DECEMBER 20170 businesstraveller.comne str ve l r. m46
LAS VEGAS
ABOVE :
Downtown
street artand businesses that Tony Hsieh created, and fell in love
with the storyline. As a developer, I take the most pride
in creating opportunities and jobs for people, so the first
area of Downtown I invested in was an old shopping
centreoffofCharlestonandMarylandParkway,
whichisnearHuntridgeTheatre–aplaceIgrewup
seeing concerts in. I’ve since purchased two additional
properties off of Maryland and Bonneville,
and another at 630 S 11th Street.”
He continues: “Over the years, I’ve
witnessed Downtown Las Vegas go through
several different stages, but this is the first
timethatIfeelitisinthisrenaissanceera,
where all of the developers involved have a
love for architecture and a desire to preserve
whatusedtobe.Thetenantsthatoccupy
the now renovated Huntridge shopping
centre have all rallied to incorporate old
neon signs on their store fronts to capture the original
Vegas; so you’ll see a Wing Stop, Circle K and
Savers, all with neon lights. Normally, the
consensus is against developers doing any type
of renovation, but in this instance, not only
are the neighbourhood and elected officials
behind what we’re doing, but the whole city is
pulling for us.”STATE OF THE ART
Close to the DTP, another area that is being developed
is the low-rise 18b Arts District. I visit the VelveteenRabbit bar on S Main Street, which is also known as
“Antique Alley” for its quirky vintage stores and thrift
shops. During the course of a cocktail-making workshop,
co-owners and sisters Pamela and Christina Dylag tell
me how they launched their business. “We took over this
building four-and-a-half years ago after it had been in a
fire. We had to replace the roof and there was no front
wall,” says Christina. “It was an upholstery shop, which is
why the whole thing went up,” explains Pamela.
Christinasays:“Peoplethoughtwewerecrazyfor
opening here but we saw the potential and the city was
incentivising people to open in this area by waiving the
liquor licence fees. We got some grants from the city
too. Since then, things have really gained momentum.
This whole area has changed dramatically over the
last few years – you can see major construction going
on.It’sreallycool.”Oneofthebiggestinvestorsin
this neighbourhood is LA-based developer Jonathan
Kermani. The 18-block site already has a cluster of artist
studios, galleries and warehouses on and around East
Charleston Boulevard (the Arts Factory and Art Square
are the most established).
Jason Thompson, deputy director of the Economic
andUrbanDevelopmentdepartmentfortheCityofLas
Vegas, says: “Vegas was very much in expansion mode,
especially in the real-estate sector, from 2004 to 2007,
when new home sales went from 4,000 a year to 40,000.
When the ‘Great Depression’ hit in 2008, Vegas was
as hard hit as any city in the US. Development halted
until 2012. Since then, we have seen the market recover
and Downtown has seen a huge resurgence. We are even
pitching for Amazon to open their new HQ here.”
While most of the development taking place in
Downtown is privately funded, the City of Las Vegas
also has a master plan. “Vision 2045”, as it is known,
claims to be “the most ambitious planning document
crafted by the city since its inception in 1905”. It
describes a future Downtown that will become “the
cultural and economic hub of the region” and “a
network of neighbourhoods that will enjoy the highest
quality of life, built on the legacy and energ y of local
culture, green infrastructure, education, and a robust
and diversified economy”. It says that start-ups and local
entrepreneurs will be able to take advantage of incubator
space, and there will be tax incentives to get new
businesses off the ground.
Over the next 25 years, Downtown hopes to have
carved out nine hectares of parks and plazas with
hundreds of young trees. Bike paths and walking trails
will be increased seven-fold and 16,000 new jobs will
have been generated. It will also be looking to implement
“smart city” innovations such as coordinated IT and
wayfinding systems for traffic and parking management,
while 50 per cent of its energ y will come from renewable
sources. If it continues on this trajectory, life will be
beautiful. Viva Las Vegas.BT
lvcva.com, visitlasvegas.com,
downtownproject.comDowntown hopes
to carve out nine
hectares of parks and
plazas with hundreds
of young trees