Builders are mixing it up

It seems to be a growing trend in new communities in Las Vegas. While many builders have slowed down considerably or switched to commercial projects (has anyone been to the strip lately?  There are still cranes everywhere), there seems to be a growing trend in new projects and those that are still selling well---mixed use. Probably the most successful mixed use project to date in the Las Vegas valley is the District, located in the master planned community of Green Valley.  To be fair, it was built and sold during the boom. However, it has spawned several similar communities across the valley like Manhattan West, Sullivan Square (which also boast a LEED (green) certification), Promenade and Metreon Lofts.

Builders are able to hedge their bets by adding in retail and office space into the project. There doesn't seem to be any lack of businesses wanting commercial space in Las Vegas. Add to that the extra community value that those businesses bring to the residents, it seems like a formula for success in a slow market.

Whether or not this will be a winning formula for years to come remains to be seen. The steady stream of people moving to the Las Vegas valley has decreased slightly (still thousaands per month).  However, all of those new residents are going to need dry cleaners, coffee shops and restaurants, so I'm betting these types of projects are here to stay.-cr

 
Posted by Jacqulyn Richey - Las Vegas Real Estate on 01/04/2008 02:34 AM   Comments (6)    

6 Comments on Builders are mixing it up

Jacqulyn, I think these mixed use communities will work out good.  I guess time will tell.

01/05/2008 12:01 AM by Roberta LaRocca - REALTOR® Las Vegas (Keller Williams Realty The Marketplace)

The District was quite unique for so long.  It will be interesting in the long run to see if we can sustain!  I love the idea of these mixed use developments!

01/05/2008 10:30 AM by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)

Charles, Mixed-use seems to be the wave of the now and I think that of the future. It makes sense, and certainly does lend itself to more of a sense of community. Hope it continues.

01/10/2008 10:57 AM by Sacramento Real Estate and Luxury Homes, Assoc. Real Estate Broker,Gena Riede (Remax Gold, Assoc Broker)

    I like your blog.  It is very informative about the projects going on around vegas.  I wouldn't minding hearing more of your personal insights about the market conditions and real estate in general.  Thanks and good luck.

01/15/2008 06:51 PM by Kenneth Rolfe

I can't wait till the village just above Boca Park opens. And I am really looking forward to see how well received Sullivan Square is, once the first building and commercial goes up. I think it will transform the southwest.

01/16/2008 01:23 AM by Heather Jemison, Las Vegas & Henderson, NV (Elite Realty)

Seems like everything is going mixed use. One Las Vegas is now a mixed use project. They'll have two hotel towers on the front of the property (LV Boulevard south).

01/16/2008 02:13 PM by Jacqulyn Richey - Las Vegas Real Estate (Prudential)

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Real Estate Agent: Jacqulyn Richey - Las Vegas Real Estate (Prudential)
Jacqulyn Richey - Las Vegas Real Estate
Las Vegas, NV
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