Nashville developer Tim Downey and his team looked at many sites in Las Vegas but ultimately decided Symphony Park was the place to be.
On Tuesday, Downey, CEO and founder of Southern Land Co., along with city leaders and members of the local business community, revealed a name and timeline for construction of a 324-unit apartment and retail complex just north the Smith Center for the Performing Arts.
Leasing for Auric Symphony Park is expected to start late next year. The first residents are expected to move in sometime in March 2021, according to company officials.
“We looked at a lot of sites,” Downey said. “This was just so beautiful and felt so safe. We wanted to be close to all the jobs. There are plenty of people building in Summerlin and Henderson, but we thought it made sense to be close to downtown, the Strip and the medical district.”
Speaking at today’s groundbreaking ceremony, Las Vegas Mayor Carolyn Goodman said it only made sense that developers from Nashville, a city also known as an entertainment hub, would want to do business here.
“This is a premier spot,” Goodman said. “This is going to be so exciting for our city. This is (Southern Land Co’s) first project here, and it will be a smashing success. We hope they’ll continue to look at the city as they look to next investments.”
Described as a luxury mid-rise apartment complex, Auric will also feature about 21,000 square feet of ground-level retail and restaurant space and a parking garage with nearly 450 spaces. In total, the project will cover about 480,000 square foot.
It’s also planned to have a rooftop bar, pet park, pool and fitness center. It will offer studio, one- and two-bedroom units.
Based in Nashville, Southern Land has developments around the country in places like Philadelphia, Denver and Charleston, S.C.
Downey said Southern Land started to take a hard look at Las Vegas about three years ago.
“We study the demographics of cities around the country, and Las Vegas has so many things happening,” Downey said. “With in-migration here and Las Vegas getting sports teams, there’s a quality of life here now. It’s not just about gambling. We wanted to be a part of that.”
In late 2017, the city agreed to sell the land that will eventually become Auric Symphony Park to Southern Land for $4.25 million.
“Things are happening downtown,” said Cedric Crear, the city’s Ward 5 councilman. “The historic neighborhoods that surround this area are also being reclaimed and revitalized by millennials and young professionals eager to retain the city’s mid-century identity and history.”
A firm called GDA Architects out of Dallas teamed with Southern Land on the design. The lead contractor for the project is Martin-Harris Construction.