder, hard to serve the housing needs for fami­ custom home community - offers one recording 428 sales from all its neigh­ lies in this dynamic market." and two-story models in nine exterior borhoods for the first half of 1991, ac­ Last year, Pardee topped the local home designs with from 1,354 to 2,049 square cording to Home Builders Research, Inc. building industry for the fourth con­ feetoflivingspace. Featuring from three "Pardee continues to resist relinquish­ secutive year by recording 911 home bedrooms and two baths to four bed­ ing the number one position based on sales. Since 1952, Pardee has built homes rooms and three baths, homes are priced real sales," said Dennis Smith, editor of for more than 14,000 families through­ from $110,900. the monthly industry report. out Southern Nevada. The furnished models are open daily The report also notes that Pardee "The public is telling us that we are from 10 a.m. to 6 p.m. To visit Del­ "pulled 260 of the 580 permits" origi­ building the homes they want." Landry monico, take Green Valley Parkway nating in North Las Vegas for the month said. "And they feel secure in a Pardee south to Robindale and turn right. Fol­ of june. That area normally records ap­ home because. of our longstanding n::pu­ low the signs to the model complex. For proximately 50 to 150 new home per­ tation for quality and style." more information, call the sales office at mits each month. Existing neighborhoods in Green Val- 454-5313. ry; viii • Special Advertising Supplement to Nevada Business Journal

G R E E v A L L E y

THE ScHULMAN GRouP Building award-winning homes at Summerhill

The Schulman Group has built no sociation with a 1990 "Homer" Award of Stonecreek, consists of 122 homes in fewer than 10 residential projects within Merit. Four plans, ranging in size from Golf Village South. Located south of the master-planned communities in the Las 2,500 square feet to 3,500 square feet , Legacy Golf Course on Wigwam Park­ Vegas Valley. Completed projects in­ feature Mediterranean-style exteriors, way, it offers six different floor plans clude Harbor Gate at The Lakes, Beach­ three-car garages, up to six bedrooms from the mid-$100s. port at Desert Shores and Vintage Hills and a host of luxury features on pool­ While Green Valley has been the focal at Painted Desert. Mark Oiness, head of sized lots. Summerhill Golf Estates is a point of Schulman's recent residential Schulman's residential division, reports project adjoining the Summerhill prop­ activity, the firm has branched out into that sales and pre-sales interest are en­ erty and offering the same floor plans, other areas of the valley. In the north­ couraging at all seven on-going projects. but its 20 lots are located on The Legacy west, Schulman is developing Seville, a Summerhill, often called the flagship Golf Course within Legacy Village South. town-home community of 101 homes of the Schulman projects, consists of Located two blocks from the Silver located at Painted Desert. Adjacent to 102 luxurious homes in the master­ Springs Recreation Center, The Springs the Craig Ranch Golf Course, Vista del planned community of Silver Springs in consists of 116 units within the village of Norte consists of 105 single-family Green Valley. The Summerhill commu­ Silver Springs in Green Valley. Its unique homes within the community of Rancho nity was featured in Professional Builder location and sales price in the low $1 OOs del Norte. Cherry Creek, will be part of magazine as one of the 10 best in the make it especially popular with young the Summerlin master-planned commu­ country and it was also recognized by families , according to Oiness. nity and will offer 129 homes with the the Sou them Nevada Homebuilders As- The newest Green Valley project, same six models as Stonecreek. GV'

x • Special Advertising Supplement to Nevada Business journal -G ---R ---E---E----N - G~ y A L L E y

a new Green Valley golf course commu­ His firm's most recent venture into the NIGRO AssociATES nity called Legacy Highlands. residential market is Legacy Highlands, Other local Nigro projects have in­ a new executive golf course community Succeeding on experi­ cluded Parkside Village and Parkside along the fourth and fifth fairways of South in Green Valley, as well as several Green Valley's Legacy Golf Club. The ence and philosophy commercial shopping and office cen­ community is located within the guard­ ters. The firm is nearing completion of gated Grand Legacy and features execu­ A corporate philosophy that focuses the R &: R Plaza on West Sahara and is tive homes that range from approxi­ on dedicated, professional teamwork has also in the design process of a 6,000- mately 2,200 to 3,300 square feet and are provided a successful foundation for square-foot custom home in Summerlin. priced from the low $200s. Nigro Associates, a Las Vegas-based de­ Ed Nigro, founder of Nigro Associ­ "Legacy Highlands was built to create velopment company. ates, has had a diverse and successful a community that people would be proud Since its creation in 1979, the Nigro career in both gaming and construction. to live in," Nigro said. "We feel Legacy Associates team has completed scores of He served as executive vice president, Highlands maintains a level of quality commercial, industrial and residential director of Nevada operations for the unsurpassed in the building industry. projects in Southern Nevada. Del Webb HoteVCasinos, a position that Nigro Associates was recently com­ Recent Nigro accomplishments in­ required overseeing the expansion, re­ mended by the Southern evada Clean clude completion of the Valley Bank building and remodeling of several hotel Communities organization for winning West high-rise at Westcliff and Rainbow properties. Nigro's extensive experience first place for the Valley Bank West Boulevard, the design of the new Muscu­ in redesigning, planning, budgeting and project-considered the best example of lar Dystrophy Association headquarters construction made his transition into coordinated community planning and a in Tucson, Arizona, and the unveiling of the building industry an easy one. clean and waste-free job site. f!ll

US•Home Magnificent Living In The Master Planned Community Of Green Valley! Enj oy a superb lifestyle at Silver Mill built within the award-winning community of Green Valley. Luxu rious 3 & 4 bedroom family homes offer the finest in choice amen ities including

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they decided to look for some land of their own to develop. With assistance SEDONA VILLAS from Brian Lee of]ack Matthews Realty's commercial division, they started ac­ quiring property at Green Valley. Carter Affordability & prestige- a winning combination and Washburn chose Green Valley's master plan over the others they re­ viewed, and were impressed by the brisk pace of building and home sales in the southeast area of the Las Vegas Valley. According to Rick Washburn, once they had decided to buy into the Grand Legacy golf course development, they had to do a lot of research. "The devel­ oper must be aware of local concerns and issues before he ever breaks ground: the school system, infrastructure, zon­ ing, drainage, etc. We were especially concerned about environmental issues and water availability because of our Southern California experience. We must base our juogements on what is to be, not on what is now. It's always risky dealing with the future; another risk is the financing situation, which can change Southwest Standards is currently According to Washburn, "Southwest rapidly. You need a certain amount of building a neighborhood of patio homes Builders wanted to offer a quality prod­ courage to go along with your foresight. along the fifth fairway at The Legacy uct on a golf course, but at a reasonable However, our research on Green Golf Course in the master-planned com­ price." The homes at Sedona Villas, de­ Valley, especially on The Legacy golf munity of Green Valley. Sedona Villas signed with a Mediterranean flair, fea­ course, convinced us of its potential." has been modeled after a highly success­ ture high ceilings and an abundance of Sedona Villas is actually the third ful Turtle Rock development in Irvine, windows to take advantage of the golf project at The Legacy for Washburn and California. Although the partners in course vistas and also to allow natural Carter. As Deja Vu Development, the Southwest Standards, Rick Washburn daylight to flood the interior rooms. two purchased 56 lots on the sixth fair­ and Moss Carter, have been involved in Moss Carter has been working with way, which they took through the final the Las Vegas area for only two years, master-planned communities since mapping stage and eventually sold to they have over 20 years of experience as 1969. For many years, he supervised all S&S Development. They then purchased builders and developers in master construction at Mission Viejo in South­ 109lots on the third fairway. They have planned communities throughout the ern California, the first master-planned taken down 25 of these lots and assigned Southwestern United States. community in the nation. Carter says them to their partner, Del-Cim, a limited What makes Sedona Villas unique Green Valley has many similarities to partnership. Del-Cim's project, to be among the other projects planned for Mission Viejo, and should ultimately called Inverness, will consist of single­ The Legacy golf course is that it offers prove as successful. He was also affili­ family detached homes, 2,000 square homes on thefairwayforunder$200,000. ated with Genstar, the huge Canadian feet to 2,500 square feet in size, priced While Southwest wanted to offer a high­ company which developed joint venture from the high $100s to the low $200s. end product, says Rick Washburn, the real estate projects all over the South­ Sedona Villas will eventually contain firm realized not all buyers wanted, or west. He estimates that over the last 20 74 homes. The first sales are anticipated needed, a large estate. Professional years, he has built almost 14,000 homes. in january 1992, with completion of the couples or empty-nesters might instead The principals of Southwest Standards entire project by year-end. The develop­ be looking for a house with 1,400 to originally came to Sou them evada two ment is located on the southeast edge of 1,800 square feet and a two-car garage, years ago as consultants to assist a local The Legacy golf course, at Valley Verde without all the upkeep of a huge home. developer. They liked the area so well, and Wigwam. 6!7 xii • Special Advwising Supplement to Nevada Business journal Thank ou, Las Vegas, for making Pardee

