A $143 Million "Jewel" Breaks Ground in Chinatown With 380 Apartments

by Ryan Rose

What Happened

Fore Property held a ceremonial groundbreaking for Jewel on Tuesday, Sept. 22, 2026. The project covers 10.54 acres, according to FOX5 Vegas. The Las Vegas Review-Journal reported that the land runs along both Valley View Boulevard and Procyon Street, just south of Spring Mountain Road.

Here are the key numbers from the two news reports:

Cost: $143 million
Apartments: 380 units, from studios up to three bedrooms
Retail and commercial space: 26,000 square feet
Average size: about 815 square feet per apartment
Average rent: about $2,250 per month, based on the developer's figure
Leasing start: July 2028 (the Review-Journal said first units are expected in summer 2028)
Construction finish: March 2029

FOX5 described the project as a mixed-use community with resort-inspired amenities. The full amenity list has not been released yet, so we will not guess at it here.

Jonathan Fore, a managing partner with the company, spoke at the event. In a statement shared by FOX5, he said the project reflects a long-term goal of building "thoughtfully designed communities that strengthen neighborhoods." He also called Jewel a place "where people can live, shop, connect, and gather for generations to come."

Clark County Commissioner Justin Jones, whose district includes the site, also spoke. He called Jewel "precisely the kind of careful development we would like to see in the Chinatown area." He added that it will "provide much-needed housing" and bring new business to the corridor. Jones told the Review-Journal the old site used to cause "a lot of concern" for neighbors because of homelessness, blight and crime.

The site also has an unusual shape to work with. Fore told the Review-Journal he pieced the roughly 10.5 acres together from several landowners. The ground drops about 12 feet between Valley View and Procyon. Because of that slope, the buildings will have one extra floor on the lower side of the property.

Guests toss dirt with golden shovels at the Jewel apartment groundbreaking at 3588 S. Valley View Blvd. in Las Vegas Chinatown on Sept. 22, 2026

Why It Matters to Las Vegas Residents

It cleans up a problem corner. For years, this block was a mess. The Review-Journal reported that as recently as summer 2025, the land held empty lots full of weeds, a closed former strip club, and a few other old buildings. There was heavy graffiti and fencing topped with barbed wire and razor wire. Firefighters fought a fire in an empty building on the property in summer 2022, and another in a nearby abandoned building that fall. All of the old buildings have now been torn down.

If you have ever driven down Valley View near Spring Mountain, you know the spot. Turning a blighted block into new homes and shops is usually good news for the people who live and work around it. Clean, busy corners tend to feel safer. They also tend to pull in more foot traffic for the small businesses nearby.

It adds a lot of rentals in one spot. Three hundred eighty apartments is a big number for a single site. That is 380 households that could be living within walking distance of Chinatown's restaurants and markets. For renters, more supply means more choices. It can also mean more room to negotiate, especially in a market where rents have already been easing.

That last point matters right now. We covered this week how Las Vegas rents have been falling. Apartment List data showed the Las Vegas median rent down 3.6% over the past 12 months, one of the bigger drops among large U.S. cities. You can read the full breakdown in our post on Las Vegas rents falling 3.6%. Jewel will not open until 2028, but it is part of a steady stream of new rentals that keeps pressure on landlords.

It is a bet on Chinatown living. The Review-Journal noted that Chinatown's retail centers along Spring Mountain are packed with restaurants and other tenants. They draw both locals and tourists. Fore is betting that more people want to live right in the middle of that. He pointed out that the area is walkable, with restaurants and supermarkets close by. The site is also a short drive to Interstate 15 and the Strip. For people who work in hospitality, that commute is hard to beat.

It could mean more traffic. We would be leaving something out if we did not say it. Spring Mountain Road and Valley View Boulevard are already busy, especially at dinner time and on weekends. Hundreds of new households plus 26,000 square feet of shops will add cars to that corner. Nearby residents should expect some growing pains during construction and after move-in.

It adds retail, not just rooftops. The 26,000 square feet of retail and commercial space is a detail that is easy to skip past, but it matters. Mixed-use projects put shops and services on the ground floor, right where people live. That means some residents may be able to grab coffee or run an errand without getting in the car at all. For the neighborhood, new storefronts also mean new jobs and new places to try. In a corridor known for food, it is a safe bet that people will be watching closely to see who signs a lease.

Overhead view of a golden ceremonial shovel resting on dirt at the Jewel apartment groundbreaking site in Las Vegas Chinatown

Background and History

Jewel is not Fore's first project in this part of town. Far from it. He told the Review-Journal he has been building in the Chinatown area for several years and sees the Spring Mountain and Valley View intersection as the "gateway" to the corridor.

Here is a quick look at his track record nearby, as reported by the Review-Journal:

Lotus: An apartment complex at the northwest corner of Spring Mountain Road and Procyon Street. It opened in 2018 and sold later that year for $76.7 million.
Jade: An apartment complex behind the Rio hotel-casino. It sold for $124.5 million in 2021.
Coya: A rental project at the southwest corner of Desert Inn Road and Polaris Avenue. It opened in 2025.

