The New Downtown
Mayor Goodman of Las Vegas is a champion of downtown revitalization, focusing his efforts on creating a downtown urban village filled with small businesses, boutiques, fine restaurants, bookstores and an art component where the public can have social dialogue and exchange ideas. “Like it or not, downtown is the core of our city, the heart and soul of southern Nevada, and without a healthy inner core, the city will rot from the inside out,” Goodman has stated.

Mayor Goodman is affectionately referred to as “The Pitchman” as he successfully lines up investors in multi-million dollar downtown redevelopment projects.

Downtown Redevelopment Works
Todd Grotstein, Director - Prudential Americana’s High Rise Division, is a believer of downtown redevelopment. Living in San Diego, he watched the transformation of a rundown area into the hip Gas Lamp District.  “When early adopters first started buying property in the GasLamp District, people thought they were crazy.  Now who’s crazy?  I see the same parallel in Streamline Tower.” Grotstein observed. 

Trend Toward City Living
“Hot on the heels of a head-for-the-hills trend among home buyers seeking the security of remote locales, a back-to-the-city movement is growing among young professionals and empty nesters looking for a different kind of action”, writes Broderick Perkin for Realty Times.

“Rather than isolation and a sedentary lifestyle, the new breed of urban resident seeks locations that expose them to active, more vibrant lives. Reduced road rage and zero lawn care are also among the draws creating a return to downtown life, according to findings at a recent in-town housing conference sponsored by the "Urban Land Institute.”

"We know this is a major direction in housing development in the United States," said Jon Abbett, president of CIG International, LLC, a Washington, D.C.- based company that finances housing development. "Sales will be faster than you thought," he added.  “And with speedy sales comes healthy appreciation.”

Builders who once concentrated on single-family housing are getting into the act. KB Homes announced the formation of KB Urban, a new division to build mid-rises and high-rises. “It will concentrate on building in city centers rather than adding to suburban sprawl, so people can live and work in city centers while enjoying a high-quality lifestyle,” says Bruce Karatz, the company's chief executive.