As Strip Development Struggles, Downtown Mounts a Comeback
- Jun 06, 2012
With development on the Las Vegas Strip consisting mostly of makeovers these days, the market is struggling to find its groove. In a dramatic switch from the past several decades, the center of gravity for development appears to be migrating from the Strip to Downtown, where hotels, casinos, and multi-family projects are experimenting with ways to draw visitors that go beyond nostalgic charm.
While developers in the northern Strip are striving to revive stalled projects such as Echelon Place and update vintage resorts like the Sahara, downtown is focusing on brand-new, smaller developments that could in time compete for both residents and for the throngs that visit the Strip. Led by Zappos founder Tony Hseih, the Downtown Project—a $350 million revitalization program focusing on education, entrepreneurship and the arts—is gradually gaining traction. Downtown bars and restaurants figure prominently in such projects as the Commonwealth at 6th and Fremont.
On the residential front, a number of projects are taking shape. Approvals are in place for 85 townhouse units at the intersection of Charleston, Eastern and Fremont. A 14-story mixed-use building featuring 247 residential units is planned for a site at the corner of Casino Center Blvd. and Coolidge Ave., The Las Vegas Sun reports.
Image courtesy of Google Maps.