Downtown Las Vegas’ Game of Chess: Check or Checkmate?

Part 1 of an ongoing series:

Since 2010, the pawns have moved and the game began vigorously in the latest cycle of the timeless game. The growth player was moving swiftly, taking pieces from the resilient city and it was apparent that the offensive bulls would finally capture the city and once and for all stabilize its rocky past. The housing market was slowly stabilizing, the land grabs in downtown becoming more apparent each month, and the politicians have been screaming that the recovery is in sight as unemployment rates were falling.

In the ever-changing landscape of Las Vegas, downtown Las Vegas has seen its share of ups and downs.  The heart of the city is resilient, and famous for reinventing itself time and time again.  Now in the midst of another rebound over the past 4 years, the city may be taking a breather from the hype surrounding the 7-year itch of speculation.

Housing had crashed, jobs were lost and lives and credit scores were ruined. Rental markets soared the past four years with national increases of nearly 40-50 percent depending on the market. In downtown, residential living was provided by two foreclosed properties being open to the public for lease: The Ogden (formerly Streamline Tower), and JUHL located in the yet to up-and-come arts district.

Instantly, renters could lease a concrete and steel one bedroom for $1100 and 3 bedroom condos for $2000.  These luxury condos were initially priced from $450,000 to more than $1 million.  The time wasn’t right to release the units for sale – the economy was not stable and the job market wouldn’t support the mortgage debt. In fact, even in 2014, with the sales release of The Ogden, banks are not lending in Nevada on The Ogden as ownership levels are too low to obtain FHA backing.

The crowds rushed in, fueled by low initial lease rates while they fled from their underwater homes. The owners of JUHL and The Ogden reaped the rewards of the then current state of affairs, and total net worth and home ownership in America continued its decline on a national level. Las Vegas felt the full brunt of the collapse.  With residents finally taking up residence in downtown, money poured into the city and the housing stimulated the jobs and business sector for both food and drink. Unfortunately, manufacturing has been shrinking in the United States for decades now, and a city built on the service industry is destined to fluctuate with the economy and the disposable income of its citizens.

Author information: Gary Fisher, Luxury Real Estate Advisors  Gary@LvLRA.com

Gary Fisher now selling in recovering market in downtown Las Vegas - The Ogden

NOW SELLING: Gary Fisher 702-335-5704
Visit my website, click HERE

The Ogden: Return of Upscale Living in Downtown Las Vegas - Now Selling to the public

NOW SELLING 10/15/2014!

• Open floor plans with contemporary design elements and European modular concepts

• Roof-top pool, spa and terrace

• Spacious balconies with panoramic views of the Las Vegas skyline

• Spacious kitchens with granite countertops

• GE Profile appliances

• 24-hour security

• Concierge services

• Pet park

• State-of-the-art fitness center

• Conference room

Downtown Las Vegas views - Leasing at Streamline Tower

STREAMLINE IS THE ANTIDOTE TO SUBURBIA...

Streamline Tower is a luxurious high rise that allows you to live on the world’s most famous address, Las Vegas Blvd. Rising more than 300 feet above the heart of the Entertainment District, Streamline Tower provides all the conveniences and amenities imaginable. Each luxury condominium has new GE Profile appliances, granite countertops and a variety of flooring options from tile to upgraded flooring.

At Streamline, you’ll find everything within footsteps of your residence - from the spirits and sounds of the new downtown, to the conveniences you’d expect from an upscale neighborhood. Business, entertainment, and culture are all merging together to create an urban village like no other before. Step outside your door and stroll Fremont East- the Downtown’s Entertainment District is filled with vibrant nightclubs, quaint sidewalk cafes and a variety of entertainment venues. Make your address a quick walk to the world’s best gathering spots. Call our Leasing Office today at 702-685-0300 or email us HERE for a personal tour today to find your perfect home.

Downtown Las Vegas Urban Living Tour Announced

The Downtown Coalition of Las Vegas is announcing the Downtown Urban Living Tour. The event brings business owners and consumers together to showcase the urban developments taking place in the greatest city in the world. Best of all, the event is absolutely free for participants.

The premier event, scheduled for Friday, May 2nd from 6 – 10 pm will begin at the Celebrity Theatre (next to SIDEBAR on the corner of 3rd and Ogden). Mayor Oscar Goodman will offer opening remarks prior to the tour. After an initial gathering with drinks and appetizers, registered guests can take tour buses to multiple business locations throughout downtown.

The premise of the Downtown Urban Living Tour is to create an increased awareness among valley residents that downtown Las Vegas is becoming the epicenter of a new cultural renaissance. Like the Gaslamp District in San Diego 10 years ago, the downtown las Vegas area is still in its infancy, but is growing rapidly. The area is undergoing a $20+ billion revitalization effort, which will completely change the landscape of the new downtown.

The primary organizer of the tour is the Downtown Coalition of Las Vegas. Sponsors and contributors include Streamline Tower, juhl lofts, local businesses and major developers Newland Communities and CityMark.

Downtown restaurants, art galleries, bars and shops are also offering coupons and incentives for those participating. For more information, contact the DCLV at (702) 798-4848 or email gary@downtowncoalition.com

Navigating the Urban Jungle : Downtown Las Vegas

Courtesy, Gary Fisher for EReal Estate Exec

As a community of Real Estate professionals I’m constantly amazed at the number of us who have no clue what’s going on downtown. I’m making it my mission to answer the questions most in our field don’t even know to ask, so here goes. For those of you who are “in the know” here’s a refresher, and for those who haven’t yet ventured into the new downtown, read on.