# Estate Homes (702) 399-3100 DELMOl\JII«CO (702) 454-5313 Village Homes (702) 399-5125 ci»~Verded (702) 876-1201 Ranch Homes (702) 399-0533

(702) 364-1007 (702) 367-3305 LAS FLORES El Paseo (702) 361-0457 (702) 367-1550 G R E E N v A L L E y

and Nevada General Development. The firm has been operating in Ne­ FIRST AMERICAN TITLE vada for more than 15 years. The current First American Title Company of Ne­ vada debuted as a small Reno firm. When Title insurance for Nevada's home buyers the company later took over a business in Southern Nevada, it also gained affili­ ation with First American Title Com­ First-rate customer service and qual­ City, Elko, Fallon and Incline Village. pany of Santa Ana, California. ity personnel are the big reasons why In addition to escrow and title insur­ First American Title's history begins First American Title Company of Ne­ ance service, the firm also offers builder in 1889 in Orange County, California. vada has a commanding market share in services and lender services. In South­ The company is now one of the world's the state, according to] effPerkins, sales em Nevada, the firm employs 85 people leading title insurers with a network of manager for the firm that operates three in a variety of professions related to title offices in all 50 states, all U .5. territories, offices in Las Vegas. insurance and escrow services. the United Kingdom and Europe. The With a 30 percent market share for First American's leading clients in­ firm has diversified, acquiring First Home new homes built in the Las Vegas area clude American Nevada Corporation Buyers Protection Corporation in 1986 alone, First American Title Company (developers of Green Valley), Transcon­ and by forming First American Real Es­ conducts more transactions annually tinental Properties (Lake Las Vegas), tate Tax Service in 1990. In California, than any other such firm in the state. Coleman Homes, Del Webb Communi­ the firm operates First American Trust The company operates offices through­ ties (Sun City Las Vegas), Chism De­ Company. Also in 1990, the firm re­ out Nevada in Las Vegas, Reno, Carson velopment Co., American West Homes ceived permission to operate in Canada. According to the company's annual statement in 1990, the unearned pre­ mium reserve - the amount deferred from all premiums earned by the com­ pany-totalled more than $84.7 million, a 10 percent increase over 1989. Stock­ ~:--­ holder's equity for known and incurred but not reported claims marked a five percent increase over the previous year. LEG-ACY HIGHL-ANDS A title insurance policy is an insured statement of the condition of title, or Far Better Than Par ownership, of real property. Prior to the Spectacular homes that offer issuance of a policy, a title report of golf course living at its finest! commitment is prepared after a search of records, maps and documents affect­ Located Inside The Grand Legacy ing the parcel in question. For a one­ Guard-Gated Entrance On Wigwam time premium, the policy protects the east of Green Valley Parkway. named insured against title defects, liens, From the $200s - Up to Five Bedrooms and encumbrances existing as of the For More Information Call361-2503 date of the policy and not specifically excepted from coverage. In the event of a challenge that calls into question the Built ~ ~=~ ~ HIGRO terms of a policy, the title company by ~SSOCI~TES provides legal defense for the policy­ holder and promptly pays all valid claims or losses up to the amount of the policy. Policyholders are generally purchasers

: . ; ; . of real property or lenders who make • I · . . '' '''f'f ' / , • ' ' loans secured by real property. G~ - - • ) . ,._ I" ., .- --~ . xiv • Special Advertising Supplement to Nevada Business journal Homebuyers make lifestyle discovery at Silver Mill First American Title Company of Nevada First American's title services have been precision-engineered by professionals to exact! y fitthe needs of other professionals engaged in real estate transactions. You can Word has spread quickly about the feel confident at First American .. . the name that stands for all the experienced quality and value of the homes offered at judgment, stability and dependability accumulated since the firm's founding in 1889. Silver Mill. This comes as no surprise to US Home which has paid special atten­ tion to detail on both the inside and Proud to be part of American Nevada Corporation outside of these properties. Located in the exclusive Silver Springs community of Green Valley, visitors and GREEN VALLEY residents alike are treated to dramatic views of the Black Mountains by day and A subsidiary of First American Financial Corporation the spectacular lights of Las Vegas by at these locations: night. The Silver Mill neighborhood it­ self is situated close to schools, shop­ 6897 W. Charleston Blvd. 1800 E. Desert Inn Rd. ping and recreational facilities. Priced from the $l30s, Silver Mill's 2501 N. Green Valley Pkwy. floor plans range in size from approxi­ mately 1,952 to 2,616 square feet. In­ cluding three or four bedrooms, they are designed for families looking to grow or 731-4131 retirees ready to relax. All the space added to these homes has been used in living rooms, dining areas and second­ and plush wall-to-wall carpeting. Baths the ceiling and R-19 in the walls. The ary bedrooms where it is preferred most. include sculptured marble vanity sur­ homes have also been constructed with In addition to five expansive floor faces and bath areas surrounded in ce­ balanced power throughout to further plans, buyers also receive pool-size lots ramic tile. Kitchens feature cop-of-line improve energy efficiency. Energy con­ which vary in size from 6,000 to 16,000 appliances, oak cabinets, "Whisper­ scious design continues to the exterior square feet. Each property is xeriscaped Glide" pull-out drawers, ceramic tile of the home with ground-mounted, high with desert foliage and decorative rocks countertops and porcelain dual sinks. efficiency air conditioning and a steel which maximize water conservation. There is even a gas stub at the rear of overhead garage door for improved tem­ Grounds are well maintained by an effi­ each home to satisfy outdoor chefs. perature control. cient "Rainbird" irrigation system. US Home's concern for conservation Silver Mill is located at the intersec­ Silver Mill interiors feature a host of continues on the inside with special tion ofValleyVerdeand Windmill, adja­ amenities such as vaulted ceilings, fire­ 'Thermal Crafted" design. Energy and cent to The Legacy golf course. For more places with ceramic tile surroundings money-saving insulation is rated R-30 in information, call361-6630. G!7

Special Advertising Supplement to Nevada Business Journal • xv PROMISES KEPT.

-G~- GREEN VALLEY All that a community can be.

