CEDARst Companies has started construction on The Presley, an $82 million, seven-story apartment community in Las Vegas’ Medical District that is set to bring 236 studio, one- and two-bedroom homes, with a portion reserved as affordable units, to the neighborhood. The roughly 275,000-square-foot building is slated to feature a rooftop pool deck, coworking lounge, fitness center and golf simulator, and is expected to open in 2028.
As reported by REBusinessOnline, Booth Hansen is the architect on the project and OS Construction will serve as general contractor for the seven-story development. The outlet also pegs the project budget at about $82 million and the size at roughly 275,000 square feet of new housing planned for the Medical District. The Presley is being marketed to hospital staff, students and nearby residents who want rental options close to University Medical Center.
CEDARst’s project page places the site at Alta Drive and South Tonopah Drive and confirms the 236-unit count along with the developer’s resort-style amenity package. The company describes the address as just south of downtown Las Vegas, inside the growing Medical District, and plays up the building’s proximity to major healthcare facilities. Renderings and the property listing on the developer site mirror the amenity lineup described at the ground-breaking.
Financing and schedule
Financing for The Presley includes a $56 million construction loan provided by North River Partners and funds managed by AB CarVal, with Berkadia arranging the financing, REBusinessOnline reports. Construction is expected to unfold over the next several years, with an anticipated opening in 2028 and a total project cost near $82 million. The price tag may be sizable, but the target renters are firmly in the everyday worker and student camp rather than the Strip tourist crowd.
Where it fits into the Medical District
The Presley rolls in amid a run of projects aimed at building out housing and support services around University Medical Center and other institutions in the Medical District. Reporting earlier this year outlined how the district has drawn public infrastructure investment and private development proposals to serve patients, staff and medical students, according to the healthcare hub’s expansion. Developers and city officials have been pitching new housing as part of a broader push to make the area more walkable and better equipped for healthcare visitors and workers.
CEDARst lists Las Vegas among its active markets on its portfolio pages, and the company’s local activity, including The Presley, underscores a broader effort to add rental housing near core medical jobs. The developer and lenders say they will release construction milestones and leasing details as the build advances into 2026 and beyond.
