Category Archive : Area Living

LAS VEGAS, NV – Ground has officially broken and construction is underway on the first of at least 12 buildings that will encompass the Harry Reid Research and Technology Park at the University of Nevada, Las Vegas (UNLV), a $30 million project that the university says should generate as many as 25,000 jobs once it has been completed.

The first building, is expected to be completed next spring and is slated to come in at four stories and take up approximately 115,000-square feet. Developers working on the project are still in the process of finalizing when the entire twelve-building park will be completed, which is slated to consist of as many as 12-15 buildings with up to 1.5 million square feet of office space. The university anticipates that the facility will attract numerous technology businesses to the Las Vegas region.

Located adjacent to Durango Drive and the 215 Beltway, UNLV acquired the 122-acre property for the park in 2005 but was forced to delay construction efforts until now due to financial hardships brought on by the recession. Once completed, the park will offer UNLV students ample facilities to conduct research and engage in business and economic development projects; in addition, the park will also have space available for numerous businesses and partners, although who these specific enterprises are have yet to be divulged.

One complete and fully operational and with full occupancy, the par is expected to provide a vast array of employment opportunities for local residents and boast of an anticipated economic impact upon Las Vegas in the neighborhood of $2.6 billion. UNLV, considered a research university, has stated their goal as becoming a notable research institute and indents to pour approximately $120 a year into their efforts by 2025, focusing on research into technology and increasing the number of patent applications they submit on an annual basis.

The initial building currently under construction is known as an “innovation building,” and will feature offices, research space and lab space, in addition to amenities such as a basketball court and electric vehicle charging stations. UNLV and a corporate sponsor – to be announced in the near future – will be situated on the top two floors of the four-story building, with the bottom two floors being made available to businesses to lease.

Tenants are currently being sought and will be announced once signed, UNLV officials said.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – The Las Vegas Convention and Visitors Authority has filed a rezoning request and noise ordinance waiver with the Clark County Board of County Commissioners as part of their plan to accelerate progress on the Las Vegas Convention Center expansion, a project that officials say is vital as the current facility is at maximum capacity.

If the Convention and Visitors Authority have their way, construction on the $1.4 billion project would be carried out 24 hours a day, seven days a week. This would include from 10 p.m. to 6 a.m., a period of time during which work is usually not allowed due to the impact of noise upon the local populace.

The expansion is slated to add 1.44 million square feet of space to the convention center, which will be built upon the adjacent property of the former Riviera and Landmark hotels. As of now, the project is expected to be finished by the close of 2020, with the goal being to host the 2021 International Consumer Electronics Show, an annual event scheduled to take place in January of 2021.

In its current form, Convention and Visitors Authority members stated, the convention center is unable to grow and evolve to better serve the may trade shows, conventions, and special events that take place in Las Vegas on a regular basis. Given the increased growth in the local economy and job market in the last few years, more and more exhibitors are seeking out the city to hold events, and due to that fact, the convention center desperately needs to expand in order to meet the ongoing demand.

The expanded facilities of the convention center will take the form of a three-story building with the first floor encompassing exhibition halls, a main lobby, a food court, kitchen, office space, and storage; the remaining two floors will house meeting and conference rooms, support spaces, and roof-based 25,000-square-foot outdoor terrace that can host a number of different events, a feature that members of the Convention and Visitors Authority are reportedly quite excited about.

The expansion is also subject to a Federal Aviation Administration review to ensure that its proposed height does not interfere with air traffic in and out of McCarran International Airport. Other uses for the expanded convention center are to include food carts, restaurant and bar facilities, and retail sales, as well as live entertainment, among other uses.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – The Las Vegas real estate market is in high gear and showing no signs of slowing down; however, while the sales of property, both private and for business purposes remains at a level not seen in the region in over a decade and focus on the type of property is in a constant state of flux. While sales of single-family homes remain in the lead by far, recently an uptick has been seen in condominium and townhouse sales, proving that when it comes to homes of any type in Las Vegas, if you build it, they will come.

In June of 2018, Clark County saw yet another increase in home purchases to the tune of 944 home sales, representing an increase of nearly 12 percent over June of 2017; for the year to date, that comes to 5,156 home sales in total, a jump of 19.4 percent from year-to-year. According to reports, however, experts noted that a larger-than-usual number of those sales were comprised of condos and townhouses, illustrating a larger than usual jump when compared to recent figures.