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VTNNEVADA Casual dining in an atmosphere Civil engineering firm offers Southern Nevada you deserve! • PRIVATE· developers a wide range of services from PARTIES land surveying to construction administration ·CATERING·

VTN Nevada did not have to build a large land-use data base in a matter of classy piece of architecture at a trendy minutes. Computer technology is also used location on Rainbow Boulevard in Las in drafting and design (CADD), photo­ 2955 E. Sunset Rd. • las Vegas, NV 89120 Vegas to attract attention. grarnmetry, zoning consultation and util­ Since 1961, thefmnhasbeenoneofthe ity (infrastructure) analysis. most highly-regarded fmns in engineer­ Implementing the GIS system at VTN ing, planning and architecture for South­ Nevada involved careful selection in staff ern Nevada, with a list of 3,000 projects as well as investment in hardware. How­ that includes this area's major planned ever, research that required considerable START TO FINISH communities and local governments as time and paperwork now takes a matter of well as some of the largest construction minutes. VTN's hardware and software is Window Cleaning projects in this region. compatible with other GIS-related sys­ Little-known by the general public, the tems used in Southern Nevada and uti­ Gowan Detention Basin Outfall Struc­ lizes a SUN SparcStation 2 workstation. ANITA COTRONEO ture, designed by VTN Nevada, is one of This new technology can now be com­ President the largest public works projects in South­ bined with VTN's amicable relations with ern Nevada history. Streets, bridges and many local and regional governmental related structures have also seen contribu­ agencies, allowing the fmn to shepherd tions by VTN. Otherprojectshaveahigher projects quickly through the approval pro­ public profile, including Peccole Ranch, cess for both public and private clients. Los Prados, Green Valley, Rancho Alta The finn's history in Southern Nevada Mira and Angel Park North. Commercial can be traced for more than 30 years. In properties include the Meadows Mall, 1961, a large Southern California firm Sunset Galleria Mall and The Plazas. called Voorheis-Trindle Engineering Co. VTN Nevada's broad range of services established itself in Las Vegas. In 1969, includes civil engineering, land survey­ the name was changed to VTN Nevada­ Insured ing, traffic engineering, land planning, one of the parent finn's more than 20 Bonded landscape architecture, drainage and flood branches throughout the world. 4045 W. Quail, Ste 8 control, hydrology and construction ad­ In 1971, VTNNevadaestablisheditself Las Vegas, NV 89118 ministration. State-of-the-art computer as an autonomous company, owned and technology combined with the county's operated by local professionals. The finn's newly-developedGeographiclnformation four principals boast over 100 years com­ System (GIS) now provides clients with a bined experience in Southern Nevada.• 597-1907

September/October 1991 • Nevada Business journal 37 11 A S T E R p L A N N E D c 0 M M U N T E S

well as lakeside locations are available. The Gardens townhomes were designed to offer privacy as well as golf course panoramas. Priced in the $200,000 to $300,000 range, the Gardens combine classic interior designs with private court­ yard entries and low-wall patios in the rear. The Gardens are available in three plans which range in size from 1,686 square feet to 2,195 square feet. The Carmel Series homes have won numerous awards for design including Home of theY ear honors from the Pacific Coast Builders Conference. The Carmel Series homes are available in three two­ story plans from 2,142 square feet to 2,803 square feet and priced from $335,000. The Links luxury homes offer five plans SPANISH TRAIL to select from including The Plan 500 which is one of the largest production The Fina~ Chapter homes offered in Las Vegas. The Plan 500 has 4,023 square feet of living space with 1 five bedrooms and 3 / 2 baths. The Plan The story began in 1983. On 640 acres While the community is nearing com­ 100 offers 2,000 square feet of living 1 of barren land on west Tropicana Avenue pletion, the final chapters of the Spanish space with three bedrooms and 2 / 2 baths -where Joe Blasco Sr. had operated his Trail story are still being written. The in a single-level configuration. There are concrete plant - a $400 million luxury Spanish Trail Country Club was recently also three plans in between. golf-oriented community would be built. expanded and completely refurbished to The Estates North custom home sites Today, Spanish Trail has established meet the demands of a growing member-­ feature the last 21lots offered at Spanish itself as one of the most prestigious places ship. The fmal plans for the last remaining Trail. These unique golf course lots are to live in the Las Vegas area. The 27 -hole neighborhoods are now complete and work situated in two private gated neighbor­ championship private golf course designed is underway on the fmal offerings to be hoods along the sixth and seventh holes of by Robert Trent Jones Jr. is recognized as built. Those offerings include custom the golf course are priced from $245,000. one of the top private courses in the West. home sites, single-family luxury homes All the homes offered by Spanish Trail The members roster of the Spanish Trail and townhomes. Plans have also been come elaborately equipped with luxury Country Club reads like a Who's Who of developed for a dramatic new concept in features and appliances. A computerized Las Vegas. Some of the most spectacular luxury living known as The Terraces - security system is built in to each home custom homes in Las Vegas, along with two mid-rise buildings which will house a and is backed up by roving security pa­ the award-winning residential offerings $52 million development of single-level trols and 24-hourmanned gates. The com­ developed by Spanish Trail Associates, and multi -level residences in a resort -like munity offers recreational amenities for line the fairways inside the guarded walls setting with terraces overlooking Red residents including pools, spas, tennis and of this exclusive community. Rock Canyon and the Las Vegas skyline. a complete health and fitness center. Resi­ For the Blasco family, Spanish Trail is Residences featured at Spanish Trail dents are also afforded priority rights to more than a business opportunity, it's range from luxury townhomes to exclusive purchase memberships at the Spanish Trail home. Joseph Blasco Sr. sold his acreage custom homes and custom home sites. Golf and Country Club. to his sons, Jose and Jim, who along with The Islands offer townhome living in The Spanish Trail Sales Center features in-laws Gordon Sarret, Peter Becker and an tropical setting with man-made lakes 13 decorated models as well as member­ Ted Quirk, comprise Spanish Trail Asso­ and streams winding through the neigh­ ship information. The fmal phases of con­ ciates. Together they made the family's borhood. Four models-from 1,388 square struction should be completed in the next dream a reality and along the way each feet to 2,000 square feet - are priced two years, while a fmal schedule for The developed a home at Spanish Trail. starting at $165,000. Golf course sites, as Terraces is yet to be determined. •

38 Nevada Business journal • September/October 1991 F E STYLE

by Linn Thome

At the height of the '80s population "boom" in Las least. Besides that, the educa­ Vegas, builders rushed in to tion we've received as far as supply the accompanying the technology and the prod­ need for housing like pira­ ucts now available ffie

