Builders are mixing it up

It seems to be a growing trend in new communities in Las Vegas. While many builders have slowed down considerably or switched to commercial projects (has anyone been to the strip lately?  There are still cranes everywhere), there seems to be a growing trend in new projects and those that are still selling well---mixed use. Probably the most successful mixed use project to date in the Las Vegas valley is the District, located in the master planned community of Green Valley.  To be fair, it was built and sold during the boom. However, it has spawned several similar communities across the valley like Manhattan West, Sullivan Square (which also boast a LEED (green) certification), Promenade and Metreon Lofts.

Builders are able to hedge their bets by adding in retail and office space into the project. There doesn't seem to be any lack of businesses wanting commercial space in Las Vegas. Add to that the extra community value that those businesses bring to the residents, it seems like a formula for success in a slow market.

Whether or not this will be a winning formula for years to come remains to be seen. The steady stream of people moving to the Las Vegas valley has decreased slightly (still thousaands per month).  However, all of those new residents are going to need dry cleaners, coffee shops and restaurants, so I'm betting these types of projects are here to stay.-cr