New projects in Las Vegas
To keep up with the demand for new construction, many developers have come with new projects. Juhl, $5.2 million, 341 unit mid-rise condominium will come up at downtown Las Vegas. The 2.38 acre project is bound by Bonneville, Graces Avenue, Third and Fourth streets. The towers 6 to 15 stories tall will be made of concrete, glass and chrome. The prices of the residences will be $200,000 to $500,000 with area in the range of 600 to 2,200 square feet. The construction is expected to start in 2006 and the first owners are expected to come by 2008.
Allure, Las Vegas is another condominium tower coming up at Sahara Avenue and Las Vegas Boulevard. The two forty-story glass towers will have 806 residential units. The residences are from 671 to 4,400 square feet, and each square foot costing about $250 to $275. The prices range of each unit will be $500,000 to $4 million. The twin towers will be completed by 2007.
Las Vegas, Expanding and Growing
Las Vegas is one of the most successful cities in the world and fastest growing metropolis in the United States. Its population has increased from 273,000 in 1970 to 1,700,000 this year.
Las Vegas has the best of restaurants, casinos, shopping and nightclubs. Most of the revenue comes from casinos, which provide rooms, shows, dinners and drinks apart from gaming activities.
The success of casinos in Las Vegas is the highest compared to any other city in the world. Las Vegas and New York City attracted the same number of tourist last year. The real estate prices are increasing drastically because the demand for housing is high due to regular influx of people.
In January 2004 Sam Cherry’s Soho Loft’s, 0.69 acre land cost was $1.2 million while 0.25 acre land for their third project Stanhi was $1.7 million this year. This shows the rising land price in the downtown area.
Future Proofing Las Vegas
The World’s entertainment capital and one of the finest cities in America, Las Vegas is one of the fastest growing communities in the country. Planning for the future is essential to keep up with the pace of growth that Las Vegasis experiencing.
Las Vegas has to come up with solution to accommodate innumerable hordes of people coming there, but this has to be done without covering the entire available developable land but by looking at various types of housing solutions and options. They have to extract maximum benefits from the minimum space they have.
With the view of establishing businesses other than gaming into the city, Las Vegas city has brought furniture mart to the downtown area. More will be done in this area.
The city is also planning to have a safe environment for the community by hiring extra police officers in southern Nevada. Evaluation of homeland security is an issue that will be taken up by the city in the coming years.
Priorities have to be decided and well-planned strategy has to be followed to make Las Vegas continue as the number one destination.