Condo and townhouse sales represented a total of 11 percent of the new home sales during June of 2018, a total of 3 percent over the same period in 2017; June’s home sales median price came to $379,648, an increase of 11.9 percent year-to-year.

Sales numbers are expected to increase going forward, and construction of these types of dwellings are expected to increase in response; communities in particular that are expected to see additional options in terms of condos and townhouses are those set in Henderson, including Tuscany and Cadence, as well as Valley Vista in North Las Vegas.

Competition for affordable housing in Las Vegas has reached a fever pitch over the course of the last year, with the booming economy and job market attracting numerous businesses and newly-transplanted residents, all set on taking advantage of Southern Nevada’s low cost of living. However, the demand for housing for new arrivals to the region has seen home prices swell, especially as demand continues to outstrip supply by a wide margin.

Builders have struggled to keep up, and the latest numbers suggest they are finally beginning to get a foothold; the number of building permits issued in June of 2018 was 946 – bringing this years total up to 6,106 – a dip of 8.6 percent from the same period last year, but a year-to-year jump of 30 percent. With those numbers, experts predict that Las Vegas is on-pace to see over 12,000 building permits issued by the end of 2018.

Considering relocating to Vegas? Give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – In an effort to address the ongoing housing crisis in Las Vegas, builders have been attempting to ramp up their efforts in erecting new homes and apartment complexes to meet the ever-growing demands in Southern Nevada as the local economy improves. The situation is ushering in new investors, companies, tourism, and – most importantly – newly-transplanted residents keen to take advantage of Vegas’ thriving job market, and as a result living options are scarce and prices are skyrocketing.

Builders are seeing progress in their efforts to balance local real estate scales, as four towns in Las Vegas are ranked in the two 20 in the United States in terms of builder sales for 2018, according to reports.

The numbers for local builders are also impressive, and clearly speak for themselves; as of the end of June, sales in Summerlin were ranked as the third highest in the nation among master-planned communities at 772 homes sold, representing a jump of 64 percent over a one year prior. Inspirada – a master-planned community located within Henderson – comes in eighth in the U.S. with a 21 percent increase from 2017, boasting 475 homes purchased. Another Henderson-based community, Cadence, ranks 12th with 334 homes sold, an increase of 45 percent. Finally, coming in at 17th in the nation is Skye Canyon with 284 homes purchased; currently, it is not known home much of an increase this is over the previous year’s sales for this community, which is located in the northwest Las Vegas valley.

Due to a the current lack of housing options on the market, most available homes and apartments are being snapped up, and landlords and sellers in the region are taking advantage of demand by charging – and receiving – premium prices. Initially, builders appeared ill-equipped to handle the production of additional housing units to appease demand, in-part contributing to the cutthroat sales environment holding Vegas in its grasp. However, these new sales figures suggest that builders are finally hitting their stride and will hopefully continue to deliver adequate amounts of new residences to the point that prices begin to stabilize and eventually subside to a degree.

But in the meantime, housing in Las Vegas will still be on a first-come, first-served basis for the foreseeable future, and buyers will find themselves paying through the nose more often than not…bearing in mind that housing prices in Las Vegas – as well as the overall cost of living – still remain below the national average, especially when compared to neighbouring markets such as California, where the cost of living is driving more and more residents out-of-state and into more affordable regions, such as Nevada.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV –  According to reports, a light-rail system set along the Maryland Parkway corridor is currently being mulled over by Clark County city officials; if brought to fruition, the project would connect the downtown area with the University of Nevada, Sunrise Hospital and Medical Center, and McCarran International Airport. This development is seen to represent a major boon to the region, as once up and running, the nearly 9 mile, $750 million project could possibly result in upwards of $3 billion in local investments in offices, retail, entertainment, and housing development along its planned route. These estimates are based upon the positive financial impacts that similar railway projects have had in other American cities, including Denver, Colorado and Phoenix, Arizona.

The Regional Transportation Commission is currently set to announce their decision on the railway in September; if approved, the project is slated to be up and running by 2025. There are no indications yet if the RTC is leaning one way or the other on the potential light-rail system, but it’s known that they are also considering other, more cost-efficient choices to improve transportation along the Maryland Parkway corridor – an area that many experts feel is ripe for development – including a roadway improvement initiative with an estimated cost of approximately $29 million; however, the addition of some much-needed rapid transit lanes for buses could possibly run an additional $335 million. Expensive, yes, but still cheaper than the proposed train line.