September/October 1991 • Nevada Business journal 39 tom homes. According to Stuhmer, the ments of the individual tenants within siderably on the building of custom homes. experience he gained was invaluable and existing commercial buildings," Stuhmer That, however, was short-lived. taught him the importance of team inter­ explains. "Based on volume, we were in "I realized (custom home building) was action between field personnel, architects, the top three companies doing that sort of where my real interest lies," he continues, interior designers and the marketing de­ work. However, when the economic cli­ "so roughly six months later, we became partment. Inevitably, though, the time mate turned in our favor, about 1984, we heavily involved with it once again. That's came to strike out on his own and it's been started doing custom homes again and not to say we won't continue with our a decision Stuhmer has never regretted. Christopher Homes was born. Combined commercial work-there are certain chal­ "In 1981, when I decided to start my with our tenant improvement work, we lenges there that I enjoy- but I feel cus­ own business, which is primarily the de­ did very well, and in 1986, got into 'high­ tom home building is my niche." signing and building of custom homes, end production' work. By this I mean the To date, Christopher Homes has com­ the economic climate was tough," he says building ofhomes whose sales price aver­ pleted over 30 custom homes including thoughtfully. "The prime was 21 percent aged $200,000 and up." the 12,000-square-foot Georgian mansion and very few people could afford to build In January 1985, Stuhmer became in­ featured in a recent issue of Nevada Busi­ because the interest rate was so high. As a volved in actual commercial development ness Journal. Their commercial division result, I got into tenant improvement work - office buildings and business related has built approximately 100,000 square and did very, very well with it. properties. The venture was so success­ feet of industrial space, and 7 5,000 square "Basically, tenant improvement work ful, he decided to make it his primary feet of professional office space in five means construction or remodeling of com­ emphasis and not only pulled out of tenant different buildings. In fact, they're cur­ mercial units to suit the particular require- improvement, but also slowed down con- rently completing the fmal phase of Rain-

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40 Nevada Business Journal • September/October 1991 bow Design Center, a unique theme space in which all the tenants are in the interior design or home furnishing business. The company has also completed work on Palm Canyon, the first subdivision at Painted Desert. Not surprisingly, Palm Canyon has received the Home of the Year award for homes 3,000 square feet and up from the Southern Nevada Home­ builders Association, as well as Profes­ sional Builder Magazine's prestigious list­ ing as one of the ten best model homes in the country, an honor that means a great deal to Stuhmer and his entire staff. More awards and recognition followed; Their second subdivision, Palm Valley Estates in Green Valley, completed in June 1991, also won the highly coveted Home of the Year award- for homes 3,000 square feet and up -presented by the SNHB. After such an auspicious start, the scope of their projects continues to increase. Currently, their Canyon Ranch Estates is under construction. Comprised of large single story houses running up to 3,000 square feet in living space and built on 1/3 - acre to 1/4-acre lots, the subdivi­ sion is located within a highly attractive gate-guarded community in northwest Las egas. Prices for the homes range from Stuhmer Construction's attention to detail is evident in Stuhmer's own home. 169.950 to S212,950. A, · g to the litany of accomplish­ doubt makes the Summerlin project of Richard Luke, of Las Vegas, and Art aggressive young company is particular interest. But having a lot of Danielian, of Irvine, California, and feels = · -= ready to break ground on a com­ irons in the fire tends to be part of his strongly that the two have been a tremen­ professional office building on normal routine. ''I'm pretty active, I dous asset to his finn. According to Luke, - es Boulevard, between Oakey and guess," he says. "I frequently work 10- to the feeling is mutual. "Chris and I have Sahara A venue and they have two impres­ 12-hour days, but I really like what I'm worked closely together for the past five sive projects in the prestigious Summerlin doing and that makes a big difference. If years. He is extremely talented and cer­ master planned community, developed it's something you enjoy, obviously you tainly a pleasure to work with. In fact, he by Howard Hughes Properties. Their don't mind putting in the extra effort. I'm was instrumental in my forming my own Hillcrest Estates features homes with 1,800 fortunate to have a really good group practice. We've done a lot of tract homes to 3,000 square feet of living area starting working for me and it shows in the prod­ together and quite a few custom homes as in price at $140,000. Christopher Homes ucts we deliver. It's very rewarding to well. Together, we've won numerous is also building high end production homes design and build a home or a commercial awards by pushing and challenging each on the Summerlin TPC Golf Course, the space. We are an innovative firm. Typi­ other. It's a great professional relation­ same course that will host the 1992 Las cally designers and architects remain de­ ship because we're able to have that free Vegas Invitational GolfTournament. That signers and architects. I think that's what exchange of ideas. We're able to stimu­ they are currently the only builder now sets us apart. We're extremely design­ late and challenge each other creatively, building on the golf course speaks well conscious. That's always been one of our which ultimately brings about a better for them, of course. biggest selling points." product. To me, it's great." The fact Stuhmer is an avid golfer no Stuhmer works closely with architects Stuhmer believes in keeping his private

September/October 199 1 • Nevada Business journal 41 MC University Medical Center life private, but mentions that he and his Mfiliated with the University of Nevada School of Medicine wife Michelle have been married 10 years and have three children. He is active;y involved in his son's little league baseball 383-2000 team and enjoys spending his leisure hours on the golf links. 1800 West Charleston* Las Vegas, Nevada 89102 The Stuhmer' s have just completed building their imposing new home, a * Nevada's only *Renal Dialysis * Cardiac Care 5,000-square-foot, five-bedroom abode Bum Care Unit *Oncology with elaborate landscaping framing its * Pediatrics * Pain Rehabilitation * General Medical/ striking contemporary architecture. For * Obstetrics Center Surgical example, cascading waterfalls flow into * Lithotripsy * Neurological Unit * Outpatient Surgical the pool and spa to form what can only be * Traumatic Brain * Critical and Intensive Center Injury Unit Care Units described as a magnificently sybaritic set­ ting. Certainly, after a hard day at the NEVADA'S MAJOR CLINICAL CAMPUS office, it's a pleasant reward to come home to such a soothing retreat. UNIVERSITY OF NEVADA SCHOOL OF MEDICINE A large basement serves as a billiards UNIVERSITY MEDICAl. CEHTI!R room or recreation center for the family CIIHCMCARE' and also lends itself well for youthful c e n t e rr_,s~-r:-----r":"':':":~:-::------::. entertaining. Besides the wide open "\. CHA II ; Hll. / floorplan, perhaps its most distinguishing UNIVERSITY MEDICAL CENTER AT THE LAKES ~ feature is the fact that there are numer­ 1800 Weet Charleaton 2760 Lake Sahara Dr ~ . ous windows which flood the house with Open 24 Houra 254-4900 . 383-2074 natural light. It's so impressive, in fact, \\'. CIIAHI.t-inlN Marvin Windows, whose products grace 4333 NORTH RANCHO 4333 LAS VEGAS BLVD N (N Rancho at Craig Rd) (Laa Vegaa Blvd N at Craig Rd) the home, asked Stuhmer if they could 658-4507 644-8701 send a photographer to take photos for one of their promotional publications. "As a builder, our commitment is to design excellence - this is true whether LOW BASIC CHARGE it's for my own home orthose we build for ALL MAJOR CREDIT CARDS & INSURANCE ACCEPfED our clients," he explains. "We spend a lot of time and effort making sure the design works, and will continue to work, over a long period of time. For example, we go the extra mile as far as utilizing current "EVERYTHING WE TOUCH TURNS TO GOLD." technology in building systems. And & we've earned a reputation for exciting, • Free Pick Up Delivery yet functional designs. This is an integral • Hand Wash • Engine Cleaning part of our overall business plan. When • Interior Detail • Exterior Detail times are tough, a good design will make it easier in terms of use and resale. Our • Monthly Services method is to design the best product pos­ sible. We usually end up spending more AUTO per square foot, so our return is generally 365-1633 smaller. But in the long run, it pays off. It DETAILING 3855 S. Valley View #24 Las Vegas, NV 89103 protects our market share." • EXECUTIVE PROFILE

