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More People Calling Downtown Las Vegas Home | Housing

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More People Calling Downtown Las Vegas Home
Housing
More People Calling Downtown Las Vegas Home

The Smith Center for the Performing Arts will open in just 11 days. It is just one more new development that is sparking a new interest in working and living downtown.

There are more and more people who are trading in life in the suburbs for urban living. They say it is all about being where the action is. Just three years ago, many apartment buildings downtown were uninhabited eyesores. Now, places like the Ogden are completely full with a waiting list.

The urge to move downtown is exactly what developer Sam Cherry was banking on when he decided to build two residential high-rise condo towers in 2002.  Soho Lofts opened in 2006 with 120 units. Newport Lofts opened in 2008 with 168 units. After a few investors went belly-up, prices came down. The towers are 98 percent occupied with waiting lists for rentals.

"Now, everyone is moving down here and enjoying the restaurants and bars. Now, the Smith Center opening up is going to be the most exciting thing this valley has seen in 100 years," Cherry said.

Cherry believes the moderate price point - rents start at $1,400 a month - combined with the proximity to businesses and city buildings is drawing suburbanites to the center of the city.

"I think it is people who have watched it down here, who have come down here for work every day, and then they go back to the suburbs. They say: 'hey, this is a no brainer because I live less than a mile away from where I work,'" Cherry said.

Las Vegas native Miles Dickson works downtown. Then he found himself using the bars and restaurants. So, he took the plunge and moved into one of the Ogden's 275 units.

"It is not the neighborhood it was 15 years ago. This is a place to live. It is a place to spend time. It is a place to work," Dickson said. "My grandmother moved and bought a home at the corner of 3rd and Lewis in 1934. So, downtown is this really special place to me."

Sam Cherry says he is hearing that at least two more residential high rises are in the works. His company is interested in building more mid-rise condo towers.

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