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Hot Money Still Flowing To Vegas
| | Thursday, June 02, 2005 @ 03:00 PM EDT
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Contributed by: David Cooper
David Cooper Properties
Read more archived articles about Economy - Good
6000 new residents a month, lowest unemplyment rate in US, fastest employment
growth in US. Can this really be a "bubble"??
• MGM Mirage announced a new CityCenter project planned. This "urban village" will be built between MGM Mirage and Bellagio (where the Boardwalk Casino is now). It will encompass a 4,000 room hotel and casino, as well as 3 boutique hotels (1,200 rooms) and 1,650 condos, hotel-condos and private residence club units. The first phase will be completed by 2010. Analysts are saying that MGM Mirage is leading the way for a
new Las Vegas - one that will serve visitors and residents on the strip. This is the beginning of "redefining" Las Vegas once again.
• World Market Center to open in July 2005 - over 1.3 million square feet of wholesale furniture, decorative accessories, lighting, bedding and area rugs. It's being built downtown by the Premium Outlet Mall, and will eventually span 7.5 million square feet. Developers are comparing it to High Point in North Carolina.
• Mayor, Oscar Goodman, is supporting the Downtown Project (between Charleston and Fremont) where an Arts District, Entertainment District, Casino District and Office District are all being planned. They are converting old buildings into loft condos.
• Over 67 high-rise condos or hotel-condos are planned, including Trump International Hotel and Tower.
• A new casino called Red Rock Station has broken ground in Summerlin.
• Station casinos will be building a new casino in the Southwest at I-215 & Durango!
• North Las Vegas is the 2nd fastest growing city in the United States! Aliante, a master-planned community is booming, as well as many other housing and commercial developments.
• Las Vegas develops about 6,000 to 7,000 acres of traditional residential land per year. If this continues and the BLM continues to limit the release of land, Las Vegas will run out of new housing land in 7 to 8 years.
Word Cloud:
flowing downtown this continues residents hotel built well vegas fastest casino planned. being district, still square over project housing station money will hotel-condos million district north mirage land
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