Developer breaks ground on new apartment complex in Las Vegas Medical District

A Chicago real estate firm is pushing ahead with plans to develop a new apartment complex in Las Vegas’ Medical District.

Cedar Street Companies held a ceremonial groundbreaking Thursday for The Oscar, a 236-unit project near the southeast corner of Alta and Tonopah drives.

Named for former Las Vegas mayor Oscar Goodman, the seven-story complex will feature coworking space, a residential lounge that spills out to a pool deck, a fitness center, and a golf simulator, said Cedar Street director Griffin Epping.

He said the firm plans to finish the project in 2028.

Mayor Shelley Berkley said in an interview at the event that people who work in the Medical District have told city officials that they want more housing in the area.

The Medical District is generally bordered by Charleston Boulevard to the south, Rancho Drive to the west and Interstate 15 to the east.

It encompasses University Medical Center, UNLV’s medical school, Valley Hospital Medical Center and other facilities.

Cedar Street is no stranger to Las Vegas. The firm is also developing a 310-unit apartment complex called The Myles, at the corner of Commerce Street and Imperial Avenue in the Arts District area.

Epping said that construction is wrapping up and that the first move-ins are slated for May.

Its project in the Medical District has been in the works for some time.

The City Council initially approved the developer’s plans for the site in fall 2022. At the time, city records show, plans called for a 200-unit complex.

Epping said it took this long to start construction mainly because of elevated interest rates, which have made it more expensive to borrow money and, he noted, can cause spillover effects in other areas of the economy.

Las Vegas Valley apartment complexes are typically garden-style properties, often consisting of numerous small buildings with a few hundred units total, scattered around a 15- to 20-acre site with surface parking.

The Oscar, by comparison, is penciled for a roughly 1-acre site. And, according to Epping, a partially underground parking garage will be part of the apartment building.

Epping described Cedar Street as urban developers who like to “push density,” or build a high concentration of units on a small plot.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.

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