Notice a pattern? The names Lotus, Jade and now Jewel all fit together. Each project has pushed higher-end rentals into the neighborhoods just west of the Strip. And each one has helped change how people think about living there. A decade ago, few people pictured upscale apartments near Spring Mountain. Now they are a regular part of the skyline.

The numbers on those past sales also tell a story. Lotus sold for $76.7 million in 2018. Jade sold for $124.5 million in 2021. Investors have been willing to pay a lot for new apartments in this part of town. That track record helps explain why a developer would take on a tricky site with a 12-foot slope and several different former owners. When a builder keeps coming back to the same area, it usually means demand for rentals there has been strong.

The path to this groundbreaking took a while. Clark County commissioners approved plans for the project in early 2025. Fore's company then closed on its $24.2 million purchase of the land in spring 2025, according to the Review-Journal. Clearing the old buildings and preparing the sloped site came next. The groundbreaking on Sept. 22 marks the official start of the building phase.

Chinatown itself has come a long way too. What started as a single shopping plaza has grown into a long strip of restaurants, bakeries, tea shops, markets and nightlife stretching along Spring Mountain Road. It is one of the most popular dining corridors in the valley for locals. That popularity is exactly what makes nearby land so attractive to apartment builders. We have also written about how big events can send crowds into the area, like the BTS Army effect on Chinatown businesses.

A rendering of the Jewel apartments on display at the groundbreaking while guests in hard hats and safety vests talk on the cleared Chinatown site

What Happens Next

Now the real building starts. Based on the timeline shared with FOX5, here is roughly what to expect:

Late 2026 into 2027: Site work and construction on Valley View Boulevard and Procyon Street. Expect crews, equipment and some lane impacts nearby from time to time.
Summer 2028: Leasing is expected to begin in July 2028, with the first units available around that time.
March 2029: Construction is expected to be complete.

That is a long runway. Big projects can shift, so keep an eye out for updates as the building goes up. Timelines for construction this size often move by a few months in either direction.

We also do not know yet which businesses will fill the 26,000 square feet of retail and commercial space. That is one of the biggest things to watch. The right mix of tenants, such as a grocery store, cafe or more restaurants, could make the corner even more of a draw for the whole neighborhood. When tenant names are announced, we will share them.

The final amenity list and exact rents at opening are also still to come. The $2,250 average rent figure came from the developer in September 2026. Actual rents in 2028 will depend on the market at that time. Given where Las Vegas rents are heading right now, renters may find some move-in deals when leasing opens.

Jewel is also part of a bigger trend across the valley: older, underused properties getting a second life. In Henderson, for example, work recently started on The Cliff in Green Valley Ranch, which is turning an old office property into a dining and retail spot. As empty land close to the center of the valley gets harder to find, expect more builders to look at tired lots and buildings like this one. That is worth watching if you own near a vacant or run-down property. Today's eyesore could be tomorrow's new neighbor.

Ryan's Take

I like this project for one big reason: it takes a block that nobody wanted and turns it into homes. That is the best kind of growth. It does not eat up open desert. It uses land that was already in the middle of the city, close to jobs, food and freeways. For neighbors in Spring Valley and around Chinatown, cleaning up a blighted corner is almost always a plus for how the area feels and how it is seen.

For renters, this is one more sign that you have options. Jewel will not open until 2028, but new rentals keep coming online across the valley. That keeps rents from running away. For homeowners, a project like this can be a good thing for the surrounding area over time. For landlords who own older rentals nearby, it means competition for tenants. I would not panic about it. I would just make sure your place is clean, updated and priced right. And for anyone thinking about buying instead of renting, it is worth running the numbers. An average rent of $2,250 a month is a real payment, and in some parts of the valley, that money can go toward a mortgage instead.

A speaker addresses the crowd at the Jewel groundbreaking in Las Vegas Chinatown with the High Roller observation wheel and Strip towers in the background

What You Can Do

If you rent nearby: Keep this date in mind. Leasing is expected to open in July 2028. If your lease is up around then, Jewel may be one more option to compare. In the meantime, rents across the valley have been softening, so it is a good time to ask your current landlord about renewal terms before you sign.

If you own a home in Spring Valley or near Chinatown: Watch how this corner changes over the next few years. New construction and cleaned-up lots can make an area more appealing to future buyers. If you are curious what your home is worth today, a quick check on recent sales nearby is a smart first step. If you own a rental in the area, think about what makes your place stand out against brand-new apartments.

If you are thinking about buying: Use the next two years wisely. If you plan to rent at a place like Jewel in 2028, take a moment to compare that monthly rent with what a mortgage payment would look like on a condo or small home nearby. The answer depends on rates, prices and your savings, so there is no one right choice. But it helps to know your numbers before a new lease locks you in for another year.

If you drive this corridor: Plan for construction activity along Valley View Boulevard and Procyon Street. If you usually use Spring Mountain for dinner runs, you may want to try other routes during busy times. And if you have concerns about the project or traffic, you can reach out to the office of Commissioner Justin Jones, whose district includes the site.

Have questions about how this affects your home or neighborhood? Reach out to Ryan Rose or text/call 702-747-5921 anytime.

Ryan Rose | Real Broker, LLC | 702-747-5921 | ryan@rosehomeslv.com | rosehomeslv.com