The focal point of
downtown Las Vegas is the Fremont Street Experience. The Fremont Street Experience consists of a magnificent light show and the opportunity to fly over the crowd on a cable wire or go bowling. For tourists, it is certainly worth a visit, rather than spending all the time on the world famous Las Vegas strip. There are plenty of casinos, restaurants, and nightclubs. The other attractions in the downtown area include a wonderful outdoor outlet mall, the Children's Discovery Museum, and the Performing Arts Center.
Not everyone knows that Las Vegas strip is not actually in the city of Las Vegas. The strip built up on land outside of the city limits of Las Vegas that is part of Clark County. Even though the city of Las Vegas predated the strip, a much greater amount of development occurred on the strip than in the downtown area.
However, there was a big push, with financial and government backing, led by long-term incumbent Las Vegas Mayor Oscar Goodman who was mayor from 1999 to 2011 to invest in the city of Las Vegas. Even though Mayor Goodman retired, the redevelopment of downtown Las Vegas continues today. The new projects and the planned projects are on an interactive redevelopment map provided by the City of Las Vegas.
The line between the Las Vegas strip and the downtown part of Las Vegas occurs at the corner of Las Vegas Blvd. and Charleston. To the west of First Street is the freeway and that leads to Summerlin, which is not within the actual city limits of the city of Las Vegas. To the north of Charleston Avenue is the actual area most people consider downtown Las Vegas, which also includes the Arts District.
High-Rise Condominiums in Downtown Las Vegas
Source: photoslasvegas
High-rise condos are being built, bringing more people to the area:
- The Newport is located in the Arts District section of downtown Las Vegas at 200 Hoover Ave. This 23-story building has spectacular views of the Las Vegas strip. These are loft style condos ranging from about 1,000 to 3,000 square feet and selling for between $245,000 and $509,000.
- Soho Lofts has the address of 900 S. Las Vegas Blvd in the Arts District of downtown Las Vegas. It is sixteen stories tall and has 120 loft style units. They sell for $279,000 for a one-bedroom with two baths up to $350,000 for a two-bedroom with two baths.
The high-price condominiums in these luxurious buildings have magnificent views and offer a lifestyle well above the street level. The only thing that stalled out the development of more of these super structures in downtown Las Vegas was the lack of real estate financing that came from the worldwide economic collapse in 2006. Projects that came onboard just prior to the economic collapse and had enough funds to finance construction were completed. The few major construction projects built in downtown Las Vegas, finished construction in 2006 or 2007. They are very newly constructed and in superb condition.
The Startup Block
Source: lvrei
Tony Hsieh, who is founder and CEO of Zappos, invested $350 million to build out an area in downtown Las Vegas to create a “tech hub” as a place for startup companies to thrive. It has an interesting outdoor entertainment area surrounded by structures built from ocean containers, called “Container Park.” There are shops, shared working spaces, live/work lofts, which were all part of the “Downtown Project.”
Art District
There is the Art District for creative types that enjoy the bohemian lifestyle. Artists find inexpensive live/work spaces in the area near the intersection of Charleston and Main. These even sometimes double as art gallery spaces, especially the two story buildings that have a storefront on the first floor. For those looking for retro clothes, there is a terrific secondhand store called Buffalo Exchange located at 1290 S. Main St. that is worth a visit.
This area has a great street party every month called “First Friday.” Yes, this means it is on the first Friday of each month to make it easy to remember when the party is happening. Approximately, 20,000 people have a terrific time at this event every month.
Houses are Bargains in Downtown Las Vegas
Source: lvmodernhomes
The one thing good to be said about downtown Las Vegas is the prices of the houses are much less (about half) when compared to the more prestigious neighborhoods of Las Vegas. A decent home with two bedrooms and one bath will price out somewhere near US$100,000. Compare that to the median price of a home in Las Vegas of US$195,000.
Downtown Las Vegas Demographics
- The main employers for all of Las Vegas are the casinos and the construction industry
- In the downtown area, over ten thousand people earn less than $30,000 per year
- About five thousand people earn $30k to $75k per year
- Only just a few more than one thousand earn more than US$75,000 per year
- 78% rent the property, home, or apartment
- 84% pay less than $600 per month rent
Conclusion
Source: theatlantic
Downtown Las Vegas continues to undergo a renaissance. It is possible that increased redevelopment efforts will start again as America’s economy rebounds and financing for major construction projects in this area becomes more available. Right now, downtown Las Vegas is an eclectic mixture that shows in wide range of the home and condominium prices.
