Welcome to the debut of Urban Update, the column that will discuss Las Vegas' downtown area. We're so proud to be a part of the E RealEstateExec family. This month I want to share with you a residential high-rise project I feel has been one of Las Vegas' best-kept secrets-Streamline Tower. In spite of towering 300 ft. above the north end of Las Vegas Boulevard, many people still have yet to see the value of the ground-floor opportunity this property presents.
What's the oldest rule in real estate? People buy based first and foremost on location, location, location. At the crossroads of the two most recognized streets in Las Vegas - Las Vegas Boulevard and Fremont Street -Streamline Tower has the downtown competition beat tenfold. With the recent grand opening of Fremont Street East-the center of the new entertainment district- residents at Streamline Tower are steps from dining, entertainment and all of the services the city-dweller expects.
Like the Gaslamp District in San Diego 10 years ago, this area is still in its infancy. The area is undergoing an $18 billion revitalization effort, which will completely change the landscape (not to mention property values) of the new downtown. Take a look at any other major U.S. city where the urban core has undergone even a fraction of this combination of public and private investment and see what this has done for property values. Location, timing and opportunity have all come together to make this possibly the best high-rise investment available in years.
Like the Gaslamp District in San Diego 10 years ago, this area is still in its infancy. The area is undergoing an $18 billion revitalization effort, which will completely change the landscape (not to mention property values) of the new downtown. Take a look at any other major U.S. city where the urban core has undergone even a fraction of this combination of public and private investment and see what this has done for property values. Location, timing and opportunity have all come together to make this possibly the best high-rise investment available in years.
We've all heard the stories of buyers with foresight (or just plain luck) who purchased for pennies on the dollar-based on today's values-in lower Manhattan, or San Diego's Gaslamp, or Denver's LoDo, Austin's Sixth Street, Portland's Pearl District, and the list goes on.
Do we sit skeptically on the sidelines waiting to see what happens downtown? The answer is an emphatic "no." As to the revival of downtown, it's not a matter of if, but when. We are at the start of a wave that will create a massive amount of wealth for those who jump in now. If we take our lessons from history, it is easy to see the once-in-a-lifetime opportunity we have at our doorstep. It is our job as active professionals in this business to educate ourselves and our clients and to provide them the tools they need to make an informed decision. Given all of the information, the decision is an easy one.
Streamline Tower is scheduled for completion during the first quarter of 2008. This eliminates a lot of the usual risk from the perspective of the buyer. The property features 275 beautifully appointed one, two and three bedroom floor plans (some with studies) priced between $500,000 to over $1.3 million. With rising construction costs, it is unlikely that a similar project could be built and offered for anywhere near these prices, especially when you look at the upgrades and amenities being offered.
Contact Gary today for a private tour at (702) 335-5704.
