Las Vegas MSA
A look at the economic factors that impact the Las Vegas apartment market.
Las Vegas Raiders Stadium
Applications have been filed with the U.S. Patent and Trademark Office to trademark the name “Las Vegas Raiders” on August 20, 2016. Applying for those marks doesn’t mean the Raiders will be moving but it’s part of the work that they need to do to be ready to make such a move.
Another facet is building them a stadium. The cost for the 65,000-seat domed stadium was set at $1.9 billion, and the development team consisting of Las Vegas Sands Corp., Majestic Realty and the Raiders identified land west of Interstate 15 and north of Russell Road as the preferred site.
Expect 15,000 new jobs when the move is all said and done.
Fremont Street Development
The owners of the D Las Vegas and Golden Gate properties in downtown Las Vegas have announced a new hotel-casino slated to be built at the western end of the Fremont Street Experience canopy. The project, currently unnamed, will be erected on land from two small casinos and Glitter Gulch adult entertainment. Although many prominent downtown casinos have received face-lifts, this is the first new development in the area in decades.
Since it opened in 2014, Downtown Summerlin has been a success, and now we are ready for the area around it to expand.
“It’s only the beginning, the rest of Downtown Summerlin will be another 180 acres of high-density urban environment. There could be 10,000 people living in urban homes there,” said Tom Warden, Howard Hughes Corporation. “This [surrounding] area is going to feature more than 4,000 urban dwelling units, none of them single family detached homes.”
In July 2016, Faraday Future got the green light this week to start moving dirt on its $1 billion, 900 acre factory within the Apex Industrial Complex in North Las Vegas, coming in about a month behind the company’s self-imposed schedule.
The company is planning to build a 3 million-square-foot plant to manufacture electric vehicles State lawmakers held a special session last year to approve $215 million in tax incentives to lure Faraday to Nevada.
The facility is expected to house 4,500 full-time employees, at least half of whom must be Nevada residents, as part of an agreement reached with the city….”
In January 2014, the city of Henderson completed the sale of 158 acres to developer Union Village LLC. The $1.6 billion, 228-acre master-planned, mixed-use project in Henderson will be an integrated health village, including a hospital complex, retail space, medical offices, senior residences, entertainment venues, and more. The initial phase will include a Valley Health System acute-care hospital that will anchor the development.
The project will create more than 17,000 jobs, both directly and indirectly, and generate more than $158 million in tax revenue. Construction is slated to begin in 2015 and is scheduled for completion by 2022.
UNLV Harry Reid Research Park
The UNLV Harry Reid Research and Technology Park (Park) is a fully master planned business, research and technology community consisting of 122 gross acres near the intersection of Sunset Road and Durango Road in Las Vegas. Owned by the UNLV Research Foundation (UNLVRF) since June 2005, the Park has been approved by Clark County, Nevada as a high impact project consisting of up to 3.5 million gross square feet of buildings, and all Clark County entitlements are approved.
Economic analysis indicates that if 3.5 million gross square feet are developed, it could result in an economic expansion of as many as 25,000 new jobs and as much as $2.6 billion in direct and indirect economic effect to Las Vegas. As the sole beneficiary of the Park, the UNLVRF will use Park earnings to further research, scholarship and creative activity at UNLV.
U.S. 95 Northwest: Corridor Improvements
NDOT is undertaking a multi-year, multi-phase $290 million upgrade of U.S. 95 through northwest Las Vegas that began in 2010 extending from Washington Avenue to Kyle Canyon Road. Currently, the last phase of construction is scheduled to finish in 2029.
The south flyover is a significant highlight of the projected dubbed the Centennial Bowl. The $47 million project also includes upgrades that consist of storm drainage, new signs, lighting, and landscaping. The project will finish in the spring of 2017.
Wynn’s ‘Paradise Park’
Steve Wynn revealed plans in April 2016 for a 38-acre lagoon attraction with 1,000 room hotel tower, small casino, restaurants, nightlife and meeting spaces that could open in 2020. This estimated $1.5-billion project will largely function as a water lagoon attraction including a white sand beach, boardwalk, and an island. Water skiing, parasailing, and paddle boarding during the day, with a fireworks display at night is what a guest might expect to enjoy while at the park.
New Summerlin Neighborhoods
That option for smaller and more affordable housing will be in contrast to what happens on most of the other, more valuable, land in Summerlin that’s situated in higher evaluations, some as high as 4,500 feet. Six of the neighborhoods to open in 2017 are in the Cliffs and one is in the Ridges.
