The West's newest skyline king--Las Vegas?

[Dcfilmknight]

Vegas could be on the verge of a skyline boom with over 100 highrise residential and casino projects planned under construction. One such condo project, Ivana Trump's highrise condo tower near the Stratosphere, has been approved for 75 stories. Nearby, Donald Trump has plans for twin 64 story towers across from the Wynn Las Vegas and the 61 story Palazzo which is now under construction.

Anyone know more?

[monsoon]

No. But it will be interesting to see how much more Las Vegas is allowed to grow since it is basically an unsustainable city due to lack of water.

[peaceloveunderstanding]

Could someone tell me why Las Vegas is growing at such an astounding rate?

[colin]

Could someone tell me why Las Vegas is growing at such an astounding rate?

<{POST_SNAPBACK}>

Climate and jobs usually. Also, many Californians started moving there several years ago to get away, just like with Phoenix. It's a much more laid-back atmosphere than a lot of other western cities, especially than in CA.

No. But it will be interesting to see how much more Las Vegas is allowed to grow since it is basically an unsustainable city due to lack of water.

I remembering watching a long story on Vegas in the mid-90's about its astounding growth and the problems associated with it. The report predicted that Vegas would run out of water by 2000. That, of course, didn't happen, but they're unfortunately getting almost all of their water from the same place many other large, booming Southwestern metro areas are: the Colorado. Vegas has gotten too large for its own good, especially to be considered a really nice place to live anymore, and the growth has already started to slack off somewhat over the past few years, and will probably continue to do so.

Edited April 4, 2005 by colin

[Dcfilmknight]

I also think the factor of cheap housing and being at the right place at the right time has a lot to do with it. California is a huge economic region and with a doubt has a huge factor on the economy in Vegas. I know many people who have bought in Vegas in the past few years who have seen their homes or investments quadruple or more in value. Now, its time for everyone to cash in and why not do it in Vegas with a little bit of the timeshare mentality behind it.

Buying a condo on the 60th floor on the strip at TBD property can't possibly be a bad investment.........until possibly the economic and actual infrastructure corrode the property value......

[Hisma]

I've also wondered how long it will be possible to sustain large desert cities like Phoenix and Las Vegas. The fact the land the cities were built on were deserts should say something for the environment. Water is a finite resource often taken for granted.

I can guarantee there will be a crisis at some point in relation to Las Vegas and Phoenix, especially at the rates in which they are exploding with growth.

On another note, the idea of having a condo on the Vegas strip would be great for vacations, but a terrible place to live. Who would want to make their home in the middle of 24 hour gambling casinos?

And in that case, unless you're extremely wealthy you'd be better off renting a hotel room instead of investing in a pad you'd spend 1-2 months out of the year in, and hotel rooms is something Vegas has plenty of. I think Vegas strip is too touristy for condos.

Obviously, I don't have a very positive outlook on Vegas. If I ever get the opportunity to explore outside the strip I might change my opinion.

[monsoon]

Buying a condo on the 60th floor on the strip at TBD property can't possibly be a bad investment.........until possibly the economic and actual infrastructure corrode the property value......

<{POST_SNAPBACK}>

Or mortgage rates rise a couple of points from their historic lows and the real estate bubble pops. Those still holding expensive places will be the ones to lose their shirts.

[Dcfilmknight]

Or mortgage rates rise a couple of points from their historic lows and the real estate bubble pops.  Those still holding expensive places will be the ones to lose their shirts.

<{POST_SNAPBACK}>

I agree.

Vegas has also been seen as a city subordinate to "fads". Historically, its economics have come in waves of extreme growth and on the opposite hand, extreme stagnation. However, the public mindset towards gambling and the other attractions that Vegas offers has changed. That could be its only saving grace.

[drobar]

Could someone tell me why Las Vegas is growing at such an astounding rate?

