City redevelopment
When The Mirage, the first Megaresort, opened in 1989, it started a movement of people and construction away from downtown Las Vegas to the Las Vegas Strip. This resulted in a drop in tourism from which the downtown area is still trying to recover.
A concerted effort has been made by city officials to diversify the Las Vegas economy from tourism by attracting light manufacturing, banking, and other commercial interests. The lack of any state individual or corporate income tax and very simple incorporation requirements have fostered the success of this effort.
Having been late to develop an urban core of any substantial size, Las Vegas has retained very affordable real estate prices in comparison to nearby urban centers. Consequently, the city has recently enjoyed an enormous boom both in population and in tourism. However, as a New York Times series on the city reported in 2004, the median price of housing in the Las Vegas Valley is now at or above the nationwide median. The urban area has grown outward so quickly that it is beginning to run into Bureau of Land Management holdings along its edges, increasing land values enough that medium- and high-density development is beginning to occur closer to the core.
As a reflection of the city's rapid growing population, the new Chinatown of Las Vegas was constructed in the early 1990s on Spring Mountain Road. Chinatown initially consisted of only one large shopping center complex, but the area was recently expanded for new shopping centers that contain various Asian businesses.
With the Strip expansion in the 1990s, downtown Las Vegas began to suffer. The Fremont Street Experience (FSE) was built in an effort to draw tourists downtown. While greatly slowing the decline, it did not stop the decline in tourism and revenue. The multi-level Neonopolis, complete with 11 theaters (managed by Galaxy Theaters, Inc.), was built to offer more retail and services downtown. While there have been changes in ownership and management, Neonopolis has not been able to lease all the space available. As of May 2006, the property has been sold and is under new management. Renovations are under-way to revitalize Neonopolis. Look for new restaurants to open in the late summer to early fall of 2006.
In the early 2000s, some promising signs emerged for downtown Las Vegas. The city successfully lured the Internal Revenue Service to move operations from the far west of the city to a new building downtown that opened in April 2005. The IRS is expected to create a demand for additional businesses in the area, epecially in the daytime hours.
The city purchased 61 acres (247,000 m²) of property from Union Pacific Railroad in 1995 with the goal of creating something that would draw tourists and locals to the downtown area. In 2004 Las Vegas Mayor Oscar Goodman announced plans for the Union Park Development which will include residential and office high-rises, The Lou Ruvo Brain Institute, an academic medical center, The Smith Center for the Performing Arts, and a new City Hall. After failed negotiations with The Related Co. on the development of Union Park in October of 2005, San Diego-based Newland Communities was chosen by the city as the new development firm. The Newland contract calls for Dan Van Epp, Newland's regional vice president and former president of the Howard Hughes Corp., to oversee his company's work on Union Park. The Lou Ruvo Brain Institute is expected to be completed in 2007.
Along with the Union Park Development, other promising residential and office developments have begun construction around downtown Las Vegas. New condominium and hotel high rise projects have changed the entire Las Vegas skyline dramatically in recent years. Many large high-rise projects are planned for downtown Las Vegas as well as the Las Vegas Strip.
The city council of Las Vegas has agreed on zoning changes on Fremont Street, which allows bars to be closer together duplicating efforts of similar cities, like the Gaslamp Quarter of San Diego. It is expected that this change will bring more tourism and business to the downtown area.
In 2005, on a lot adjacent to the city's 61 ac (247,000 m²), the World Market Center opened. It is intended to be the nation's and possibly the world's preeminent furniture wholesale showroom and marketplace, and is meant to compete with the current furniture market capital of High Point, North Carolina.
In 2004, the city partnered with Cheetah Wireless Technologies and MeshNetwork to pilot a wide area mobile broadband system. The pilot system is installed downtown, around the Fremont Street Experience.
On October 23, 2006, plans were unveiled to build a World Jewelry Center in Downtown's Union Park. Similar to the World Market Center, the WJC will be a one stop shop for jewelry trade shows from around the world. The project proposes a 57-story, 815-foot office tower.
(Source: Wikipedia.org)
