The year 2012 was a good year for the downtown area of Las Vegas. It has been reported that the area brought in some $754 million in both private and public projects that actually came about and some $355 million in new developments are now under construction. These new projects are scheduled to be completed sometime in 2013.
Keep in mind that downtown Las Vegas does not include the world famous Las Vegas Strip. In fact, downtown is located a few miles to the north of the strip. It is where the $485 million performing arts center is located as well as the new city hall and two impressive museums are there as well. And of course there are tons of stores and new businesses in the area as well.
According to reports, some 57 projects were wither completed, are currently under construction or will be upgraded in the area during 2013. This new energy was brought about through years of strategic redevelopment efforts that now seem to be paying off.
According to the mayor of Las Vegas, Carolyn G. Goodman, the new redevelopment progress has been able to help downtown to reinvent itself into one of the region’s most impressive communities. Planned for this year are the Zappos $40 million upgrades and renovations to the once Las Vegas City Hall. The upgrade is expected to be able to accommodate 1200 employees of the company. Also, there is the $56 million Discovery Children’s Museum that is currently scheduled to swing open its doors sometime this spring. And there is also the old Lady Luck Hotel and Casino and its estimated $100 million in renovation. It will reopen as the Downtown Grand Hotel and Casino sometime in late 2013. The old Travelodge is being repurposed and will become a temporary housing as well as a new resource center for local vets.
It was also reported that Zappos CEO, Tony Hsieh, is planning to invest an estimated $350 million into the area as venture capital for startup companies. Some of the money, his own by the way, will also be used for community improvements.
Any city would be proud of these numbers. All of this new work has brought about some 5200 construction jobs and another 1500 jobs that are permanent. As of right now, there are over 1700 construction workers who are working on various projects which, once completed, will bring in over 1900 permanent jobs.
It has also been reported that many younger families, as well as professionals have been working hard and are contributing to the area’s growing population. These individuals are now moving into apartments, high-rises, and are also making improvements to the downtown neighborhoods. This area is known for its unique homes, many of which were built back during the 50s and 60s.
Also, the downtown high-rise buildings, which a few years ago suffered with low occupancy rates of less 40 percent, have now filled up and are very near to being completely occupied. Yes, 2012 has been a very good year for downtown Vegas.