<{POST_SNAPBACK}>

Having moved from San Diego to Las Vegas, I can honestly say that beside the gambling and lascivious behavior on the stip, it's like any other town. The cost of living is about 25% less than that of San Diego. There are malls, churches, cafes, movie theatres ect...just like any other city. The only thing that reminds us that we are living in Vegas are the occasional neighborhood Station casinos, and seeing the strip off in the distance.

The building boom here is amazing to watch. There are about 20 plus projects in various stages of constructionright now, with many more proposed. We have a pro-growth mayor and city council. The new high-rise condos on the strip and old-town are being advertised toward the younger, affluent, outgoing type of client, and not the typical family. This is evident by the advertising campaign one can see here in the newspapers and local magazines. It's interesting that there are no proposed high rise construction for office space though. It's mainly hotels, casinos, and condos.

The big problem Vegas will have in the future is not water. There will be always be a way to divert water sources to the city. We have Lake Mead right next door. If need be, we can get a larger % of the water than what we already receive. The major problem is infrastructure. There are not enough freeways. No light rail. The monorail is useless for local needs. It's mainly a tourist draw. The main streets off the freeways are a nightmare. Most are densly packed at peak driving hours, because freeways are just as bad. There is constant construction on the roads, causing many delays and accidents. The powers that be really need to address this issue.

[Dale]

Haven't there been doomsday prognostications about water shortage for decades ?

[Dcfilmknight]

Haven't there been doomsday prognostications about water shortage for decades ?

<{POST_SNAPBACK}>

True. Though, I live off the sunset strip in beverly hills and i am still waiting for the rest of LA to fall off in the ocean so i can have an ocean view. lol

I think the greatest dangers Vegas is faced with (in investment terms) are, if there was an act of terrorism on the strip, or if living there simply became "uncool".

Both would be unfortunate.

[eastsider]

Here are a few more projects to add to your list:

Turnberry Place

4 - 40 story towers

Complete in 2006

Towers 1, 2, & 3 are already complete

Turnberry Towers

2 - 40 story towers

316 units per tower

Construction begins March-April 2005

Residences at MGM Grand

Potentially 6 - 40 story towers

Tower A - 576 units - sold out and under construction

Tower B - 90% sold out

Tower C - sales began April 11, 2005

More information and renderings can be found Turnberry Associates website.

[Dcfilmknight]

Here are a few more projects to add to your list:

Turnberry Place

4 - 40 story towers

Complete in 2006

Towers 1, 2, & 3 are already complete

Turnberry Towers

2 - 40 story towers

316 units per tower

Construction begins March-April 2005

Residences at MGM Grand

Potentially 6 - 40 story towers

Tower A - 576 units - sold out and under construction

Tower B - 90% sold out

Tower C - sales began April 11, 2005

That's exciting. I think two of the coolest designs are The Majestic and The Ivana. The Ivana is planned as the tallest tower in Vegas and just a little shorter than the Stratosphere tower!

[eastsider]

I just looked up The Ivana and saw a rendering.....WOW!!!

[Dcfilmknight]

yeah, the Ivana is hot! Trump has been outdone!

[I-275westcoastflorida]

Las Vegas will continue to grow and prosper it has plenty of room to build and water can be drawn from many places its so that city will do fine

[Spartan]

Vegas is supposed to get alot of skyscrapers and density. I posted this last year in the Urban News section: New City for Vegas. Its pretty interesting. I am not sure what the lastest developments on this are. I would be interested to know if anyone has any info on it.

[OE-305]

Long time residents tell me all the time that LV keeps reinventing itself every 5-10 years. The 80's and 90's saw phenomenal growth in the gaming industry with the construction of nearly a dozen "mega" casinos. During this phase Las Vegas was protrayed as a family destination with places like the new Circus Circus and Excalibur geared towards families with kids. Sometime in the late 90's through now the push has been to cator towards the convention industry (which recently surpassed gaming revenues!) Right now this latest phase is in a boom cycle and demand for rooms and space has outgrown supply. The result is that over 20,000 new Strip hotel rooms are planned over the next 5 years.

