Urban developer CEDARst Cos. has broken ground on The Presley, an $82 million development that will bring 236 apartments to the burgeoning Las Vegas Medical District.
The Presley, which is slated to deliver in 2028, marks CEDARst’s second development in Las Vegas. It is part of the Chicago firm’s expanding Western pipeline and follows the momentum of The Myles, which is scheduled to open in the spring in Las Vegas’ Arts District.
The latest development will bring housing to the core of the Medical District, which is undergoing rapid expansion driven by public and private investment in health care, research, and education, including the Kirk Kerkorian School of Medicine at the University of Nevada, Las Vegas.
“Delivering the first residential community in the Medical District is a meaningful moment—not just for CEDARst, but for the long-term evolution of this neighborhood,” said CEO and managing partner Will Murphy. “The Presley reflects our belief that thoughtful housing belongs at the center of every economic engine. As the district continues its rapid growth in health care, research, and education, we’re committed to building the kind of living experience that supports the people who power it.”
Designed by Booth Hansen with OS Construction as the general contractor, the seven-story building will comprise a mix of studio, one-, and two-bedroom units, including a portion designated as affordable housing. It also will feature a wealth of amenities, such as a fitness center, a coworking lounge, a golf simulator, and a rooftop pool deck overlooking the district.
The Presley is being financed by a $56 million construction loan from North River Partners and funds managed by AB CarVal. Berkadia arranged the financing. It also is CEDARst’s 10th Qualified Opportunity Zone project, aligning with its broader opportunistic investment strategy focused on high-potential urban districts.
“The Presley represents an exceptional opportunity for us to lend in what we think will be one of the most dynamic and emergent housing markets in Las Vegas,” added Jeff Rosenfeld, managing partner at North River Partners. “This transaction exemplifies our strategy of partnering with talented sponsors, such as CEDARst, to bring housing to historically overlooked submarkets.”