BOB SCHULMAN: The Schulman Group Specializing Bob Schulman believes in keeping in Corporate one step ahead of the competition, Travel and his willingn·ess to employ innovative concepts has kept him in the lead among Nevada real Another unique idea which has proved remarkably successful has been the use of estate developers. video tapes, both as sales tools for pro­ spective residential buyers, and also as by Kathleen Foley corporate public relations tools for inves­ tors, joint venture partners and fmancial The Schulman Group, which Schulman institutions. Positive feedback from in­ heads, has developed a broad range of real vestors as well as homebuyers has proved estate projects, including office buildings, the investment was worth the cost. retail centers, hotel and residential prop­ The company is actively marketing a erties throughout Southern Nevada since total of seven residential projects: Silver its arrival in 1983. Springs, Summerhill, Summerhill Golf When Schulman came here from Cali­ Estates and Storecreek, all in Green Val­ fornia to build the Alexis Park Resort ley; plus, Sevilla townhomes and Rancho Hotel, he was battling the conventional del Norte in the northwest part of the wisdom which decreed that a non-gaming Valley, and Cherry Creek in Summerlin. resort would never survive in Las Vegas. The firm retains land reserves through­ His faith in the concept was rewarded out the Las Vegas Valley which it plans when the Alexis Park, and later, the St. to develop at a later date. Tropez Hotel, proved successful. The commercial division of The Schul­ Schulman took another unconventional man Group currently owns and operates: route when the recent credit crunch in the Citibank Park, a 150,000-square-foot of­ real estate industry forced developers to fice and retail development, Sahara Para­ (702) 732-4514 fmd new sources of capital. He sought dise Plaza, a 35,000-square-foot shop­ investors in the Pacific Rim, securing ping center and Trop East, a 7 ,000-square­ 2000 E. Flamingo, Suite C nearly $40 million in funds, primarily foot retail pad. It also manages several Las Vegas, NV 89119 from Japanese sources. properties for other firms. •

September/October 199 1 • Nevada Business Journal 43 One of the nation's 100 largest builders, Las Vegas-based Signature Homes is developing Valle Del Fiori at Summerlin, a 135-home neighborhood with eight floor plans priced from the low $ 1 OO,OOOs.

Signature Homes rated one of nation's five fastest growing builders

Signature Homes, builder of Setting a new company record in 1990 borhood of 135 homes, with prices begin­ with $85.1 million in sales, the firm's ning in the low $100,000s. It is the only total sales jumped 69 percent over 1989: neighborhood at Summerlin to offer a one of Summerlin's first the fourth highest such increase in the choice of eight different floor plans, rang­ nation, according to the magazine. ing from the two-bedroom, single-story neighborhoods Valle Del Signature Homes was also recently rec­ Dahlia to the 2,082-square-foot Acacia, ognized by Builder magazine as one of the which offers a four- or five-bedroom plan. Fiori, was recently ranked nation's 100 largest home builders ac­ Two of the plans also feature an optional cording to 1990 housing starts. Signature's third-car garage. starts numbered 637 last year. Included with the homes are such fea­ among the nation's five Founded in 1978 by Richard and Wendy tures as front landscaping, complete block Plaster, the Las Vegas-based company is wall fencing and wrought iron gate, roll­ fastest-growing builders by the largest home builder owned and oper­ up garage doors with automatic opener, ated by a Southern Nevada family. It has photo-electric outdoor security lighting, Professional Builder magazine. built more than 3,000 homes in the region. gas-log fireplace, ceramic tile countertops Valle Del Fiori is planned as a neigh- and a variety of designer accents.

44 Nevada Business journal • September/ October 1991 OUTDOOR ADVERTISING

Contractor's Li cense # 10581 by Richard Chulick

One of the investments most Reading a Mutual often recommended by financial Fund Prospectus advisors is a mutual fund.

However, many people avoid

A mutual fund is a company that offers fund's investments conservative, some­ investing in these stable invest- investors an interest in a portfolio of pro­ what aggressive, or speculative? fessionally managed investment assets. Analysis of the Fund's Financial Mutual funds offer several major advan­ History ---; Investors should make a de­ ment vehicles because they tages: a diversification of the invested tailed analysis of the fund's performance. assets; experienced professional manage­ The prospectus will include a table show­ ment; and the investor's proportionate ing the change in the net asset value of the are intimidated by the mutual share of the fees and expenses may be fund over the last 10 years. This can be lower than those incurred if the investor compared with the performance of other had hired a portfolio manager. funds. It is recommended investors seek fund prospectus. Despite the huge growth in mutual fund funds that have been consistent top per­ sales over the last decade, many people formers during both bull markets and bear avoid investing in mutual funds because markets. Of course, past performance is they are intimidated by and skeptical about not representative of future results, as a amutualfund prospectus. For these people, prospectus is certain to point out. reading a mutual fund prospectus can be a Fund Managers -If the prospectus tedious task. Many mutual fund investors, includes information about the individu­ in fact, may no tread the prospectus before als managing the fund, investors should they invest in the fund. note the length of time the current manag­ A mutual fund prospectus contains a ers have been on board. A fund that has plethora of valuable information. Some of performed well because of the expertise the important items are outlined below. of a fund manager could very well have a Mutual Fund Objectives - Investors change in performance that coincides with should be sure the fund's goals discussed a change in managers. in the prospectus correspond to their in­ Expense Ratios - The expense ratio, vestment goals. The discussion of the which includes administrative expenses fund objectives is at the beginning of the as well as managers' fees, is usually stated prospectus and it describes what the fund in the prospectus as a percentage of total is designed to achieve (such as growth of assets. These expenses typically range capital, income, or a combination). The from 0.3 percent to more than 2 percent. discussion of objectives should also indi­ 12b-1 Fees-These fees are in addition cate how much risk the fund's manage­ to management and administrative fees ment will assume. For example, are the and can be charged to the fund to help pay

46 Nevada Business journal • September/ October 1991 the fund's marketing and distribution ex­ a front-end load (loads paid at the time of mutual funds offer the convenience of penses. The 12b-l fees can be as much as the purchase), it may charge a redemption automatic transfer or bank wiring of funds. 1.25 percent of assets annually, so it is fee or back -end load. Often, these loads In addition to the prospectus, other important for the investor to ascertain if a are charged if the fund is redeemed by the sources contain infonnation about mutual mutual fund intends to charge 12b-l fees. investor within five to eight years. funds. TheseincludesForbes' annual and Loads- A mutual fund's load refers to Minimum Investment- A prospectus Barron's quarterly mutual fund issues, the sales fee that is charged when the must state the amount of any minimum Business Week's Mutual Fund Score­ mutual fund shares are either purchased investment requirement for both the ini­ board, and various investment newslet­ or redeemed. The load charge on a mutual tial purchase ofthe fund and subsequent ters. The information from these sources fund can be as much as 8.5 percent of the investments. This section will also dis­ will permit comparison of a fund 's rela­ capital invested. Many funds charge "low­ cuss whether investments can be made tive performance an vo · · ; in bo· loads •; such as two percent to 4.5 percent, systematically and directly from the in­ bull and bear ma.r:ke and hundreds of no-load funds do not vestor's checking account. These are · charge a sales fee. (These funds are typi­ Redemption of Funds - Investors cally sold by the fund manager directly should review this section to learn whether rather than by brokers.) Note that in lieu the mutual fund has a convenient transfer of, or in addition to, loads charged by policy. In many cases, a "family" of funds any action is taken. funds, various brokerage fmns may charge managed by the same advisor will pennit a commission to the investor for the pur­ transfers of the funds among the family, Richard Chulick is a taxparmer • ··: ;­ chase of the fund. If a fund does not charge often by telephone. Additionally, many firm Deloitte & Touche.

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Hughes Center opens newest Howard Hughes Center's newest office buildings feature exteriors of Portuguese limestone and Colorado red sandstone and offer an additional126,000 square feet of buildings office space to the Las Vegas business community.

