CHICAGO, IL - CEDARst Companies has broken ground on Flats Arts District, a 311-unit multifamily development located at 123 W. Imperial Avenue in the Las Vegas Arts District. The project is a joint venture between Chicago-based CEDARst Companies, a vertically integrated real estate development platform, and Bridge Investment Group (NYSE: BRDG). The groundbreaking was attended by numerous development team members, local businesses owners, neighbors, and government officials including Councilwoman Olivia Diaz, Mayor Pro Tem Brian Knudsen, and mayoral candidate Shelley Berkley.
Flats Arts District is situated on 2.29 acres and lies within a qualified opportunity zone. Construction is scheduled to take 24 months with delivery of first units expected mid-year 2026.
With the start of construction, this development represents the third ground-up multifamily development by the CEDARst and Bridge Investment partnership.
“Las Vegas is experiencing tremendous growth and economic expansion which has translated to very strong multifamily fundamentals” said Mark Heffron, Chief Development Officer for CEDARst Companies. “We are excited to partner with Bridge in delivering high-quality housing to the most vibrant cultural hub in Las Vegas.”
When completed, the development will include a mix of studio, one-bedroom, two-bedroom, and three-bedroom units, with 5,100 square feet of ground-floor commercial space and 317 parking spaces within a structured garage. Apartments will include in-unit laundry, balconies, state-of-the-art appliances, smart-home systems, and keyless entry. The community amenities include a large fitness center, resort-style spa facilities with water circuitry and saunas, curated coworking spaces, and a sunset deck/lounge.
According to Kit Barmeyer, Managing Director at CEDARst, the firm’s intent is to “deliver a project that celebrates the charm and charisma of the Arts District while making the community more accessible and supporting the incredible businesses and venues that have long called the neighborhood home”.
The Arts District is located less than five miles northeast of the Las Vegas strip and provides an enclave of boutique coffee shops and homegrown restaurants, as well as proximity to the thriving entertainment area.
The CEDARst-Bridge partnership has completed two previous joint venture developments in San Diego and Vancouver. The most recent project completed by the duo was The Nash, a $72.5 million, 190-unit development that opened in May of 2024 in San Diego.
About Bridge Investment Group: Bridge Investment Group is a leading alternative investment manager, diversified across specialized asset classes, with approximately $49.4 billion of assets under management as of September 30, 2023. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select verticals across real estate, credit, renewable energy and secondaries strategies.
About Cedar Street Companies: CEDARst™ Companies is an integrated real estate developer (IRED), headquartered in Chicago, IL, and managed by partners Alex Samoylovich, Mark Heffron, and Will Murphy. Cedar Street’s operating model integrates real estate development, management and construction. Cedar currently manages a portfolio of multifamily real estate valued in excess of $4 billion, totaling more than 7,500 units across numerous markets, including: Chicago, San Diego, Portland, Minneapolis, and Cleveland. Headquartered in Chicago, Cedar Street has regional offices in San Diego and Miami. For more information visit the company’s website at www.cedarst.com