Pegasus Development

What Pegasus Development does

Pegasus Development LLC is a privately-held professional services firm specializing in owner's representation and project management for complex real estate developments. Founded in 2017 by Art Zargaryan and headquartered in Las Vegas, the firm provides single-point accountability oversight from entitlement through certificate of occupancy, targeting institutional owners on projects typically valued at $500 million and above. The company delivers eight coordinated service disciplines — owner's representative, tribal advisory and government affairs, project management, project controls and performance, strategic advisory and pre-development, lender representative, permitting and entitlements, and development management — offered as an integrated engagement rather than discrete product lines.

The customer base spans gaming and tribal development, hospitality and resorts, sports and entertainment, multifamily and mixed-use, and lenders and capital providers. Named clients include Wilton Rancheria, Netflix, Sacramento Republic FC, Goldman Sachs, Guggenheim, Marriott Vacation Club, Wyndham Hotels & Resorts, Museum of Ice Cream, Meow Wolf, Universal Creative, Aquarian Holdings, Cain International, Sky River Casino, The Neon Museum, and Westin Hotels & Resorts. The firm operates nationally across 14 states and territories with active or completed projects in 30 markets, supported by offices in Las Vegas, Sacramento, and New York, and currently directs 9.2 million square feet of active development representing over $7.5 billion in aggregate development value across 57 completed and active projects.

Revenue is generated through professional services fees, typically structured as project-based retainers or percentage-of-project-value arrangements. The go-to-market motion is exclusively direct enterprise sales, with principals personally engaged in business development and account management; there are no self-serve, product-led, or digital commerce channels. Customer acquisition relies on professional reputation, industry relationships, earned media, and direct inquiry. Revenue, headcount detail, and financial performance are not publicly disclosed, and the firm shows no external funding rounds, parent company, or subsidiary structure in the available data.

Name

Pegasus Development

Legal name

Pegasus Development LLC

Website

https://pegasusbuild.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Pegasus Development LLC is a Las Vegas-based owner's representative and project management firm serving institutional clients on complex $500M+ real estate developments across gaming, hospitality, sports, and entertainment sectors, currently directing 9.2M SF valued at over $7.5B.

Ownership category

akta.pro rank

Product category

Real Estate Project Management Services

akta.pro primary industry

Construction Management (Agency/Owner’s Rep) (IMAFAAAC)

akta.pro secondary industries

Permitting, Environmental & Stakeholder Engagement (EIA/ESIA, Community Relations) (EUAMAAAB), Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD)

Keywords

• Owner's representative services
• Real estate project management
• Construction monitoring services
• Tribal gaming advisory
• Development management

Headquarters

HQ city

Las Vegas

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Professional Services Fees: Fees derived from project management and owner's representative services. Engagement structures likely include project-based fees, retainers, or percentage-of-project-value arrangements for overseeing major developments from entitlement through delivery.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Pegasus Development provides owner's representative and project management services for complex real estate development projects. The firm delivers eight interconnected service disciplines—Owner's Representative, Tribal Advisory & Government Affairs, Project Management, Project Controls & Performance, Strategic Advisory & Pre-Development, Lender Representative, Permitting & Entitlements, and Development Management—covering projects from entitlement through delivery, primarily for institutional owners, tribal nations, developers, and lenders on developments valued at $500M and above.

Product overview

Pegasus Development is a unified professional services firm offering integrated real estate project management and owner's representative services. Rather than a modular software platform, the company delivers eight interconnected service disciplines—Owner's Representative, Tribal Advisory & Government Affairs, Project Management, Project Controls & Performance, Strategic Advisory & Pre-Development, Lender Representative, Permitting & Entitlements, and Development Management—that function as a coordinated continuum from entitlement through delivery. Each service operates under single-point accountability, with principals who win the business managing it through completion. The firm serves institutional owners on complex developments across gaming, entertainment, hospitality, sports, and mixed-use sectors, with current active development spanning 9.2M SF and over $7.5B in aggregate development value.

Differentiator

Problem solved

Functional benefit

Products and services

• Owner's Representative

Quantifiable outcome

• $7.5B+ aggregate development value protected through controls methodology
• +4 more outcomes

Named customers15 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Sacramento Republic FCcoreStrategic or Co-development Partner · 10 March 2026Pegasus Development engaged as project management firm for Sacramento Republic FC's new Division 1 soccer stadium and associated mixed-use development in Sacramento's Railyards. The project encompasses the stadium as well as neighboring housing, retail, and hospitality components.
• Wilton RancheriacoreStrategic or Co-development PartnerPartnership for Sky River Casino Resort expansion project, adding 300-room luxury hotel tower, expanded gaming floor, and resort amenities in Elk Grove, CA. Pegasus serves as owner's representative and project manager for the major expansion.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• MGAC: MGAC is an owner's representative and project management firm focused on complex hospitality, sports, and cultural developments, with similar boutique positioning and senior-led engagement model as Pegasus.
• Anser Advisory: Anser Advisory is an owner's representation and construction management firm serving aviation, healthcare, and commercial sectors, with comparable service offerings and senior accountability positioning to Pegasus.
• Gardiner & Theobald: Gardiner & Theobald is an independent construction and property consultancy providing cost management and owner's representative services on complex hospitality, cultural, and commercial developments globally.
• Greystar Real Estate Partners: Greystar's development services division provides owner's representative and project management for multifamily and mixed-use developments, directly overlapping with Pegasus's multifamily segment work such as the Spark Salt Lake City project.
• LiRo Group: LiRo Group provides program management, construction management, and owner's representative services for institutional clients across commercial, hospitality, and public-sector developments, with similar boutique-consulting positioning and senior-staffed engagements.
• Hill International: Hill International is a publicly traded construction consulting firm specializing in owner's representative services, project management, and construction claims — closely aligned with Pegasus's services mix and target client base of institutional owners and lenders.
• Cumming Group: Cumming Group is a construction consultancy offering project management and owner's representative services across hospitality, entertainment, and commercial real estate — directly comparable to Pegasus's service lines and target verticals.

Broad incumbents

• CBRE Project Management: CBRE's global project management service line competes for institutional owner's representative mandates across hospitality, sports venues, and entertainment developments, offering broader geographic coverage and corporate backing than Pegasus.
• AECOM Tishman: AECOM Tishman is a flagship owner's representative and construction management practice focused on large-scale commercial, hospitality, and mixed-use developments, offering both project controls and full delivery services comparable to Pegasus's eight-discipline offering.
• JLL Project and Development Services: JLL's PDS division is a global owner's representative and project management practice serving institutional owners across hospitality, sports, mixed-use, and gaming — directly overlapping with Pegasus's core verticals but at significantly greater scale and geographic reach.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/pegasus-development-llc
• Instagraminstagram.com/pegasusdevelopment
• Facebookfacebook.com/pegasusbuild

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pegasus Development