For those in Las Vegas construction, and related fields the past 6 years have taken their toll. Financially and emotionally, it has been a rough ride. Prior to 2008 our economy was the strongest in the country year after year. The Vegas Valley led in development projects spawned by the highest population growth in the nation. Then it all came to an end. In a blink of an eye the statistics changed and the Las Vegas Real Estate market took the lead in unemployment and foreclosures.
Today, in 2014 we feel the worst is behind us. The sensation of excitement in the construction industry is back. The steel skeletons that have dotted our skyline are getting completed and houses are being built again. Vegas is back baby! Maybe not as robust as before, but good enough to lift our heads again.
Here are a few of the Developments that are boosting the Vegas economy:
Downtown Summerlin: A major project in the Master Planned community that stalled for many years due to the recession has finally been completed. The 1.6 million square foot urban entertainment center with more than 80 shops and restaurants is a hit with locals and tourists from around the world.
The MGM - AEG Arena: The Las Vegas Valley has been in great need of a new and larger sporting arena. A partnership of MGM Resorts and Anschutz Entertainment Group is filling this need. Currently under construction is the 20,000 seat 375 million dollar arena on 14.5 acres behind the New York New York resort. The project is slated to open in 2016 and will provide an excellent venue for major sporting events.
The LINQ Hotel & Casino: The skyline of Las Vegas has changed forever with the addition of High Roller as part of the Link Hotel & Casino. The tallest observation wheel at 550 feet, it is the headline attraction of LINQ’s outdoor shopping, dining and entertainment promenade. Not since the opening of the Stratosphere has the night skyline seen such a unique addition.
Cadence: The Las Vegas Valley has been home to some of the biggest and most beautiful master planned communities in the country. Unfortunately, the recession decimated the existing ones and halted groundbreaking on any new communities, until now. Say hello to Cadence, the first major post-recession master planned community encompassing 2200 acres in the City of Henderson, Nevada. This is a welcome addition to valley and it is also great to see the resurgence of the long struggling 1,500 acre Inspirada master planned community - also in Henderson, Nevada.
If you are interested in starting your own project or invest in an existing one, contact the professionals at First Federal Realty De Simone for investment opportunities or joint venture partnerships.