The condo craze started about two years ago (but really picked up steam in late 2004) with the almost instaneous sellout of 800 units in the 4 tower complex of Turnburry Place. I read in the paper last month that LV City Council has been swamped with nearly 100 proposed condo towers along the strip and downtown. At least 2 dozen are under construction right now. You literally can't drive more than a block or two down down the strip without seening something new popping up out of the ground.

Spartan, the MGM-Mirage city that you are referring to will be at the corner of Harmon Ave and the Strip (next to the Monte Carlo casino). I saw a local LV buisness review show where developer Steve Wynn was being interviewed for his soon to open Wynn Las Vegas and he mentioned this second MGM project is pegged as being a 9+ billion project!!! Construction is supposed to start sometime in 2008. They showed a picture of this thing and it absolutely dwarfs the Monte Carlo.

In terms of water shortages.... I'm not sure anybody here really has a handle on the situation. I've talked to some of the water resource people in my department and they don't have an answer. The politicans think that they'll just stick straws in the ground up north (but there is a very finite supply of groundwater in this state).

In terms of road construction.... depending on where you're coming from, NDOT may move very fast or slow I guess. Compared to North Carolina, these people haul ass. It is not uncommon to see road crews working night and day on freeway projects. How long did it take NCDOT to widen I-77 (4 years or so?). Out here they'll throw that together in 6 months (maybe a year if there is a larger clover-leaf overpass involved). One innovative technique that they've used for the outerbelt (I-215) is that they build the road first with elevated traffic light interchanges that will then be retrofitted with a real underpass interchange (hmm, i need a pic to better describe this). Anyway, it gets the road more quickly built and a large right-of-way established early on. Clever I think.

In terms of living here.... yeah its not the best, but there are lots of recreation opportunities just outside the city. To the west are the 11,000+ foot Spring Mountains that contain the Red Rocks Nat. Rec. area and the Mt. Charleston wilderness area. There is a sky resort on Mt. Charleston only 40 miles outside of town up US-95. Death Valley is only 75 miles to the west. Lake Mead (largest man-made lake in the US) is 30 miles east. Zion, Bryce, Arches, Valley of Fire, Great Basin Nat. Park, and the Grand Canyon are half a day's drive or less from here as well. So there's really a lot more to do out here than just gamble, or be house-bound when it's 120 outside

Okay, that's enough of my rambling. Hope I gave you some perspective from a new local.

Edited April 18, 2005 by OE-305

[Dcfilmknight]

I have renderings of a ton of lV projects if someone can post them for me.

THanks

[PghUSA]

It is truly amazing what gambling can build.

[Dcfilmknight]

It is truly amazing what gambling can build.

<{POST_SNAPBACK}>

True, but is it gambling or indulgence and human nature that produces the results? At one time, gambling was seen as in a different light. The more that tends to fade, the more Vegas will grow.

[Recchia]

Vegas is supposed to get alot of skyscrapers and density.

<{POST_SNAPBACK}>

So is it accurate to say that Vegas is infilling itself and will eventually see densities more appropriate for a city?

[jshell]

Could someone tell me why Las Vegas is growing at such an astounding rate?

<{POST_SNAPBACK}>

I couldn't tell you why, but a friend of mine just moved there. He works as a crew manager for various road projects, and said the money is good there. He called me the other day and told me that he saw a story in the newspaper that said roughly 2,000 people moved out of the area every day - but 5,000 moved in. And with the sprawl apparently having sprawled out about as far as it can go, there's nowhere to go but to start building 'up'.

[jazzman]

Here is a new website which ic devoted to the growth and future of Vegas. http://www.vegastodayandtomorrow.com/ Lots of renderings

[MJLO]

Here is an odd question for you Vegas people, I see all these towers, and all these proposals for condos. Are there any office towers in Las Vegas? Any proposals? Coming from someone who has never been, the only impression of the city I get is one of the strip where hundreds of mega hotels pop-up at random all over town. Is this the correct impression? Or would there be actual, Industry outside of gambling in Las Vegas?