Howard Hughes Properties has offi­ cially opened two identical three-story community an additional126,000 square ects within Hughes Center is a 20-foot office buildings on the northwest comer feet of office space. Between 15 and 20 wide landscaped walkway linking the First of Hughes Center in Las Vegas. separate tenants are anticipated to lease Interstate Tower and the 3770 Howard The buildings, identified as 3753 and the combined space, with one floor al­ Hughes Parkway building. 3763 Howard Hughes Parkway, feature ready committed to an upscale, executive Two other projects are anticipated to be an exterior of Portuguese limestone and suites firm that will offer 80 offices in completed by the end of 1991. One is the Colorado red sandstone, setting them apart three- to eight-office suite combinations. expansion of Howard Hughes Parkway from the other buildings in the center. Howard Hughes Properties has been from its current cut-off at Corporate Drive Curved, cathedral-styleceilings in the two­ actively pre-leasing space at both build­ all the way south to Flamingo Road. The story lobbies mark the interior of the build­ ings for several months. Paul Barnard of second is the extension of the Flamingo ings. In addition, the floor and wall sur­ The Housden Barnard Company in Ma­ Wash through the center and east to Para­ faces of the main lobbies are maintained rina del Rey, California, served as design dise Road-a project that will not interfere within the elevators. architect for the project, with Mardian with north-south traffic flow. Each building has floor plates of 19,000 Construction Company serving as gen­ Work has already begun on the Fla­ to 21,000 square feet, which can accom­ eral contractor. mingo Wash project. Once completed, modate flexible space layouts and multi­ With the addition of the two new build­ the wash will help eliminate flood prob­ tenant identity for all office users. ings, nearly 70 acres inside the 120-acre lems on Paradise Road. Howard Hughes Parking, both covered and rooftop, is Hughes Center have been developed. Properties is working on the project with provided in a garage behind the two build­ Upon completion, Hughes Center will Clark County officials as part of the ings on the west side, and the landscape contain more than one million square feet county's flood control improvement plan. design is enhanced by hedge treatment, a of office space, restaurants and a non­ Howard Hughes Properties previously 15-foot wide landscape setback and an gaming hotel, along with specialty retail completed improvement of a portion of outdoor courtyard and plaza. and residential amenities. Hughes Center the wash by installing a 30-foot wide by A prominent outdoor sculpture is yet to currently has nearly half a million square 7.5-foot deep concrete-lined channel ap­ be completed for the buildings. feet of leased space. proximately halfway through the center Together, the new buildings offer the Among other recently-completed proj- from Koval Lane.

48 Nevada Business journal • September/October 199 1 total of over $18 million as of June 30. community, is built around a champion­ Local computer Nevada Federal Credit Union is a not­ ship 18-hole municipal golf course. for-profit organization which provides a The Estates presents fully graded and center honored full line of consumer-oriented financial construction-ready home sites with prime services to selected employer and asso­ golf course views. The one-third to two­ The ValCom Computer Center in Las ciational groups in Nevada. acre custom lots are priced for sale from Vegas, received the Val Com Service Con­ A new full-service branch was opened the high $50,000s to the $150,000s. tract Award, designating superior service in Reno during July. Ribbon cutting at the The Fairways offers three- and four­ and support to business customers, at the new branch took place in August. bedroom move-up residences ranging national meeting of parent company, from approximately 1,734 to 2,400 square InaCom Corp., held in Vancouver, British feet with many of the homes offering Columbia last August. Carl Haynes, gen­ Rosewood Lakes views of the golf course. The one- and eral manager of the computer center, ac­ two-story arrangements are priced for cepted the award. aHracting strong pre-sales from the $140,000s. ValCom/Las Vegas was chosen from sales activity The Gardens is a collection of three­ among over300 Val Com Computer loca­ and four-bedroom homes with prices an­ tions nationwide for the award. The early spring 1991 debut of the ticipated to start in the high $120,000s. InaCom, which includes the nation­ master-planned community ofRosewood The one- and two-story floor plans, mea­ wide ValCom and Inacomp Computer Lakes was well received by Reno-area suring approximately 1,538 to 1,872 Center networks, is one of the leading home buyers as hundreds visited the on­ square feet, will feature many price-in­ value-added resellers in the country, with site information center. The opening of cluded appointments. over 900 locations in 50 states. the Rosewood Lakes information center All three residential opportunities are marked the start of sales for The Estates, enhanced by an array of proposed leisure­ a collection of custom home sites, as well oriented facilities including a recreation Record growth as the beginning of pre-sales for The Fair­ center with swimming pool, spa and ten­ ways and previews of The Gardens, the nis courts and a neighborhood park with \\\\Wks .....w...,.. commuriity"'s two new smgle-larriily­ criiioren·· s p1ay area ana mif1s conm:l:img for NFCU home neighborhoods. to the adjacent Mira Lorna Park. Rosewood Lakes, a 124-acre planned Rosewood Lakes is a joint develop- Nevada Federal Credit Union (NFCU) has reported record growth during the frrst half of 1991, with assets of $287 million as of June 30. Beginning its fifth decade of service to over 64,000 member-owners in Nevada, the state's largest credit union reported $6.7 million in dividends paid so far this year and over $50 million in new loans granted to members. "We are very enthusiastic about the "mitirntiml;P.YA'eJlf.nt. ~rfrumanre... l"lf. thr... credit union," said George Dammeir, chairman ofNFCU's all-volunteer board of directors. "The record growth in both deposits and loan-demand is indicative of the confidence of the members, and sig­ nals continued strength and stability for the credit union." \:_wt~muntg ;n111 ":trtmtg FinaBrJ.a1. 'ilrr..;...,­ tion, the credit union's capital and re­ Aerial view of the master-planned golf-course oriented community serves were increased by $1.4 million to a Rosewood Lakes in Reno.