We'd like to welcome MEET Las Vegas to downtown. Their newly renovated building should be completed in August 2008 and the high level corporations utilizing the facility will bring fresh faces to experience downtown. MEET Las Vegas is the new company of the former The White House Las Vegas. They are currently renovating the 30,000 sq. ft. building at 4th and Bridger.

Lady Luck Hotel & Casino: “The Lady Luck Hotel & Casino will soon usher in a new era of luxury and modern glamour in Las Vegas’ downtown district,” according to the Web site for the CIM Group (www.cimgroup.com) who now owns and controls the destiny of this seemingly abandoned property. The CIM Group is responsible for the success of multiple projects, primarily in Southern California, one of the most notable being the Kodak Theatre in Hollywood where the Academy Awards are held. The hotel and casino—as well as the neighboring block—will begin construction in 2009. The two existing towers of the hotel will stay, but will undergo some pretty major changes. Plans for renovation include creating 631 hotel rooms, a 50,000-square-foot casino and 22,000 square feet of retail space. “Through this renovation the Lady Luck will reposition itself as an upscale boutique hotel with a destination pool, spa and other amenities not found in the downtown area,” according to CIM.

In addition to the hotel itself, the transformation of the Lady Luck will spill over into the surrounding block and morph Third Street into a true destination. The CIM group is in an exclusive negotiating agreement with the city of Las Vegas for the redevelopment of the post office block as well. Third Street between Ogden and Stewart—now home to Triple George, Sidebar, Celebrity, and Hogs & Heifers—will explode into a major retail destination downtown. Think Third Street Promenade in Santa Monica (also a CIM project) and you get an idea of what the future will bring. The historic post office building, which the city now owns, will be renovated and become the home of a new Mob Museum promising to attract locals and tourists alike.

Project Live/Work: A project by Forest City Enterprises and Mitchell Holdings, this five-block area in the office district has a deadline with the city to reach a development agreement by June of this year. This mixed-use project will be home to the RTC’s bus terminal (now located on the post office block slated for redevelopment) as well as the new City Hall. This would mean that three of the five blocks would be left for private development and become home to retail, office and residential space. Currently negotiations are underway for a potential land swap with the city for parcel P/Q in Union Park. Construction on this project could be as early as 2009.

The Bulldog Site: This one-acre parcel on the southeast corner of Las Vegas Boulevard and Clark is currently under an exclusive negotiating agreement with the city of Las Vegas (who now owns the site) and City Mark (the developers of Juhl). This would be a residential project, possibly offering rental options above a retailer, preferably a grocer. The challenge with this site is the size of the lot and the difficulty with parking. Stay tuned to see what comes of this site.

Gold Spike/Travel Inn: The two declining properties on Ogden directly east of Las Vegas Boulevard are getting a new lease on life. Both properties were acquired in the last six months by two separate owners. These owners have now come together and presented plans to the city to completely renovate the property with a high-end, very exclusive look and feel.

The ACE Downtown Connector: As for public transportation progress in Las Vegas, CAT, MAX and The Deuce have all been a success, but when it comes to an environmentally friendly addition connecting and transporting people to and within our urban core, there’s been a missing piece of the puzzle. Can I just say, it’s about time! The Regional Transportation Commission has started construction on the first phase of the ACE rapid transit system. The ACE Downtown Connector will run along Grand Central Parkway (alongside Union Park, World Market Center, the Molasky Corporate Center and the IRS building) and down Casino Center Boulevard, making its way to the Sahara Monorail station, the Las Vegas Convention Center and eventually McCarran airport. Word on the street is that within the downtown area the system will be free, and the trip to the airport will be about $2. Total cost for this project is estimated at $75 million and it is scheduled to be operational in 2009. For more information and maps go to http://www.rtcnv.com/.

Union Park: Last, but definitely not least, is Union Park. The “predicted core of the city” is destined to become the place to live, work and play. The city of Las Vegas has a lot riding on this project, and so far the future looks bright and progress can already be seen. The 61-acre, $6 billion project will be anchored by two key tenants: the Lou Ruvo Brain Institute and the Smith Center for the Performing Arts.

The Frank Gehry-designed Lou Ruvo Brain Institute is currently under construction and should be completed later this year. The project will be a world-class medical research and treatment facility dedicated to brain degenerative diseases. The design is architecturally fascinating, and more information is available in our article on Larry Ruvo (May, 2007).

The Smith Center for the Performing Arts will become home to the Nevada Ballet, the Las Vegas Philharmonic, Broadway shows and other traveling productions. Every true city should have a cultural center such as this and it can’t come soon enough. Construction will commence in 2009 and be completed by 2011. For more information about this project, please visit www.thesmithcenter.com.

Downtown Coalition joins E RealEstateExec for Urban Update

The Downtown Coalition of Las Vegas is proud to work with EReal Estate Exec in producing their new featured column, Urban Update. Urban update is a column that will be authored by Gary Fisher, Founder of the DCLV and will focus on the continued revitalization of downtown Las Vegas. This month the column features Streamline Tower, the only high rise in Las Vegas' Entertainment District.

For those across the country who have not yet heard of ERealEstateExec, they are a premier online publication (ezine) founded by Lee Papa in Las Vegas. The ezine features local real estate activity, profiles people involved in any aspect of real estate from broker to developer, and keeps the content local by offering geographic ezines for each major city. For more information, contact Lee at lee@erealestateexec.com or Gary Fisher at (702) 335-5704.