URBAN UPDATE

Las Vegas has been heralded as a model of how declining, older U.S. cities can be revitalized. The economic development strategy has hinged on the creation of a "good business climate" and the linchpin of the strategy has been the redevelopment of downtown into the "corporate center" of a new Las Vegas economy based on advanced services and tourism.

Even though the media is hyping the Las Vegas transformation, other tools that measure social and economic trends suggest that that the way business is developing and the growth of the entertainment industry have done little to increase prosperity. It has actually caused growth to be uneven and split the city.

Las Vegas has become two cities: a city of developers, suburban professionals, and "back-to-the-city” gentry who have ridden the downtown revival to handsome profits, good jobs, and conspicuous consumption; and a city of impoverished and displaced manufacturing workers, who continue to suffer from shrinking economic opportunities, declining public services, and neighborhood distress.

Face it, we’re three towns in one valley: a tourist destination with world-wide name recognition and surrealistic Real Estate prices for Strip condos; a suburban mecca where the masses live, work and play as in any other city; and the nostalgic—yet ever-increasing—business and government sector known as downtown Las Vegas. This last area has more than $20 billion in redevelopment plans for economic growth and commerce revitalization to increase the tax base, and unbelieveably, none of it is for large gaming casinos and hotels. If more people knew that, downtown’s redevelopment would have already been completed.

Since this fact gets lost in all the daily glamour (and negative media) surrounding this town, I’ve asked several businesses and developers who have an impact on the economic and visual landscape of downtown Las Vegas an interesting question. They’ve gambled their future on downtown, and we want to share their vision of the good things to come based upon their vested interest in making their fortunes in this part of town.

Q: In opening a business or in making the decision to develop Real Estate in downtown Las Vegas, how do you anticipate your organization’s influence on the dynamic urban economy, and what significant changes do you foresee taking place in the near future in this urban environment?

John Eisle, Sales Manager for juhl, says “The community of juhl, developed by CityMark, will not only change the face of the city but the very pulse and culture of our distinct urban neighborhood. Our buyers are truly seeking to live, work and play in downtown Las Vegas. This infusion of social and demographic change will spawn new business as the evolving influx creates demand for new products and services. In the coming years, we will see increased fine dining, grocery elements, and a host of lifestyle convenience-based businesses that will underscore the reality of vibrant, successful urban living.”

Another downtown Real Estate project is the Streamline Tower high-rise towering over Las Vegas Boulevard and Fremont Street. This building is set to close by month’s end and will have a great impact on bringing new residents downtown to enjoy all the amenities the community has to offer.

Jordan Wiessen is the Manager of Triple George Grill and Sidebar located on 3rd Street by Ogden. Both are managed by CIM Group, a major investor in urban Real Estate. Jordan says, “The involvement of CIM in the downtown area and the soon-to-be-announced future plans of 3rd Street will make an everlasting impact on the way business is conducted downtown. From a renovated Lady Luck Casino and adjacent parking garage, to high-end shops along the newly named 3rd Street Promenade, tourists and primary residents will see a remarkable shift in the entertainment and economic value provided to them. Expect to see hardhats early this summer.”

I’d also like to introduce a company moving downtown to 4th and Bridger in August. The White House Multimedia Center, known for its unique style, service, special events, and computer-based training venues, is relocating to the heart of downtown Las Vegas. They will host special events and bring a strong presence downtown with their newly renovated 30,000-square-foot building. Melanie Bash, director of MEET Las Vegas, says, “Large, Fortune 1000 companies who utilize our venue will see the downtown environment, economic improvements, entertainment value and investment potential and take those experiences home with them.”

Dan Maddux is executive director of American Payroll Association, the parent corporation of Nevada Properties Inc, MEET Las Vegas and The White House.

According to Dan, “MEET Las Vegas, our new state-of-the-art, multimedia event and exhibition center, is positioned in downtown Las Vegas for many reasons. After experiencing great success with The White House—our computer-based training center previously located behind the Las Vegas Convention Center—we decided that the best location to continue the success of our training center and embark on our new frontier is downtown Las Vegas.

“The new White House training center will continue to provide the latest in computer-based training on the 3rd floor of MEET Las Vegas. MEET will be a fantastic new addition serving to enhance the vibe and ambiance of our future downtown, hosting unique events and exhibitions in a facility that provides more flexibility and interior and exterior branding opportunities than Las Vegas has ever seen. When I describe the near future of downtown to others and the impact MEET will have on its evolution, downtown San Diego springs to mind—an area teeming with dynamic energy and a self-contained environment in which to live, work, vacation, entertain, educate, and do business; a walk-able downtown and arts district rich with culture, convenience, history, and a heartbeat."

We wish them great success and foresee MEET LV as a partner in making downtown Las Vegas a first-class business destination.

There will be many more exciting changes taking place throughout 2008, so please notify us of any interesting news, partnerships, leases or proposals so we can keep everyone posted.

Gary Fisher’s broker experience is derived from his 15 years of business management in manufacturing and Internet technology. His first Internet company in 1999 evolved into Internet advertising/marketing strategies for Real Estate where he learned the ropes through training hundreds of successful brokers and agents. Gary believes communication and customer service is still No. 1. To discuss Real Estate, market opportunities, business development, relocation or property management, please contact him at (702) 335-5704.