Cushman & Wakefield/Commerce announced Tuesday it brokered a land transaction in North Las Vegas on behalf of Faraday Future for the site of a $1 billion electric vehicle plant.
The startup Faraday Future broke ground on April 13 and will soon begin construction of a 3 million square-foot factory situated on 940 acres of land. This factory is expected to create approximately 4,500 for the state.
"Following an exhaustive site selection process that spanned multiple states and even portions of Mexico, Faraday Future landed on North Las Vegas," said Amy Ogden, director of industrial/investments with the Las Vegas office of Cushman & Wakefield/Commerce. "The company will use the facility to manufacturer its premium electric vehicles, which will include body assembly, paint operations, powertrain and battery pack assembly, and final vehicle assembly. Faraday will bring thousands of jobs to the area with the facility serving as a center of industry for years to come. Southern Nevada stands to benefit for decades."
True to its eco-centric brand, the company will leverage a combination of wind, solar and geo-thermal energies to help foster clean energy goals. It will also use high quality and environmentally friendly construction practices, procedures and materials in the construction process to exceed industry standards.
"This transaction was extremely complicated and spanned an entire year," said Danielle Steffen, director of industrial/investments with the Las Vegas office of Cushman & Wakefield/Commerce. "One of the most challenging aspects was finding and assembling the large amount of acreage Faraday Future needed. The North Las Vegas area they were interested in consisted of a septic treatment facility and multiple medical marijuana parcels. We negotiated the purchase of all parcels from the previous owners, as well as found new properties for those displaced companies to continue their business. Although challenging, it has been one of the most fascinating projects I have worked on."
The new facility will be located at the Apex Industrial Park, which is 20 minutes north of Las Vegas on Interstate 15.