Will “Fremont Street Experience” to Stratosphere be redeveloped with Casinos?
Wow!
Recently we have seen the closing of many Elvis style wedding chapel’s and much of the ground between the Stratosphere and Fremont Street Experience is being bought and sold much like a high stakes poker game. Who will loose and who will win in this real estate card game is hard to figure right now. What is clear is that much is at stake for the small land owners that surround this golden goose area.
For those of you not familiar with this area, it is considered the older less desirable area of Las Vegas. This area was primarily developed from the 1940’s to the 1960’s. It currently is dotted with older restaurants, wedding chapels, motels, bars, a few old casinos and of course strip joints and XXX book stores.
North of Sahara- The Stratosphere has purchase additional acreage around it for expansion. There was recently announce a 70 acre assembly of property at Charleston and Main Street for a possible location of a new Major League Sports Arena and attached casino, the City of Las Vegas is considering the proposal now. There have been several companies buying small plots on Las Vegas Blvd. between Charleston and Fremont. There are major condo high-rise projects going in to the west of Las Vegas Blvd. and I-15 and between Charleston and Fremont Street Experience upgrading the potential of this area greatly. There are currently 3 condo tower pads with zoning approval in this area as well as Soho Lofts tower which was completed approximately a year ago.
To the East- There are several mid-rise condo projects going up to the east of Las Vegas Blvd. in an area of older homes and professional offices further upgrading the area. The residential neighborhoods to the east have been actively responding to all zoning changes along this section of the Strip. It appears that any development on the east side of Las Vegas Blvd., in areas adjoining neighborhoods, could be restricted as to height and density making the east side of the strip less desirable and expensive.
To the South- Â Las Vegas Blvd to the South of Sahara Blvd. is in the process of major building and renovation with 9 major projects between Sahara and Fashion Show Mall.
Downtown Fremont Experience District- 3 casino hotels have either been in negotiation or changed hands in the last 2 months. The Entertainment District (gas light district) to the East of Fremont Street and Las Vegas Blvd. is under full scale construction with a slated opening later this year. To the West of the Fremont Street Experience is the massive new Union Park Development (aka 61 acres) a totally planed development of huge high-rise and high tech structures, this area will become the new downtown area of Las Vegas and its cultural center. This project is owned by the City of Las Vegas and they are determined to make it one of the World showcase developments.
To the North- A major new mid-rise project is 80% sold in one day just to the north of I-515/ US 95. This area has long been labeled as blighted but now seems to be a realistic candidate for further redevelopment.
With so much happening in the areas surrounding Las Vegas Blvd. it is only natural that eventually things will change. My best guess is that we will see major physical changes in this area within the next 24 months.
For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.