“We’re out of the flat land, and now we’re going up a hill,” Orrock said. “The topography is going to be more dynamic than it was in the first part of Summerlin.”
More than 60 lots at the exclusive Summit Club, a 550-acre joint venture with Discovery Land Co., have been sold in 2016, with an average price of $3.2 million. The Tom Fazio-designed golf course is expected to be completed in February. The first of the multimillion-dollar homes could be completed by the end of 2017.
Villages at Tule Springs
The roughly 2,000-acre Villages at Tule Springs housing development is expected to break ground later this month and pour $3.3 billion into the local economy over the next 15 to 20 years.
The Villages at Tule Springs is the largest master-planned community in North Las Vegas since the start of the recession. It will have more than 8,600 homes, including 2,000 reserved for adults 55 and older.
Over 15 to 20 years, the housing development is expected to create 24,000 jobs, including construction and sales positions, according to Gina Gavan, North Las Vegas director of economic development.
Cadence in Henderson, Nevada
Cadence is a Henderson Master Planned Community located along E Lake Mead Parkway. This community contains over 2,000 acres of housing, parks, paths, and open space. Actually, 450 of the 2,200 acres are dedicated to parks, bike share program and open spaces for residents of the community to enjoy. When Cadence is completely finished, a process that may take another 15-20 years, it is estimated to home over 30,000 residents and 9 communities.
Mountain’s Edge is a beautiful 3,000 acre neighborhood on the Southwest side of the city developed by Focus Commercial Group. About 500 acres of open space are featured within the community, which will comprise about 12,500 residences from more than 20 builders at build out. The first model homes opened in 2005.
Amenities include neighborhood parks, as well as a clubhouse with two swimming pools, a spa, kitchen, party room, basketball court, playground, workout areas and barbecue facilities. Mountain’s Edge encompasses much of the Las Vegas Valley’s historical elements because of its proximity to the Old Spanish Trail.
The unfinished casino will be sold in 2016 say the executives involved in the deal. The owner of the giant Mohegan Sun, the Mohegan Tribal Gaming Authority, is interested in purchasing a Las Vegas casino property. Carl Icahn has been sitting on the property since buying it out of bankruptcy for $150 million. Icahn wants to sell it for around $650 million.
Global Business District
The Las Vegas Convention Center District is not just an expansion of the existing Convention Center, but also a re-imagination of the space, being a place for business 365 days of the year. It imagines a distinct area designed to do business and bring the Las Vegas Convention Center decades ahead of the competition.
Currently, the Las Vegas Convention Center is at capacity. The LVCVA is not able to grow current trade shows or attract new shows to the destination. Other convention cities have more physical space and more space to grow and are doing just that. They are working to attract trade shows from Las Vegas to their destinations. With the Las Vegas Convention Center District, the LVCVA would expand the facility by 600,000 square feet and could attract 610,000 additional convention visitors per year worth $810 million in incremental annual economic impact.
When the project is complete, the resulting increase in economic activity could generate an estimated incremental economic impact of nearly $4 billion over the next 10 years.
NHL practice Facility
A hockey practice facility for the NHL’s Vegas Golden Knights, an expansion franchise that will start play next fall, is under construction and will open near Red Rock Resort. Talks stalled in 2016 with Clark County for financing a new minor league baseball stadium in Summerlin for the Las Vegas 51s. Howard Hughes Corp. owns half of the team.
“There are ongoing discussions,” Orrock said. “It’s a public-private enterprise. We hope that the baseball team will have a new home at some point.
The co-location of a minor league baseball stadium and hockey facility would be tremendous.”
Known as Hyperloop One Metalworks, the 105,000 sq ft (9,755 sq m) tooling and fabrication plant is located in North Las Vegas, not far from the company’s existing test track. According to the company, the facility will house engineers, machinists and welders. They will be tasked with building and testing components going into DevLoop, which is a full-system Hyperloop prototype due for completion in 2017.
Henderson Tourism Growth
More than 290,000 people now call Henderson their home. With award-winning, master-planned communities and numerous housing options, Henderson provides an outstanding quality of life that has become synonymous with the City. Henderson is the only full-service city in Southern Nevada, meaning that the City has dedicated police, fire, water, and sewer services to more efficiently serve its residents.
The Henderson County Tourism Development Authority saw growth within the industry during 2016, with such additions as the Flat Rock Ciderworks tasting room on Main Street, Blue Ghost Brewing Company in Fletcher and Cascades Mountain Resort, just to name a few. Three new hotels broke ground and are already under construction in Henderson County — Holiday Inn & Suites, Fairfield Inn and Wingate Airport.