Carwin Advisors engaged to improve undeveloped community within Las Vegas
2010
On behalf of a syndicated investor group, Carwin Advisors successfully assisted the group with developing a development strategy plan, as well as act in an operational capacity for a large 1,600 acre undeveloped land area within the city of Las Vegas. During a downturn in the Las Vegas homebuilding market, several homebuilders with loans on the undeveloped land went into default. Carwin was engaged by the lender group because of their knowledge and expertise in the Las Vegas market as well as their proven ability to step-in as operators of the development.
Led by senior advisors with residential, financial, and land development experience; Carwin’s plan was to act not as lawyers, but as development managers for the land and recover and uncover lost value and reposition the development for future success. The Carwin team worked with the City, the Water Authority and other groups to manage the costs, stabilize troublesome issues and uncover new options and recommendations. In addition, Carwin presented analytic findings and evaluations, and identified potential vulnerabilities and directional recommendations for the creditor group.
The efforts by Carwin resulted in an improved land-use plan and saves millions in infrastructure costs as well as adjusted to the new conditions of today’s market. This included reduced master infrastructure costs by more than $155 million (a 42% reduction). Carwin helped the lender group save over $2 million annually through successful reduction in property tax value beyond any precedent in the market. Carwin also re-planned the development vision to provide more market appeal and a level of density that generates development efficiencies without inducing “step-function” increase in water/sewer/road costs.
About Carwin Advisors:
Carwin Advisors, a Winchester Carlisle Company, is a national full-service real estate advisory firm specializing in solving complex problems and working with multiple stakeholders in the restructuring, turnaround, management and disposition of residential, commercial, and mixed-use real estate assets, portfolios, and companies. Headquartered in Dallas, Texas, Carwin Advisors operates throughout the U.S., with offices in Houston, Phoenix, Las Vegas, Charlotte, and Atlanta. For more information please visit carwinadvisors.com.