However, the railway system has a great many supporters, and development is already underway; G2 Capital Development has invested heavily in this regard, as they are currently building University Gateway, a $60 million, eight-story mixed-use project along the Maryland Parkway corridor, in addition to a parking garage nearby. G2 has also purchased commercial development situated along the parkway – Campus Village – that may see a face-lift in the future if business warrants it. If the railway project comes to light, developer Mike Saltman has also announced his intention to construct a shopping center at one of the railway stations.

While $750 million isn’t chump change, the taxpayers of Clark County likely won’t have to foot the entire bill if the RTC approves the project; currently, county officials are looking into the possibility of acquiring a federal New Starts grant that could cover up to half of the costs associated with the project. In addition, local residents may get the chance to cast their votes for or against a possible hike of sales taxes that, if passed, would also contribute to the costs of the light-rail system. But before any federal grants would be applied for, the plans for the project would have to pass scrutiny in terms of any possible environmental impact they may have upon the proposed route, as well as review any public concerns along with any potential alternate projects.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – With demand outstripping the current supply on the housing market in Las Vegas following a decade of dormancy due to the recession, Clark County is mulling over the possibility of opening approximately 39,000 acres of public land to private development which could be used for real estate and industrial development. An additional 370,000 acres are also being proposed for conservational use, reports say.

The land in question – situated mostly along Interstate 15 south of the valley, among other areas – could be used for development of housing to help alleviate the shortage of homes in the Vegas area, spurred on by the recent economic boom experienced in the region as more and more businesses move in and, subsequently, more people looking for jobs and a more affordable cost of living as well. In addition, the allotted public land could also be used to construct manufacturing centers and distribution hubs, which are also sorely needed in Southern Nevada.

However, due to public outcry by environmentalists, Clark County has also proposed setting aside an additional 370,000 acres of land to help aid wilderness and wildlife conservation; in particular, an emphasis will be placed upon protecting the region’s desert tortoise population, as well as other protected and endangers species. Nonetheless, some environmental groups are expressing concern over what they view as rapid expansion of Vegas’ outer lying areas for construction, instead advocating for a more density in currently-populated areas before the decision is made by officials to expand outward. However, builders argue that doing so would result in higher costs than simply developing on undeveloped land would entail.

Experts and Clark County officials note that offering additional property in the Las Vegas region for developers to utilize would help offset the ever-growing costs of home ownership currently affecting the area, as scarcity has caused new arrivals to scramble for any property they can get their hands on while paying top dollar to do so. In addition, experts say that opening up new areas of Southern Nevada to development will not only help to prepare the region for increased population, but also help to continue to attract new businesses and companies in order to maintain the steady economic growth that Las Vegas has been enjoying the past several years; not striking while the iron is hot, some claim, could ultimately undercut the economic boom that Vegas has been experiencing in the long-term.

Any city undergoing the rapid period of growth – in terms of both economy and population – is due to experience growing pains as a result, and concessions need to be made to ensure that the needs of residents are met and to promote the sustained and continued economic growth of the region, while also ensuring that the environment and endangered animal species are protected at the same time. It can be a tricky tightrope to traverse, but if done with care and intelligence behind it, it would benefit all involved.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – For years, the blighted downtown area of North Las Vegas has stood in stark contrast to the glitzier areas of the city as a whole, but along with the resurgence of the local economy, job and real estate market, this neglected region of Southern Nevada is poised for a comeback of epic proportions…and the first step has already began as a new 14-screen movie theater in the middle of one of the region’s many vacant dirt lots has taken ground; a sign of better things to come for an area that has endured a great deal in the past decade or so.

For a number of years, a prominent part of North Vegas’ downtown area has consisted of abandoned storefronts and large, vacant dirt lots, and its overall reputation was essentially the part of town one should strive to avoid. Local government have been working on redevelopment efforts, first by approving a larger fiscal budget in order to restore vital services and manpower positions lost during the recession brought on by the housing bubble burst that occurred in the mid-2000’s. As a result of the city’s $601.2 million 2018-2019 budget, North Las Vegas has announced plans to hire as many as 29 employees on a full-time basis; this marks the second year in a row that North Vegas has made headway in their efforts to grow and enhance their workforce.

