Marretti also developed University Gateway, a mixed-use complex at the corner of Maryland Parkway and Dorothy Avenue, just down the street from his new project site. He plans to demolish it, and the convenience-store chain will be moved into a newly built space at the site. Marretti said he is under contract to buy the property. The site also included an existing 7-Eleven.
He also said the partially subterranean, open-air complex was prone to flooding and attracted homeless people. At the time he tore it down, he said he wanted to build a mixed-use development. Marretti purchased the Campus Village retail-and-office building in 2017 and demolished it in 2019. The system’s Board of Regents approved the lease last month, according to UNLV spokesman Tony Allen. Plans call for UNLV to lease 50,530 square feet in the complex under a 20-year term that would cost around $1.8 million for the first year of occupancy with annual 3 percent rent hikes, according to Nevada System of Higher Education documents. The project is slated to include ground-floor retail and 323 residential units. “The plans came to a halt because the university came to a halt,” he said.īut he noted UNLV is leasing two floors of office space in the project, which isn’t scheduled to open for another few years, and he contends space in the complex will be in “high demand.” Among its countless spillover effects, the coronavirus outbreak delayed Marretti’s newest development by a year and a half, he said. Marretti’s project would bring hundreds of student-targeted housing units to an area that saw a burst of residential options debut the year before the pandemic hit. The County Commission approved project plans Oct.
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