LAS VEGAS, NV – North Las Vegas has been clearly embracing the recent re-surge Southern Nevada has been experiencing in both the economic and real estate sectors; since the burst of the housing bubble in the mid-2000’s laid waste to much of the property value in the region, Las Vegas as a whole has been on the comeback trail in the past year, with housing and rental demand – and prices – quickly on the rise, including jobs and construction which are flowing back in a steady stream. Clearly, the area is enjoying a resurgence, and many are looking to get in on the action.
In fact, North Vegas Mayor John Lee has been quite vocal in recent months on the benefits of living and working in his city, citing construction of new homes and apartment complexes as well as an influx of commercial entities that see the area as ripe for business opportunities. In order to jump-start further economic growth in his municipality, Lee recently invited a number of real estate agents and professionals to a meeting at the North Vegas City Hall, where he extolled the virtues of investing in the region, referring it to the primary place in Southern Nevada to see a significant return on their dollar.
“There will be more new money in North Las Vegas than anywhere else in this valley in the next 20 years,” he said. “I’m not going to make your sales for you, and I’m not going to give you leads, but I am going to tell you- you will make good money if you come to North Las Vegas.”
Lee’s attempt to woo businesses to North Vegas to take advantage of the growth overtaking Vegas as a whole has encompassed his governing strategy as a whole in recent months; in May, he and his board of trustees unanimously voted to approve a multi-million dollar revitalization project aimed at cleaning up the city’s seedy downtown district, including a plan to essentially demolish and rebuild a housing complex known as a centerpiece of violence and drug activity, in addition to constructing a new $22 million home for senior citizens, projects spurred on by a $485,000 grant from the U.S. Department of Housing and Urban Development.
In addition, Fanatics Inc. and The Honest Co. are currently building dual warehouses in the region – at a combined total of 800,000 square feet – and nearby at the Apex Industrial Park, Hyperloop and Faraday Future are in the midst of constructing new facilities as well.
Lee, a former businessman and state senator, is credited as using the ample experience he has in both fields to essentially pull North Vegas back from the precipice of financial ruin since taking office in 2013; at that time, the city was in ruins, economically speaking, with a budget deficit of $152 million. Lee worked hard to attract new businesses and diversify to the city’s economy, in addition to job creation and taking advantage of state grants and resources to help fund infrastructure projects. Today, North Vegas is well on its way to recovery and prosperity, while Lee’s renewed push to concentrate on housing and business development as well as growth is being touted as the new means to that end.
Of course, Lee still has an uphill battle on his hands; numerous areas of downtown North Vegas are known for blight and homelessness, and to combat that a project is currently in the works to re-develop and revitalize a 160-acre area from urban decay into a hip, stylish community replete with hew homes, retail, and eateries, dubbed Lake Mead Village West.
After giving a series of investors, real estate agents and developers a tour of North Vegas to show them how far the region has come – and how far it’s going to continue to progress in the near future – Lee received plenty of feedback, and the majority of it was positive. Upon viewing a new housing development dubbed Beazer Homes Dorado Skies, investor Patti Domingo was open to admitting that her view of the once-blighted North Vegas had changed considerably, and that putting her money there was looking more and more like a very sound business decision.
“[Mayor Lee’s tour is] opening my eye up to the amenities and new communities in North Las Vegas,” she said. “When you think of North Las Vegas, you think of not such a nice community. But now, after taking this tour, you’re seeing everything that the mayor has spoken about.”
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