2 days Ago By Eli Segall
The developers of UnCommons have wrapped up construction at the big mixed-use project in Las Vegas. At least for now. With some land still empty, they are eyeing additional work down the road.
Matter Real Estate Group partner Jim Stuart said in an interview last month that the “entirety of our project is now built” and that the bulk of construction going on at the southwest valley campus is interior work for tenants. UnCommons, at the southeast corner of the Durango Drive-215 Beltway interchange, across the street from the Durango hotel-casino, features four office buildings with around 350,000 square feet of space combined; a 352-unit apartment complex; and roughly 60,000 square feet of retail and restaurant space. Stuart said the offices are 93 percent leased, the retail and restaurant space is more than 90 percent leased, and the apartment complex, Vestra , is about 60 percent leased.
He noted that the final and biggest portion of Vestra, with 212 units, opened in late fall of 2024, and that its other buildings are roughly 95 percent leased. UnCommons features high-end office space among a cluster of food-and-beverage options, including Urth Caffe, Blue Bottle Coffee, sports bar General Admission and Salt & Straw ice cream. Stuart argues that many employers want this kind of environment, and will pay a premium for it, to help retain and recruit talent.
Otherwise, he said, they may work in a “soulless office building surrounded by a sea of asphalt with nothing but a vending machine.” Matter announced plans for UnCommons in early 2019 and set out to break ground in April of 2020. But after the coronavirus pandemic sparked sweeping shutdowns and other chaos, the developers shelved the start of construction, redesigned elements of the project with new health and safety features, and broke ground in August 2020 .
The firm built the campus in phases . Its office tenants include commercial real estate brokerage CBRE Group , online sports betting firm DraftKings and accounting giants Deloitte and EY. Coworking space Kiln is scheduled to open Tuesday.
It occupies around 30,000 square feet and also manages UnCommons’ 5,000-square-foot conference space, The Assembly. More buildings could take shape. Stuart said that his team plans to construct a 455-unit apartment complex once they finish leasing out Vestra.
They also have land for a new office or hotel project and land for an entertainment or fitness complex, he said..
