KLA Capital Announces $369K Rehabilitation Project for 8 Rental Units in Las Vegas

In a recent meeting of the Las Vegas Redevelopment Agency, city officials discussed a significant multifamily residential unit improvement program spearheaded by KLA Capital Series 9. The project, located at 330 South Eleventh Street, aims to rehabilitate a vacant property consisting of two apartment buildings with a total of eight residential units. This initiative marks the latest effort by KLA Capital, led by Adam Foulade, to enhance the neighborhood through strategic renovations.

Cameron Foulade, representing KLA Capital, highlighted the extensive plans for the property, which include a complete interior and exterior overhaul. The interior renovations will involve gutting and reconstructing kitchens and bathrooms, along with updates to electrical, plumbing, flooring, and hardware. Externally, the project will feature new doors, windows, stucco, paint, stone and brickwork, landscaping, and irrigation.

The total private investment for this project is estimated at over $369,000. The redevelopment is eligible for financial incentives, including a $50,000 interior unit improvement incentive and a $25,000 exterior visual improvement program. Additionally, a facade easement and maintenance agreement will be recorded for five years to ensure the property’s upkeep.

Foulade emphasized the transformative potential of the project, noting that it is one of the most dilapidated properties in the area. He pointed out that KLA Capital has successfully renovated approximately 11 properties within a three-block radius, contributing to a positive domino effect in the neighborhood. He cited the revitalization of the Casino Center area as a prime example of how targeted improvements can lead to broader community enhancements.

The project is expected to be completed within 180 days, adding much-needed rental housing to the neighborhood and potentially encouraging further upgrades in the surrounding area. As the city continues to address housing demands, this redevelopment initiative represents a proactive step towards improving living conditions and fostering community growth in Las Vegas.