According to Arent, young families, couples and professionals are contributing to a growing population downtown. They are moving into high-rises and gentrifying downtown neighborhoods full of unique homes built in the 1950s and 1960s that stand in direct contrast to typical cookie-cutter suburban homes in planned housing developments. In addition to the re-population of older single-family neighborhoods close to downtown, the area's high-rises that just a few years ago were less than 30 or 40 percent full are now close to 100 percent occupied. "What a difference the past few years have made," said Arent.
But it's not just residents who are changing their suburban addresses for more urban locales; many area professionals, including real estate brokers and professional service firms are rethinking their office locations to follow the action. Zappos.com has already moved its first 200 employees downtown to prepare for the 2013 relocation of its company headquarters. The LEV Restaurant Group, which owns and operates more than 35 area restaurants, recently moved into the former Ice House Lounge and invested more than $2 million on renovations; and Denny's recently opened a flagship diner on Fremont Street, complete with wedding chapel and full-service bar. According to Arent, business relocations are becoming more commonplace as decision makers understand that downtown Las Vegas is at the heart of the action.
* 2012 figures based on fiscal year calculations from July 1, 2011 – June 30, 2012 2013 figures based on fiscal year calculations beginning on July 1, 2012
For more information about downtown Las Vegas' successful redevelopment efforts, visit lvrda.org.SOURCE Las Vegas Economic and Urban Development Department