Meanwhile, development of the new $75 million, two-story, 65,000 square-feet movie theater – dubbed the Maya Entertainment Center, and located across the street from North Las Vegas City Hall – is expected to be open by Christmas of 2018, and is intended to attract, in part, Las Vegas’ increasing Latino population. The project is seen as the starting point of an overall revitalization of the downtown area that city officials are currently tentatively referring to as Lake Mead Village West.

And on White Street just a few blocks away, city officials are in the process of starting to convert an abandoned Canyon Electric Building into a 7,000 square-foot library, a process that so far is being funded via a $1.2 million federal community block grant.

In addition, the North Las Vegas Redevelopment Agency – part of the City Council – previously purchased a 3.65-acre plot of land at the corner of Las Vegas and Lake Mead boulevards in 2017; this acquisition, along with other neighboring properties that the city owns, essentially fits together to form a 10-acre piece of land that is intended to be the site of a yet-undisclosed large-scale master planned project, with the goal being to attract retail stores, restaurants, a library, and more, transforming the area and raising the standard of living.

Thus far, North Las Vegas’ downtown region has lagged behind the growth and resurgence experienced by Las Vegas as a whole in the last few years, but it appears that city officials finally have a solid plan to putting it back on the map and are taking the first tentative steps to making that achievement a reality.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – With the recent economic upturn experienced by Las Vegas – fueled by an ongoing real estate boom, massive job growth as a result of an influx of new businesses and tourism increasing, and a more affordable cost of living, among other factors – the region has become quite attractive for location-first movers, with a recent study noting that Vegas currently claims the largest percentage of them in the nation. Location-first movers are defined as an individual or family that makes their selection in purchasing a home on the attractiveness of living in a specific area, sometimes before even securing a job there.

Apartment List noted in their study that a whopping 82 percent of movers selected Las Vegas based on numerous factors related to the lifestyle of the region, without even having secured a job before doing so. This is a huge number, and it far outpaces the number two location-first area in the U.S., Phoenix, which comes in at 69 percent.

These decisions are typically driven by a number of reasons related to living in Southern Nevada, including the general lower cost of living when compared to many other neighboring areas. A good example is the large amount of transplants from California, a state revered for its wealth and glamour, but infamous for its extreme cost of living; there has been a recent glut of movers from California to Vegas for the overall cheaper lifestyle, including the price of homes. While property values in Vegas have been steadily climbing due to incredible demand and lack of supply, they are still much lower, proportionally speaking, than in California; while local home values have risen 12.4 percent in the last 12 months, the median home price is still $230,800… this is in stark contrast to California, where the average price is $542,900, well over double. And although Las Vegas itself does have a sales tax of 8.15 percent, that number is nicely counteracted by the fact that Nevada has no state sales tax and very low property taxes.

Again, the reasons for this are clear- Vegas currently has an exploding job market that is offering a record number of placements for people both with and without college degrees; in addition, the revitalization that is taking place in the downtown area is not only offering additional employment opportunities, but it’s also offering an enticing number of entertainment options for local residents who are always on the lookout for something fun and exciting to do. And when they tire of the bright lights and big city, newcomers to Vegas can venture just out of town to experience the vast natural beauty that Nevada offers in abundance.

In addition, the rental market is also thriving and attracting similar numbers of location-first movers, at well over 60 percent; the closest competitor in this regard is San Antonio, with the rest of the field lagging well behind. And while again, demand and scarcity are in the process of driving up prices – currently, a one-bedroom apartment fetches an average of $910, with two bedrooms going for $1,130, with a year-over-year growth of 3.8 percent – but again, the overall lower cost of living, combined with a flourishing job market and numerous attractions and amenities afforded by life in Southern Nevada, have made Vegas THE place to call home these days.

LAS VEGAS, NV – Area 15, a new 126,000-square-foot science-fiction themed retail and entertainment complex slated to offer an “immersive” environment for attendees, officially broke ground on construction on last week with a scheduled opening date of spring of 2019, according to reports.

The complex, located on a 40 acre lot in the vicinity of the Las Vegas Strip on the corner of Sirius Avenue and Rancho Drive, is a joint venture between real estate development firm Fisher Brothers and creative agency Beneville Studios, both based out of New York. Area 15 – the name obviously being a playful take on the infamous Area 51, a secret U.S. Air Force base located in the Nevada desert – is expected to attract a variety of visitors by means of a unique mix of conventions and expos focusing on sci-fi, fantasy, and comic books; in addition, music performances, corporate events, large-scale art exhibits, bars, nightclubs, and restaurants are expected to round out the package. Retail will also have a footprint at the new facility, although details on that aspect has yet to be made public by Fisher and Beneville, aside from announcing it as being a “radical re-imagining” of the concept of both retail and entertainment.

