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The Evolution of Las Vegas: 5 Key Things Every Real Estate Investor Should Know – Urban Land

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Once a vast expanse of uncharted land, Las Vegas, Nevada has become the entertainment capital of the world, a gaming supercenter and a premier sports destination. This remarkable transformation did not happen overnight; it stems from decades of strategic planning, investment and visionary zoning recommendations.

A major ULI Advisory Services Panel since 1962 has provided the blueprint for Las Vegas’ unprecedented growth, stressing the importance of mobilizing the city’s burgeoning convention and gaming industry while prioritizing housing for the workforce that fuels its economy. Today, Las Vegas is a testament to the power of intentional urban planning. It demonstrates how foresight and collaboration can turn potential into reality.

As ULI prepares for its 2024 Fall Meeting in Las Vegas, October 28-30, at Resorts World Las Vegas, we took a deep dive into the ULI Knowledge Finder for these key reports that speak to the construction and evolution of Las Vegas.

1. Shaping Las Vegas

In 1962, Las Vegas, its employees and business leaders had a question: What should we do with all this land?

With more than 1,000 acres of unzoned, undeveloped, and sparsely developed land lying west and north of the city, and 2,000 acres within the city itself, Las Vegas was full of opportunity but directionless. So, they enlisted the help of ULI’s expert members in a ULI Advisory Services Panel for these Las Vegas and North Las Vegas properties.

These members provided recommendations that helped shape and build Las Vegas into what it is today. While the panel’s recommendations included a continued emphasis on growing the gaming and entertainment industry that brands Las Vegas, the advice went deeper than that, demonstrating the focused planning, investment diversification and forward thinking that have truly made Las Vegas a successful city. The report outlined the panel’s emphasis on residential and multifamily development to secure the city’s workforce, shopping and retail centers as hubs of commerce, and golf courses to boost membership and tourism—advice that was ahead of its time and spurred trends in leisure and retail. Read more about how ULI and its members have helped shape Las Vegas here.

2. Centers

An important component of a city and its growth is the concept of the center of the cityor, in the case of Vegas, downtown. The health of these hubs of activity and interaction can make cities thrive or struggle. While the Las Vegas Strip is certainly active, it’s not downtown Vegas, which is a little further north in the valley.

In Las Vegas, efforts are being made to create central spaces where people can thrive. A tour of Symphony Park at 2024 ULI Fall Meeting reveals how the city took on the role of developer to create a mixed use project for the benefit of the community. Alternatively, enter the Arts Districtwhich explores the cultural center of Las Vegas. Special investment – like Tony Hsieh’s mission yes Create positive community encounters in downtown Las Vegas– is realized and shaped by the growing center of Las Vegas.

Like Las Vegas, other cities are finding innovative ways to revitalize their downtowns. See how our members share their expertise and shape the future of cities.

3. Housing

A challenge – and an opportunity – facing every city across the country: How do we approach housing? The answer is, of course, complex, with different opinions and approaches. Explore how cities across the country have approached housing policy in this report, Building the Future: State and Local Policy Innovations to Increase Housing Supply.

Las Vegas and its developers have tried their own policies, projects and approaches in their efforts to alleviate the local housing crisis. For example, on UnCommons addresses pedestrian urbanism, mixed use in Las Vegasshowing how a mixed-use approach to housing can be effective.

Decatur Commons provides a glimpse into how some people are trying to tackle affordable housing in the area. Visit Affordable Oasis: Creative Solutions to Address Nevada’s Housing Crisis tour during the fall meeting for an exclusive look at the project. And look further north in the state, up in Reno, for ULI Homeless to Housed Case Study: The Village of Sage Street.

4. Building across the strip

The area around downtown Las Vegas and the Strip has seen its own growth. Summerlin master planned flourishing city ​​center with gyms, industry, offices, housing and retail.

Summerlin is not alone, however. Master planning in the area laid the foundation for the city’s emergence as one of the most sought-after destinations today. Attend the fall meeting session Las Vegas Beyond the Strip: Decades of Expert Planning Transforming the City for an in-depth look at how thoughtful planning can continue to fuel such urban evolution.

Or, if you happen to be in Fall Meeting or the Las Vegas area, head over to Henderson, Nevada to see how Water Street area added vibrancy to the area.

5. Extreme weather and water scarcity

Las Vegas’ arid landscape has long posed challenges for water management, but climate change and rapid growth are intensifying the need for innovative solutions. As described in Strengthening the water supplythe city is proactively addressing these issues through conservation efforts and advanced recycling programs that highlight the urgent need to adapt to a drier future. However, water scarcity is not the only environmental obstacle facing Las Vegas. In July, the city broke its all-time high temperature record, reaching a blistering 120 degrees, with overnight lows offering little relief. This extreme heat creates significant physical risks for residents and economic challenges for urban planners.

But Las Vegas isn’t just surviving—it’s innovating. At ULI’s fall meeting, experience firsthand how the city is addressing these challenges Water at its source: A behind-the-scenes tour of Hoover Dam and Water Resilience in the Desert: The Springs Preserve. For further exploration of these pressing challenges and innovative solutions, be sure to consult the ULI reports Water Wise: Strategies for Drought-Resilient Development and Burned: Extreme heat and real estate.

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