September/October 1991 • Nevada Business Journal 49 ment of Taywood-Dermody Residential of meeting and exhibit space. Since that Partnership, which unites the talents of time, delegates and convention attendees Taylor Woodrow Homes Nevada Lim­ have learned to coexist with construction ited and Dermody Properties, Inc. workers. Even during the current phase, Taylor Woodrow Homes Nevada Lim­ which included the demolition of the Con­ ited, Northern Division, is a member of vention Center's oldest portions, conven­ the London-based Taylor Woodrow tions have gone about without a hitch. Group, founded in 1921 by Lord Taylor. "While the construction does pose some Today, this worldwide team consists of inconveniences, there has been no impact more than 150 engineering, construction on trade shows," said Tom Smith, Las and development companies. Vegas Convention and Visitors Author­ For Dermody Properties, Rosewood ity's (LVCVA) general manager offacili­ Lakes marks the entry of Nevada's lead­ ties. "Everything has gone as scheduled." ing industrial developer into the residen­ The expansion project is about 60 per­ tialland development field. cent complete, Smith said. Resurfaced parking lots and other improvements were accomplished earlier in preparation for Caesars Canyon From left to right: Jim Toscano, vice pres­ the current construction phase: the demo­ ident of Cosmo World, Inc; Gin Wong, lition of the Rotunda and Gold Wing. resort takes shape president of Gin Wong Associates; and The flying saucer-like Rotunda, one of Robert Kingsley, president of Caesars Las Vegas' most recognizable landmarks, The Caesars Canyon Resort is taking World Resorts. and the Gold Wing were part of the origi­ shape as design plans are fine-tuned by nal facility built in the 1950s. In their Gin Wong Associates, a Beverly Hills­ place will be constructed some 200,000 based architectural and planning finn. The Henderson City Manager Phil Speight square feet of exhibit and meeting space luxury non-gaming resort will be part of echoes Garcia's comments, adding that that will give the Convention Center the 1,293-acre master-planned Silver Can­ the Caesar's Canyon Resort, and the en­ greater flexibility in hosting gatherings. yon community near Las Vegas which is tire Silver Canyon community, will en­ Much of the new facility could be open being developed by Cosmo World, an hance the city's image on a national and bythisfallintimeforthe 1991 COMDEX international venture corporation. Caesars international scale. computer industry trade show, Smith said, Canyon Resort will be managed by Caesars The rest of the Silver Canyon commu­ adding that the Convention Center's ex­ World Resorts, a subsidiary of Caesars nity will include 2,500 luxury homes, an pansion will be complete by the 1992 World, Inc. created to capitalize destina­ 18-hole golf course designed by Rees Consumer Electronics Show. tion resort opportunities. Jones, retail space, an elementary school, Frank Sain, LVCVA executive direc­ "As a luxury non-gamingresort, Caesars park and fire station. tor, said the new addition will make the Canyon Resort will service a very impor- . Convention Center one of the nation's tant market as Las Vegas continues to most modern trade show facilities. Shows grow and becomes more of a family vaca­ LV Convention will be able to move in and out simulta­ tion destination. With all its features, Center expansion neously while other conventions are in Caesars Canyon Resort will provide the progress, an invaluable asset, he stated. five-star amenities, service and ambience on schedule The expansion will include an atrium of a fine destination resort, yet be close While building crews steadily move lobby, restaurants, full kitchen facilities enough to the glamour and excitement of toward an early 1992 completion of the and a corridor arrangement of connecting the Strip to afford guests the best of both Las Vegas Convention Center's $50 mil­ hallways. An efficient, high-volume grand worlds," said Jim Toscano, vice president lion expansion project, business has gone lobby will link existing exhibit halls with of Cosmo World of Nevada. on uninterrupted at one of the nation's new exhibit and meeting rooms. "The Caesars Canyon Resort will bring busiest meeting destinations. Las Vegas has seen a steady growth in a new element of economic development Work began on the facility in 1989, its convention business. The city hosted and quality as well as many jobs to which will modernize and upgrade the 30- 1,011 conventions and meetings in 1990, Henderson," said George Garcia, director year-old property and give the Las Vegas which were attended by 1. 7 million people of planning for the City of Henderson. Convention Center 1.3 million square feet - an economic impact of $1.3 billion.

50 Nevada Business journal • September/October 1991 ter-features "superior accessibility, grow­ Mueller Streamline ing traffic volumes and access to major Allen Jones named transportation corridors," according to relocates to Sharon R. Hibbert, vice president of real manager for TPC Dermody Park estate of Land Grant Development. Club at Summerlin The success of home sales in the south­ Dermody Properties recently announced east Las Vegas and Henderson area, was rbe addition of Mueller Streamline Sales a determining factor in the decision to Distribution-West to its facility in start construction, the LandGrant execu­ _ evada. Mueller Streamline-West tive said. ''The trade area surrounding the ·diary of Mueller Indus-tries, a center has emerged as one of Las Vegas' firmandmemberoftheNew strongest housing markets with a total of Exchange - leased 109,441 almost 30 subdivisions," Hibbert said. .- fuet for its operation. LandGrant Development, which has e er Streamline-West is a master offices in San Diego and Phoenix, is one distnlmtion center for refrigeration and of the Western United States' leading plumbing supplies. The new center handles shopping center developers. The SanDi­ everything west of the Mississippi, ac­ ego-based company develops, leases and cording to President Bill Kurz. manages shopping centers throughout Mueller Streamline also has distribu­ Arizona, Nevada and California. tion centers in Seattle and Los Angeles. Parent company Mueller Industries is based in Wichita, Kansas. Trustees attend Dermody Properties, with offices in Las Vegas and corporate headquarters in mid-proiect tour of Reno, is an industrial development fum new DRI facility building and leasing commercial/indus­ Allen Jones has been named general trial space and build-to-suit facilities for For more than 20 years, the Desert manager of the Tournament Players Club national and international companie\0.. A\0. Res.eru:ch lnsti.t\lte (DRl) has S

September/October 1991 • Nevada Business Journal 51 by Ehert Kowalk

DON'T LOOK FOR EMPLOYEES Make them look for you

Greg L. Ness, a small business owner in Once employees are hired at Krause cago, Phyllis Apelbaum, president, says, · Fargo, North Dakota, says he has found Publications, they have the flexibility of "People want to work for us because at least one way to solve the problem of arranging work shifts to fit their personal we're the best game in town." The many locating first-rate employees- hire good schedule. For example, an employee may perks she offers her messengers are com- . people when you meet them, not when work nine hours a day, Monday through missions, bealth benefits, bonuses, profit · you need them. "When we know some­ Thursday, and four hours on Friday. sharing and holidays. Most bicycle mes­ one's available, we will hire that person Krause says this arrangement helps the sengers work as independent contractors whether a need exists or not," says Ness, company hold on to quality employees and receive no benefits. president of the G.L. Ness Agency, an who otherwise would not be able to work Employees at Arrow are also asked to advertising and marketing concern. due to family or school commitments. present their professional goals to man­ "Some people have a job description, At HunTel Systems, a local telephone agement and are then motivated to attain and then look for someone to fill it. Our company in Blair, Nebraska, employees them through in-house promotions, says company grows in the direction of our not only enjoy a flexible work environ­ Apelbaum, whose vice president of oper­ peoples' expertise," he says. Ness gives ment, but a social environment as well. ations began as a telephone operator. an example of hiring an expert in health "The company is very much employee­ According to Ronald Yeaple, executive care marketing and then allowing that oriented," says Karen Hunt, assistant gen­ professor of marketing at the University person to pitch more health care business. eral manager of HunTe!. "We're more of Rochester's William E. Simon Gradu­ Ness says this attitude has helped his family than a large company. People here ate School of Business Administration, a business develop a reputation that attracts socialize with one another," she says. firm's ability to make each employee part candidates, so he does not have to spend This policy makes HunTe! a desirable of the team is key to attracting and retain­ too much time looking for them. place to work. "I get between six and 12 ing quality employees-and is essential to Several other small and growing busi­ job applications each day," says Hunt. the company's bottom-line growth. ness owners agree the key to fmding and In Danbury, Connecticut, field techni­ Ness in North Dakota agrees. "We are keeping good employees depends on cians for Contact Systems don't get all the the company we are today because we one's ability to recognize talent and create social benefits a larger employer may have many individuals, each with a par­ a flexible environment where it can grow. offer, but they do get to travel all over the ticular talent, and we use those talents to "If you meet a good person, hire him world, says Controller Roger Bennit. direct where our business goes." • when he's sitting in front of you," says "We have one guy going to Czechoslo­ Chester L. Krause, chief executive officer vakia and another who just came back Ehert Kowalk is an IBM marketing manager who focuses on small and growing businesses in the of Krause Publications in lola, Wiscon­ from Italy," says Bennit, whose company Las Vegas area. sin. "We used to lose a lot of good candi­ produces and markets service line equip­ This monthly column is sponsored by ValCom Com­ dates before we could even hire them ment for inserting electronic components puter Center, 4305 S. Industrial Rd., Suite I 10, Las because we spent too much time screen­ into printed circuit boards. Vegas, NV 89103. Any comments or requests for ing and interviewing them," he says. At Arrow Messenger Service in Chi- additional information, call (702) 795-1010.