A major anchor tenant in the form of Meow Wolf – a multimedia production company that specializes in creating interactive experiences combining real-world sets and architecture with virtual reality and specialized sound – announced their signing and involvement in the Area 15 project, and it’s likely going to be the first of many, given the facility’s 68,000 square feet of leasable ground floor space, 58,000 square feet of mezzanines and a 40,000-square-foot indoor-outdoor event area that can accommodate up to 3,000 attendees for a variety of event types, including music performances and festivals, corporate shin-digs, and international video game tournaments, among more. Plans are to host over 100 events a year, with parking in the form of over 800 complimentary spots available for attendees.

The Area 15 project is slated to be an “evolution” of the concept of the American shopping mall; with the average attendance at malls down by shoppers in favor of buying items online, Michael Beneville of Beneville Studios noted that in order to keep the concept alive, it needs to evolve with the times and offer cutting-edge experiences that online options can’t compete with.

“The mall of America isn’t dead,” he said. “It just needs to be reinvented. People don’t want to be spoon-fed their entertainment. They want to interact with it.”

Details on Area 15 beyond those in this article are still scarce, however, with promotional material claiming that the complex will offer an “immersive and unique experience” that would “appeal to a variety of clientele, including gamers, comic-con and sci-fi enthusiasts, artists, music and festival lovers.” But with a large amount of construction already slated to and currently taking take place in Las Vegas – with hotels, casinos, convention centers, and more slated to open soon – it remains to be see how and if Area 15’s somewhat mysterious concept will compete.

LAS VEGAS, NV – With the imminent arrival of the soon-to-be former Oakland Raiders National Football League team in Las Vegas causing quite a stir in both the tourism and business industries, and their new home stadium – with construction already having broken ground – expected to draw even more visitors and companies to Southern Nevada, a noted bond credit rating business, Moody’s Investor Service recently announced that the already skyrocketing local economy will continue to improve once Las Vegas Stadium, to be located at Interstate 15 and Russell Road, finally opens its doors for business in 2020.

In a recently released report, Moody’s Patrick Liberatore noted that the new stadium, in addition to a future Las Vegas Convention Center expansion would serve as a hub for a revitalised event scene, allowing the city to host a wide variety of different sporting events, concerts, and business and entertainment-based conventions sure to attract numerous tourists to the region.

Clark County expects the new NFL stadium will be a notable new draw for consumers and visitors,” he said. “In addition to professional football, the approximately 65,000-seat stadium will compete to attract other large-scale sporting events and also provide the Las Vegas area with its first major facility that can accommodate other large-scale events, like major music tours.”

The report released by Moody’s, which encompasses 10 pages, confirmed that tourism in the Las Vegas region is up to levels that manage to exceed numbers obtained before the mid-2000’s recession that rocked the region – and especially the real estate market – with the number of visitors to the city’s hotels being considered “consistently strong,” according to the report. This fact is especially telling in light of the recent October 1 mass shooting during an outdoor concert having a temporary yet detrimental effect on tourism in Las Vegas.

However, that tragedy does not appear to be having an effect upon the progress of the construction of the Las Vegas Raiders’ Stadium, with reports indicating a recent sale of $650 million in bonds to help pay for the nearly $2 billion, 65,000-seat project was a rousing success, all of the bonds on offer by Clark County being purchased within only an hour-and-a-half by 43 investors. The bonds constitute a major portion of the $750 million in public funds that are being contributed to the cost of the stadium, and are set to mature over a period of 30 years at an average interest rate of 3.94 percent. The reminder of the funding for the stadium project is being provided by Raiders management.

As is plainly apparent, the resurrection of the Las Vegas economy and its tourism industry are going hand-in-hand, with financial growth leading to a booming job and real estate market, and the arrival of new businesses, residents, entertainment options and professional sporting teams are only serving to attract more visitors – and their dollars – to Southern Nevada.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – International Market Centers announced plans this week to construct a mammoth $76 million, 350,000 square-foot expo center in downtown Las Vegas, next to the group’s World Market Center, pending a signed deal with city officials that is expected to be made within the next few days. The project is slated to be one of the biggest projects in terms of construction volume in the downtown area within the last several years.

