Las Vegas Is Emerging as an ‘Established Municipality’

Las Vegas has seen more than $5 billion in new construction and development activity, and a new city is emerging as a result. The progress includes the expansion of the Las Vegas Convention Center, the new T-Mobile Arena and an NFL Stadium, which is currently under development. The activity has helped to expand capital interest in the market and pushed Las Vegas onto the national stage.

“Las Vegas is becoming less of a transient city and more of an established municipality,” Mark Mikelson, owner, principal and Las Vegas retail studio director at Nadel Architects, tells GlobeSt.com. “To transition this new energy and capture more residents, we are seeing a variety of civic and municipal projects to include the Arts District, the Las Vegas Convention expansion, the new T-Mobile Arena—home of the Vegas Knights—and a future NFL Stadium. These projects are creating a new dynamic for the local community and also helping to shape Las Vegas’ national presence.”

The growth is dynamic and is touching all assets classes, from hospitality investment on the strip, which has always been a destination for capital, as well as in the surrounding more suburban markets. “I think the whole valley is in expansion and growth mode,” says Mikelson.  “The “Strip” will always be reinventing itself and expanding to meet tourist’s needs, but with new projects coming online, we are seeing lots of growth in the suburban markets to support all the civic/municipal growth.  These range from large multifamily projects, commercial retail centers, as well as schools and community support projects.”