Welcome to the debut of Urban Update, the column that will discuss Las Vegas' downtown area. This month I want to share with you a residential high-rise project I feel has been one of Las Vegas' best-kept secrets-Streamline Tower. In spite of its 21 stories now towering above the north end of Las Vegas Boulevard, many people still have yet to see the value of the ground-floor opportunity this property presents.
What's the oldest rule in real estate? People buy based first and foremost on location, location, location. At the crossroads of the two most recognized streets in Las Vegas-Las Vegas Boulevard and Fremont Street-Streamline Tower has the downtown competition beat tenfold. With the recent grand opening of Fremont Street East-the center of the new entertainment district- residents at Streamline Tower are steps from dining, entertainment and all of the services the city-dweller expects.
Like the Gaslamp District in San Diego 10 years ago, this area is still in its infancy. The area is undergoing an $18 billion revitalization effort, which will completely change the landscape (not to mention property values) of the new downtown. Take a look at any other major U.S. city where the urban core has undergone even a fraction of this combination of public and private investment and see what this has done for property values. Location, timing and opportunity have all come together to make this possibly the best high-rise investment available in years. We've all heard the stories of buyers with foresight (or just plain luck) who purchased for pennies on the dollar-based on today's values-in lower Manhattan, or San Diego's Gaslamp, or Denver's LoDo, Austin's Sixth Street, Portland's Pearl District, and the list goes on.
So what does this mean to us as local Real Estate agents? Do we sit skeptically on the sidelines waiting to see what happens downtown? The answer is an emphatic "no." As to the revival of downtown, it's not a matter of if, but when. We are at the start of a wave that will create a massive amount of wealth for those who jump in now. If we take our lessons from history, it is easy to see the once-in-a-lifetime opportunity we have at our doorstep. It is our job as active professionals in this business to educate ourselves and our clients and to provide them the tools they need to make an informed decision. Given all of the information, the decision is an easy one.
Streamline Tower is scheduled for completion during the first quarter of 2008. This eliminates a lot of the usual risk from the perspective of the agent as well as the buyer. No need to roll the dice as to the feasibility of the project, the safety of your buyer's earnest money deposit, not to mention the commission earned by the agent. The property features 275 beautifully appointed one-, two- and three-bedroom floor plans (some with studies) priced between $500,000 and over $1.3 million. With rising construction costs, it is unlikely that a similar project could be built and offered for anywhere near these prices, especially when you look at the upgrades and amenities being offered. Residents will be able to exercise in a state-of-the-art fitness center, party in a private clubhouse, relax at the rooftop pool and sun terrace, all while enjoying fantastic strip views. They will have access to concierge services, valet and security, as well as 12,000 square feet of ground-floor retail space. The retail space has received a high level of interest from prospective tenants including a European-style market, a coffeehouse, a dry cleaner and a smoothie joint, just to mention a few. Interest is currently being sought for a restaurant or entertainment venue in the anchor space.
The interiors of this property are equally impressive. An extremely attractive feature of the property is that all residences are offered with upgrades that have been incorporated into the current pricing. Imported granite, tile and custom cabinetry, as well as upgraded carpeting and hardwood flooring, give each residence a luxurious feel. From fixtures to lighting to oversized baseboards, no detail has been spared in the effort to offer owners an atmosphere of understated opulence.
Projections have been prepared by and are available through Executive Locations for estimated income and expenses associated with the rental program, and they look very promising. The lifting of the typical six- or 12-month minimum on rentals opens the door for various options. The corporate buyer can utilize their residence as needed and yet offset carrying costs by renting it out when not in use. Snowbirds can spend the winter in Vegas and put their property into the rental program over the summer. And the investor has the potential to command a higher rent by offering a furnished residence on a weekly or monthly basis. The possibilities are endless and the restrictions few.
Please feel free to contact us with questions about this or any other downtown project. We schedule private tours and presentations on downtown development and am happy to offer the local Real Estate community tools to assist in selling downtown.
Streamline Tower is located at 150 N. Las Vegas Blvd. (702) 335-5704
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