I did a recent blog and slideshow on the amazing new color changing Eastside Cannery set to open later this month. It's on the Boulder Strip corridor, and it's not the only new construction in that area. Thanks to Eric Rosenberg with Boulder Crossroads for furnishing this information that shows even more of the investment going on in the Las Vegas Valley.
Las Vegas’ Boulder Strip Seeing Transformation
With Infill and New Investments
Retail, Gaming/Hotel and Residential Infill Happening
Las Vegas, NV (Weds. Aug. 13, 2008) - With the upcoming August 28th opening of the Eastside Cannery Casino & Hotel, the Boulder Strip is undergoing a revitalization that is gaining steam. Several infill ventures along Boulder Highway have opened or changed hands in the past year, with more in the pipeline.
At 16-stories with its distinctive saw-tooth roofline, the $250 million Eastside Cannery tower is the newest and most visible addition to the eastern skyline. It brings 65,000 square feet of casino space, 20,000 square feet of meeting space, 307 new hotel rooms, and six new restaurants to the Boulder Strip, along with 1,200 employees.
Just across Boulder Highway is the new Boulder Crossroads Shopping Center, anchored by a new Wal-Mart Supercenter. Boulder Crossroads brings more than 260,000 square feet of new retail space to the area. Within the new center, a busy new Chili’s, already the third highest-grossing Chili’s in Las Vegas, presides over Nellis Blvd. at Boulder Highway. National retailers RadioShack, T-Mobile, and GameStop are next door. California-based cult-favorite Original Tommy’s Hamburgers just opened its second Las Vegas location in Boulder Crossroads. Filling a dearth of services for the trade area, Tender Dental began booking appointments four months prior to its opening in July. Nevada Federal Credit Union is busy signing up new customers.
Sam’s Town Hotel and Gaming Hall’s $20 million Sports Book expansion is adding to the Boulder Strip’s gaming appeal, especially for locals. Century Theatres premiered a 18-screen state-of-the-art theatre complex less than a year ago, projecting one million visitors by the end of 2008.
Grocery choices are multiplying, too. In addition to Wal-Mart Supercenter’s 24-hour grocery, two new Fresh & Easy Neighborhood Markets have opened nearby, at Nellis Blvd. and Desert Inn to the north, and at Nellis Blvd. and Tropicana to the south.
The new retail is ready for new rooftops. D.R. Horton is completing the last phase of its Nevada Ranch subdivision (First Twilight, High Noon and Twilight phases), within half a mile of the Eastside Cannery. The second phase of the 21 acre Duck Creek apartments are under construction on Boulder Highway east of Russell.
Investors are noticing, as indicated by recent sales. Boulder MarketPlace, at Boulder Highway and Russell, anchored by Denny’s and Tire Works, completed in late 2007, recently sold for $27.8 million. AIM sold the 670 unit Canyon Pointe apartments on Harmon adjacent to the Eastside Cannery for $44 million.
The mortgage mess and high gas prices have smothered projects in other parts of Las Vegas. So why does this stretch of the Boulder Strip appear to be defying the economic odds?
For one thing, the homes and people - that is, guests and customers - are already there. More than 160,000 people already live within a three-mile radius of the Eastside Cannery, without the coming rooftops.
“Eastside Cannery is a great asset, not just to our family of casinos and hotels, but for local gaming enthusiasts,” said William Wortman, co-owner and principal for Cannery Casino Resorts. “We believe the Boulder Strip is a prime spot for the next phase of our growth.”
There is also the boomerang effect of escalating gas prices. Rather than drive across town, some people are opting to stay close to home. Neighborhood retail centers can benefit unexpectedly as high gas prices make each errand an economic calculation. Infill is becoming the watchword as consumers seek to minimize drive time.
“The Boulder Strip has the added advantage of proximity. It’s not far from the Las Vegas Strip and the airport. Yet it is situated in the midst of established neighborhoods, with new multi-family and single family growth adding to local buying power,” said Eric Rosenberg, spokesperson for Boulder Crossroads LLC.
According to CB Richard Ellis, the vacancy rate for retail space in the east submarket is only 2.47 percent, compared to the citywide retail vacancy rate of 5.82 percent for the second quarter of 2008. Despite market qualms, the average retail lease rate is $2.45 per square foot per month compared to $2.21citywide
Click Map for Larger Image
Investment Along the Boulder Strip
Eastside Cannery Casino & Hotel 65,000 sq ft of casino space,
six restaurants, and 307 hotel rooms,
Boulder Highway at Harmon,
opens Aug 28, 2008
Boulder Crossroads Shopping Center Over 260,000 sq ft center
at Boulder Hwy & Nellis Blvd.,
anchored by Wal-Mart Supercenter,
Nevada Federal Credit Union
Original Tommy’s Hamburgers
D.R. Horton Nevada Ranch subdivision in three phases:
First Light (triplexes $129,900 -159,900)
High Noon (triplexes $134,900-163,900)
Twilight (single family $219,000-269,000)
Sam’s Town Gaming Hall and Hotel
$20 million Sports Book expansion
Century Theatres 18-screens
State-of-the-art 18 screen complex featuring stadium seating and THX sound,
103,000 sq ft, projecting
Wal-Mart Supercenter 200,000+ sq ft,
24-hour grocery, opened 2007
Canyon Point Apartments
Sold for $44 million
Sienna Suites Apartments Extended Stay
600 units completed in 2008
Boulder MarketPlace Shopping Center
anchored by Denny’s and Tire Works,
completed in 2007, sold for $27.8 million
Fresh & Easy Neighborhood Markets
Two new markets in the area,
Nellis Blvd. & Desert Inn,
and Nellis Blvd and Tropicana
While you may hear of the billions in construction on the Las Vegas Strip, this is another example of the investment going on all around the Las Vegas Valley and the jobs being created. There is a lot confidence shown by those putting their capital into these projects, in preparation for Las Vegas' future growth.
If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me at firstname.lastname@example.org or call me at 702-354-8988. I look forward to hearing from you!