Las Vegas continues on its economic boom. Each week we hear of a new project taking shape, adding to the local economy. Las Vegas is expanding – attracting new residents, businesses and high profile projects. The initial investments total into the billions. The residual will impact the local economy for years to come. Here are some noteworthy projects that are in process or planned.
The Drew (formerly the Fountainbleu)
Located on the north end of the Las Vegas Strip sits a nearly 70 story unfinished tower, a symbol of the great recession. After trading hands in the recent years, reports are circulating that the owners of what is now known as “The Drew” are close to securing financing in order to finish this huge project. Though from the exterior the tower appears to be somewhat finished, there is much to be done inside and around the property. The project is anticipated for completion in about 3 years. Once finished, it will be a spectacular tower that will add life to the north end of the strip. As it stands currently, it will be the tallest building in Nevada outside of the Stratosphere Tower.
Resorts World Las Vegas
This multi-billion dollar resort, sitting across from the Wynn Las Vegas, has taken shape after sitting dormant for a few years. This luxury resort will feature some 3500 rooms, a 5000 seat theater, pool and spa complex and be the most expensive resort to be built in Las Vegas. It will add a tremendous economic impact to Las Vegas.
Wynn Convention Center
Wynn Las Vegas recently opened their expansion to the Wynn Convention Center. At over $400 million in cost to complete, it sits close to the golf course and offers extraordinary views to those gathered for conventions. The extra convention space is sure to attract more business to the Wynn, but also to the city, adding to its economic impact.
Other Convention Spaces to Open
Ceasars and The World Market Center are also in the middle of adding convention space to their existing facilities. Caesars is scheduled ahead of the World Market Center. However, both new convention facilities will add nearly 1 million square feet of new gathering space in Las Vegas, paving the way for additional business ventures.
New AHL Arena
The Vegas Golden Knights have pursued a new arena for their AHL affiliate to be located in Henderson (off Green Valley Parkway). This new arena will allow a designated facility for the AHL. This is in addition to the new Henderson Community Ice Hockey Facility that is currently under construction.
Raiders Practice Facility
In addition to Allegiant Stadium, the Raiders are in the process of constructing their practice facility in Henderson. It will feature 3 practice fields, theater, cafe and a three story building. It is located close to St Rose Parkway and the Henderson Executive Airport. The cost is estimated at under 100 million dollars and construction should be completed by the time the next NFL season begins.
New Google Data Center
Google is in the process of constructing a $600 million data center in Henderson which will employ a number of people in a variety of different roles.
A recent announcement was made to construct a new hotel on the south side of the Las Vegas Strip. It will feature luxury amenities, 450 rooms and a pool complex. It will add an economic boost to the far south end of the Las Vegas strip and the businesses that surround it.
Virgin Train Station
As plans appear to progress on linking California with a high speed rail from Las Vegas, it was announced that a nearly 300,000 square foot train station will be constructed south of the Las Vegas Strip. It would feature ticketing areas, shopping and office space. This along with the rail connecting California is sure to bring an economic impact as more people can reach Las Vegas in a shorter time – 90 minutes.
In recent years, Las Vegas has materialized many projects and visions that for many years seemed out of reach. As Las Vegas continues to grow as more than just an entertainment mecca, it will attract new businesses and ventures that which will lead to continued economic progress.
Contributed by Nicklin Property Management.