Sullivan Square Receives Financing

Dublin-based company funds entire $800 million project

  (Las Vegas, Nev.) Glen, Smith & Glen Development has received 100 percent financing of its Sullivan Square mixed-use development in Southwest Las Vegas. Sullivan Square is now a joint venture partnership between Glen, Smith & Glen and Harcourt Developments, a privately-owned company based in Dublin, Ireland. Harcourt is financing Sullivan Square’s entire $800 million building costs.

 “Harcourt is pleased to be involved with Glen, Smith & Glen Development on the Sullivan Square project in Las Vegas,” said Harcourt Developments Chairman Pat Doherty. “As our first project in the United States, we believe Sullivan Square is a thoughtfully designed and well-planned community. We believe it will be the first of many successful mixed-use projects in the U.S.”

 Sullivan Square is a 16.5-acre mixed-use development near Durango Drive and Sunset Road. It includes residential buildings, office buildings, a Central Park and 45,000 square feet of retail space.

 The entire project is scheduled for approximately 1,300 total units with the first tower’s 152 units now available. Upon its completion, Sullivan Square will include six options for urban living: brownstones, lofts, terraces, high-rise units, townhomes and live-work units.

 “A true mixed-use development gives residents the convenience and sense of community they need in a city like Las Vegas,” said Kenneth Smith, president of Glen, Smith & Glen. “Sullivan Square gives residents convenience as well as a sense of community that they may have been accustomed to in other cities.”

 Market analysts agree that Las Vegas is on the cusp of a housing revolution, with high density homes outselling single-family homes.

 “The Sullivan Square project reflects the future of Las Vegas housing, combining modern design with an integrated approach to vertical living,” said Jeremy Aguero, principal of Las Vegas-based Applied Analysis. “By obtaining financing, the project separates itself from a flurry of would-be developments without the wherewithal to get beyond the drawing board.”

 Glen, Smith & Glen researched the most vibrant areas in major metropolitan cities including Chicago, San Francisco and Toronto to design Sullivan Square.

 “Canada and Europe are much further ahead in developing smart, functional and sustainable communities,” said Smith. “We took some of their concepts and brought them to Las Vegas.”

 Harcourt Developments is an international property development, investment and management company whose projects include Park West, Ireland’s largest business park; Carlisle Bay hotel in Antigua and the Titanic Quarter regeneration project in Belfast. For further information on Harcourt Developments, visit harcourtdevelopments.com.

 Glen, Smith & Glen Development is a Las Vegas-based commercial and residential development firm. In addition to Sullivan Square, the company’s current projects include The Park at Spanish Ridge II, The Park at Northpointe, Patrick Professional Park, and the Park at San Martin. Named NAIOP’s 2005 Trend Setting Firm of the Year, Glen, Smith & Glen is headed by partners Kenneth Smith and Alan Glen. Together with their teams, the firm has a combined production of several billion dollars in real estate development spanning more than 60 years.