Provided the City of Las Vegas gives final approval to the proposal, work on the expo center is expected to begin in anywhere between 12 and 18 months. The completed project would see the 60 acres next to the World Market Center transformed into a cutting-edge exhibition hall and meeting venue that would allow the facility to host large-scale trade shows, conventions, and other events that may be too large for other halls to accommodate.

The current plot of land that is slated for the expo center is already host to three showroom buildings, a parking garage, and several temporary tent-based pavilions; it is currently not known if the new expo center would incorporate these existing buildings into its design, but the pavilions are expected to be removed upon completion of construction in order to make room for more expo parking spaces.

The expo center could also be used to host elements of the bi-annual furniture, gift and home décor focused Las Vegas Market, which brings some 100,000 visitors to the city. In addition, IMC will offer the Expo Center for a set number of days throughout the year to host non-profit events as designated by the Las Vegas Redevelopment Agency.

The Las Vegas Market, a popular home décor-based bi-annual event that typically attracts 100,000 visitors to the city, could also run aspects of their show in the expo center; also, according to the Las Vegas Redevelopment Agency, a pre-determined number of days each year at the center will be made available to not-for-profit organizations for attraction and fund-raising purposes.

The City of Las Vegas is proposing to partially fund the expo center project to the tune of $30 million in tax increment financing, which means that taxes collected by the construction of the expo would be put right back into the project by the city. Such an investment is seen as a wise expenditure on the part of local officials; once completed and functioning at maximum capacity, the expo hall is expected to attract a large increase of visitors to the area on a regular basis, creating an influx of tourism-based funds for downtown Las Vegas in the projected amount of $97 million annually, in addition to $234 million for the overall region of Southern Nevada.

The expo center is expected by many to fill a large void for large-scale event hosting made by the closure of the Cashman Center in late 2017, which had operated as a meeting, theater, and sporting venue in the downtown Las Vegas area.

Looking for information on the fast-growing Las Vegas real estate market? Current home prices? Las Vegas apartments, condos even area nightlife and entertainment expectations? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The Stratosphere Hotel-Casino in Las Vegas is due for a major upgrade in the form of a $140 million renovation courtesy of new owners Golden Entertainment, who acquired the property in 2017. The work is to be carried out over the next three years, according to reports.

The improvements will take major and much-needed steps to renovate and upgrade the existing 1,100+ rooms, add new restaurants, and provide an overall modernization of the resort. The work is expected to take place over three separate phases, with each one taking approximately one year; the initial phase, scheduled to begin in the second quarter of 2018 at a projected cost of $32 million, will see 317 of the establishment’s  hotel rooms receiving a full remodeling effort, as well as the addition of a viewing lounge giving guests an expansive overlook of the casino floor, a gastro-pub, an overhaul to the observation deck, brand-new signage on the exterior and a new rewards center and area for VIP guests to register for stays.

Phase two will kick off at the start of 2019, with an additional 452 hotel rooms being remodeled. Also, a new steakhouse restaurant and Starbucks coffee house will be added, the casino floor will be re-done, and the general design and architecture of the resort will be tweaked and updated to reflect a more modern aesthetic.

2020 will see the third and final phase of the Stratosphere’s remodeling, with the renovation of 364 remaining hotel rooms and the additions of more eateries in the form of a noodle bar and a food hall. More casino space will be added with attractions aimed at drawing in a younger demographic, a revamped showroom, and adding space for a proposed convention center by redesigning the mezzanine level.

However, that isn’t all when it comes to the possibilities presented by the Stratosphere renovation; there remains an additional 16 acres of property surrounding the resort that will lend itself to future expansion efforts if so warranted. So far, reports indicate that the work on the Stratosphere, when complete, should deliver approximately 20 in returns on the initial investment.

Golden Chairman and CEO Blake Sartini noted that the abundance of construction and revitalization projects currently in the works on the Las Vegas strip have been generating a great deal of fresh tourism and foot traffic in the area, creating the perfect environment and timing for this investment into the Stratosphere.

“Large-scale projects on the north end of the Las Vegas Strip – including Genting’s Resorts World, the expansion of the Las Vegas Convention Center and the investment to complete the former Fontainebleau — are bringing traffic and infrastructure to our doorstep at the Stratosphere,” Sartini said. “In addition, the population in the Las Vegas Valley continues to grow to new highs while local unemployment of 4.9 percent is at its lowest level in quite some time and wage growth remains healthy.”

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.