NAIOP Breakfast brought critical honest thought to DTLV Development
This morning, Real Estate leaders in the Southern Nevada region gathered at The Orleans hotel to discuss the future of Downtown Las Vegas, as an urban core. Many concepts were tossed around between panelists about the "counterculture" of Las Vegas' history and how it has impaired traditional routes to increased density, cultural identity, and gentrification.
As the conversation got underway, discussions centered around the Arts DIstrict and the sub section of the Arts District known as "18b", as well as the ~61 acres of parcels surrounding Symphony Park. Common issues cited were that there is minimal ability to foster "less" expensive growth through adaptive reuse, because the culture of Las Vegas has always been anti-history in a way, with bulldozers and TNT leading the way into redevelopment, and therefore keeping existing stock to a minimum.
A large issue discussed was that developers are forced into ground up development, and with the current market, it doesn't "pencil". Addressing the pervasive issue of a lack of traditional industry, according to panelist Bob Beers, "We're in the counter-culture business, and that's why industry hasn't come here.."
According to the panelists, not all development efforts in the downtown region have been less than stellar, according to panelist Christina Roush, "there have been pockets of brilliance..." however "[there are] huge gaps that we've totally leapfrogged over" according to panelist Chris Gonya. Playing further into this theme, it was stated by panelist Eric Strain that Downtown Las Vegas has "Cultural Icons, but the connective tissue doesn't exist..."
The panel consisted of: Councilman Bob Beers of City of Las Vegas, Chris Gonya of Main Street Development, Christina Roush of HB Properties Investment & Development, and Eric Strain of assemblageSTUDIO.