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Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020
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Page 1: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Downtown Real Estate TourDowntown Key Projects and Initiatives

March 12, 2020

Page 2: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

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Page 3: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Las Vegas Redevelopment Areas

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Page 4: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Why Downtown Vegas?Downtown 2.0

• Announced projects – private and public – in excess of $1B

• Focused on Major Project Priorities – Vision 20459 Hospitality, Sports & Entertainment9 Downtown Residential9 Health Care (LV Medical District)9 Information Technology (LV Innovation District)

• Broad Group of Funding Incentives

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Page 5: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Hospitality Projects Hospitality, Sports & Entertainment

Page 6: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

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Expo Center at World Market Center Las Vegas

Page 7: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

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Page 8: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

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Page 9: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Fremont Street Experience Canopy Upgrade

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Page 10: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Fremont Street Experience Canopy Upgrade

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Page 11: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Circa

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Page 12: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Downtown Grand New Hotel Tower – CIM Group

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Page 13: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Marriott AC Hotel @ Symphony Park

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Page 14: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Professional Soccer at Cashman Center

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Page 15: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Downtown Residential Mixed-Use, Multifamily Housing

Page 16: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Auric @ Symphony Park – Southern Land

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Page 17: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Aspen Heights – Parcel N/O1

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Southern Land – Parcels C-D

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Page 19: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Downtown Residential – In Construction

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Southern Land Co Auric @ Symphony Park Symphony Park F&G

Aspen Heights Aspen Heights SP Symphony Park N & O1

Double D Group Lave Om 627 S 10th

Trinity Life Center City Impact Senior Apartments 950 E Sahara

Cherry Development ShareDOWNTOWN 1300-1310 S Casino Ctr Blvd

Page 20: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Las Vegas Medical District

Page 21: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

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Las Vegas Medical District

Page 22: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Graphics by

Existing SF: 6,000,000New SF Buildings: 13,250,000Total SF: 19,250,000Total FAR: 1.00New Parking: 40,000

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UNLV School of Medicine

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Las Vegas Medical District

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Source: http/nih.gov

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Incentives

Page 26: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Incentives MenuDowntown 2.0

Federal and State:

• Opportunity Zones

• New Markets Tax Credits

• C-PACE

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Las Vegas Redevelopment Agency

• Visual Improvement Program

• Tax Increment Financing

• Tourism Improvement District

• LVMD Incentive Program

• MF Improvement Programs

• OTIP Program (Office)

Page 27: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Opportunity Zones in City of Las Vegas

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Page 28: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Opportunity Zones – Driving Multifamily Investment

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• City of Las Vegas has 22 of Nevada’s 61 census tracts approvedas Opportunity Zones

• No “pre-approval” needed by Federal, State, Local Government – “simply” comply with IRS guidelines

• National Funds already are investing Opportunity Zone dollars in Las Vegas

� Canyon Partners

� GTIS Partners

� Cantor Fitzgerald

Page 29: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

New Markets Tax Credits

• Syndicated Loan Program to provide below-market capital for projects in distressed communities

• Community Banks (“Community Development Entities” or CDEs) apply to US Treasury for Income Tax Credit Authority

• CDEs which win allocation of tax credits sell the tax credits to investors (big institutional lenders) in exchange for cash

• CDE then takes the cash and makes an interest-only, typically forgivable loan to an eligible project borrower

• Eligible borrowers include a wide range of for-profit and nonprofit uses – charter schools, manufacturers, health centers

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Conventional Lending vs. NMTC Lending

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Lender

Borrower(For-Profit/Non-Profit)

Investor(Big Bank)

NMTC Lender (CDE)

BorrowerQALICB

Sell Tax Credits

Buys Tax Credits

Cash from Tax Credits Becomes Loan from

CDE to Borrower

CONVENTIONAL LOAN NMTC “SYNDICATED” LOAN

Borrower can be for-profit or non-profit

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C-PACE: vegascpace.comOff Balance Sheet Financing for Energy Improvements

• City of Las Vegas has an approved C-PACE Program

• Energy Savings to Investment Ratio > 1.0

• Program can cover up to 20% of capital stack on a new build, and up to 100% on a renovation project

• Financing is long-term – up to 25 years – and is non-recourse

• Voluntary lien assessment is recorded against the property (like a SID lien or sewer assessment)

• Commercial, industrial, and multifamily projects anywhere in the city of Las Vegas are eligible

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Page 32: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Ways to Engage

• Contact EUD and our Redevelopment Team

Tera Anderson Eric Bordenave

Julie Quisenberry Tracy Reich

Brenda Hughes Elizabeth Lopez

Jeff McGeachy

• Need Tenants? Have Tenants, Need Landlord?

Office – Ryan Smith Retail – Julie Quisenberry

• Downtown Vegas Alliance Meetups

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Page 33: Downtown Real Estate Tour Downtown Key Projects and ......Downtown Real Estate Tour Downtown Key Projects and Initiatives March 12, 2020. 2. Las Vegas Redevelopment Areas 3. Why Downtown

Bill Arent, DirectorEconomic & Urban Development

City of Las Vegas702-229-6856

[email protected]


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