52 Nevada Business journal • September/October 1991 Coordinated Care.

The way health care should work.

An the parts should work together to make it work better for you. + Health care should be easy to use. It should have convenient locations and service hours. + At the same time, your medical records should be readily available no matter which location you use. Laboratories and radiology facilities should work around the clock, so your physician can have your test and x-ray results when they need them. Those physicians should provide the quality of care you require. And deserve. + It should be coordinated care. Coordination of all parts of the health care system, so it works smoothly, efficiently, thoroughly.+ And it should all be affordable.

+Health Plan of Nevada. It works the way health care should work. ~ HEALTH PLAN OF NEVADA sM A member of Sie rra Health Services business indicators & anal}!sis

ational unemployment rates remain above year ago lev­ NEVA DA TAXABLE SALES ,;e5- 11H11 els, at 7.0 percent on a seasonally adjusted basis for Jun~. 1991. Nevada's 6.2 percent unemployment rate also n exceeds 1990 levels. Unemployment is currently higher in Las Vegas than Reno. At these levels, the national and Nevada economies are experiencing a recession. The current recession and the Persian Gulf War have slowed the Nevada economy. Visitor volume is down, but air passenger volume is up- over 8.6 percent in Las Vegas and 9.0 percent in Reno. Up­ scale consumers have shifted travel from other sites to Nevada, while less affluent persons have chosen to forgo a Nevada trip, or traveling altogether. The shift in the mix of customers has influenced gaming revenues. Gross gaming revenue for Nevada, Clark County, and Washoe County have shown strong growth rates in the face of a weak national economy. Clark County has experienced a 5.5 . percent growth rate (above year-ago levels) for June, 1991. The growth pattern of the gaming industry during periods of national downturn have been at best irregular in the post-World

War II era. Nevertheless, gaming activity generally tends to mirror NEVADA GROSS GAMING REVENUE the national economy. However, the strong growth of gaming at 188$-11181 mid-year 1991, while the national economy continues to show weakness, reveals a noteworthy difference of current conditions from previous recessionary periods. Non-gaming activity, as measured by taxable sales, remains at levels below year-ago figures. Weakness in the non-gaming sectors has stalled the Nevada economy, down 2.8 percent for May, 1991 from year-ago levels. The most striking feature of the Nevada economy in recent months has been the strength of gaming and the weakness of the non-gaming sectors. Nevada state and local revenues depend more on sales tax collec­ tions since the last legislative session. As a result, the current economic decline has reduced state revenues. Nevada and other states have increasingly placed reliance on sales taxes. As a result, state revenues have become evermore volatile and the management of public sector activity more difficult. The economic signals for the national economy have remained somewhat mixed during the past few months. This has given rise to discussion on whether the national economy might experience a "second dip" which would lengthen the national recovery. While most analysts have concluded a "second dip" is unlikely and a recovery will probably be underway during the last half of 1991 , the persistence of structural problems (including concern about the health of banking and finance sectors) has fueled speculation about future economic policy actions. Attention has focused on interest rates. The prime rate and the three-month U.S. Treasury Bill rate for June, 1991 have declined by 1.5 and 2.1 percentage points respectively from a year ago. Further declines in interest rates would be helpful in encouraging investment and construction and in accommodating banking and financial adjustments. Many believe these conditions will facilitate Federal Reserve action to lower interest rates and encourage greater economic growth.

O MeC1rr•n CJCannon R. KeithSchwer, UNLV Centerfor Business & Economic Research

54 Nevada Business Journal • September/October 1991 LATEST PREVIOUS YEAR CHANGE DATE UNITS PERIOD PERIOD AGO YRAGO UNEMPLOYMENT Nevada June, 1991 seasonally adj. 6.2 6.4 5 .2 19.23% las Vegas June, 1991 seasonally adj. 6.5 6.7 5 .2 25.00% Reno June, 1991 seasonally adj. 5 .6 5.8 5.0 12.00% u.s. June, 1991 seasonally adj. 7.0 6.9 5.3 32.08% RET AIL ACTIVITY Nevada Taxoble Sales May, 1991 $ thousand 1,213, 135 1, 191 , 170 1,248,193 -2 .81% Clark County May, 1991 $thousand 717,505 687,886 733,227 -2.14% Washoe County May, 1991 $thousand 219,323 215,809 230,329 -4.78% U.S. Retail Sales June, 1991 $million 151 ,918 152, 180 150,281 1.09% GROSS GAMING REVENUE Nevada June, 1991 $thousand 462,624 481 , 151 444,231 4.14% Clark County June, 1991 $thousand 340,547 358,894 322,717 5.52% Washoe County June, 1991 $thousand 72,885 75,112 72,512 0.51% CONSTRUCTION ACTIVITY las Vegas Area New Residences 2nd qtr 1991 # permits 4,444 2,291 3,265 36.11% New Commercial Permits 2nd qtr 1991 #permits 177 154 202 -12.38% Reno Area New Residences 4th qtr 1990 #permits 232 635 283 : 18 .02% New Commercial Permits 4th qtr 1990 #permits 67 93 39 71.79% U.S. Housing Starts June, 1991 thousand 1,040 989 1, 187 -12 .38% Total Construction May,1991 $bill ion 403.1 406.6 451.1 -10.64% HOUSING SALES las Vegas Area Median Sales Price 111 2nd qtr 1991 $ 142,814 133,007 127,459 12.05% Average Cost/Square Foot 2nd qtr 1991 $ per sq . ft. 76.38 79.29 77.29 -1.18% Average Mortgage Ra te 121 2nd qtr 1991 % 10. 16 9.16 9.75 4.21% Washoe County Average Sales Price 111 4th qtr 1990 $ 143,935 146,220 135,901 5.91% Average Cost/Square Foot 4th qtr 1990 $ per sq. ft. 78.58 78.40 75.46 4.13% Average Mortgage Rate 121 4th qtr 1990 % 9.80 10. 10 9.80 0 .00% U.S. Home Sales June, 1991 thousand 525 489 535 -1.87% TRANSPORTATION

Total Passengers 131 McCarron Airport, lV 2nd qtr 1991 passengers 5,167,482 4,982,584 4,755,363 8.67% Cannon Airport, Reno 2nd qtr 1991 passengers 801 , 121 877,438 734,826 9.02% State Taxable Gasoline Sales May, 1991 thousand gal. 57,733 54,449 50,353 14.66% POPULATION ESTIMATES Nevada July 1, 90 people 1,280,020 1, 197,260 6.91% Clark County July 1, 90 people 800,840 733,180 9.23% Washoe County July 1, 90 people 256,640 251 , 130 2. 19% NATIONAL ECONOMY

Consumer Price Index 1•1 June, 1991 1982-84= 100 135.7 135.3 129.2 5.03% Money Supply - M 1 June, 1991 $billion 858.5 851.7 811.5 5.79% Prime Rate July 30, 1991 % 8.5 8.5 10.0 -15 .00% Three-Month U.S. T-Bill July 30, 1991 % 5 .58 5.6 7.66 -27.15% Gross National Product 2nd qtr 1991 $billion 5,620.5 5,557.7 5,443.3 3.26%

NOTES: (1) houses, condos, townhouses; (2) 30 yr. FHA; (3) enplaned/deplaned passengers; (4) all urban consumers SOURCES : Nevada Dept. of Taxation; Nevada Employment Security Dept.; UNlV, Center for Business and Economic: Research; UNR, Bureau of Business and Economic: Research; US Dept. of Commerce; US Federal Reserve . COMPILED BY: UNlV, Center for Business and Economic: Research

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