Economic Development Investment Strategy - City of Las Vegas

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C i t y o f L a s V e g a s | E c o n o m i c D e v e l o p m e n t I n v e s t m e n t S t r a t e g y 2. GOAL: Support the long-term objectives of the Downtown Project. Continued STRATEGY. Develop the space and physical infrastructure needed to support successful tech companies in Las Vegas. → Work with local entrepreneurs and investors to develop a new incubator/accelerator facility for young high-growth tech companies in need of office space and mentoring. (See Goal 3, Strategy 2.) → Explore a longer term goal of establishing a downtown technology park or mixed-used commercial park in or near downtown Las Vegas. (See Goal 3, Strategy 3.) → Establish a technology infrastructure grant program. (See Goal 7, Strategy 2.) STRATEGY. Work with local and regional organizations to expand the local talent pool of technology and knowledge industry workers. → Encourage UNLV, CSN, and other educational institutions to expand academic programs and curricula in information technology, software, computer science, and digital media. ▪ ▪ UNLV operates two teaching programs at the 5th Street School, including the School of Architecture’s Downtown Design Studios. CSN’s Division of Workforce and Economic Development has recently signed an agreement with the City of Las Vegas to lease unoccupied space at City Hall to develop job training and academic programs for city employees and residents and begin offering noncredit classes. CSN will also offer business consulting services and workforce certificate programs for specific industries located in the downtown. → Work with the Las Vegas Metro Chamber, JumpStart Las Vegas, and the Downtown Project to retain existing and recruit new technology workers to Las Vegas. ▪ One recent example of a region actively recruiting IT workers is workIT Nashville, a multi-faceted marketing campaign spearheaded by the Nashville Area Chamber of Commerce. workIT Nashville features a jobmatching website where applicants can post resumes and companies can post openings; a guidebook for recruiting talent; and a digital media marketing strategy. (See http://talent.workitnashville.com/.) STRATEGY. Target sectors and companies compatible with (and sought by) the Downtown Project’s Vegas Tech Fund, the Nevada Capital Investment Corporation's Venture Fund, and other angel and venture capital (VC) funds in Las Vegas. → For example, digital media and 3-D printing companies STRATEGY. Encourage the Downtown Las Vegas Alliance and the Downtown Project to collaborate on joint marketing, visitation, and development promotion activities. 3 GOAL: PURSUE NEW DEVELOPMENT & REDEVELOPMENT OPPORTUNITIES. T I P S t r a t e g i e s | T h e o r y I n t o P r a c t i c e P a g e | 15
C i t y o f L a s V e g a s | E c o n o m i c D e v e l o p m e n t I n v e s t m e n t S t r a t e g y 3. GOAL: Pursue new development & redevelopment opportunities. The City of Las Vegas should continue working with developers, private employers, and public sector partners to support the development and redevelopment of sites and facilities that will expand the city’s employment and business base. OVERVIEW One of Las Vegas’ most pressing economic development needs is the development of buildings and sites to accommodate new business and employment. Years of explosive residential growth has left the city with a paucity of competitive commercial office and industrial space. In the downtown area, rising property values, new business growth, and rising demand for a mix of building types all suggest that the city needs to take a more aggressive approach to office and tech space. This should include both Class A office space as well as the highly adaptable communal space envisioned by the Downtown Project. Las Vegas Regional Office Market, Q1 2013 # Properties Total Rentable SF Vacancy Rate Net Absorption QTD Downtown 110 3,748,832 12.2% 52,727 Airport 306 5,228,255 22.7% 13,122 East Las Vegas 183 6,021,321 27.8% 8,773 Henderson 319 5,999,875 20.6% 239,098 North Las Vegas 96 783,529 23.9% 1,040 Northwest 403 8,895,564 25.7% 49,642 Southwest 391 6,587,155 25.6% 197,141 West Central 274 5,561,170 19.1% -31,275 Total 2,082 42,825,701 22.8% 482,030 Source: RCG Economics Without question, the City has been instrumental in the development of unique and economically important buildings and districts. These facilities include the Lou Ruvo Brain Center, the Medical District, Smith Center, the International Trade Mart, the Arts District, Las Vegas Premium Outlets, and new government buildings, including City Hall. Other assets are either in the planning stages or currently under development, including the Zappos headquarters, the Downtown Project properties, East Fremont District, Symphony Park, and a convention center. However, from an outsider’s perspective, these facilities lack the physical, transportation, and programmatic links that give the sense of a connected and integrated downtown. In a sense, they form an archipelago. Within its Downtown Investment Strategy and other planning/development efforts, the City should strive to fill in the physical and figurative spaces that separate these individual assets. Las Vegas also lacks available industrial sites and buildings that can accommodate large employers. With existing high vacancy rates for industrial properties in the Valley, it is not likely the market would currently support a new greenfield park. This is especially true for sites lacking surrounding development or services. However, Las Vegas has a long-term need for shovelready industrial land. This need could be accelerated if Southern Nevada were to secure an FAA UAS Certified Test Site, Cybersecurity (Regional) Center of Excellence, or other large R&D/industrial facility. Therefore, the City of Las Vegas should begin the process of planning for a park and exploring development options. TIMELINE < 12 mos 1-2 years 3-5 years 5-10 years POTENTIAL PARTNERS City of Las Vegas • Las Vegas Metro Chamber of Commerce • DowntownProject.com • downtown developers and land owners • entrepreneurs and venture capitalists • LVCVA • UNLV • GOED T I P S t r a t e g i e s | T h e o r y I n t o P r a c t i c e P a g e | 16
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Economic Development Investment Strategy - City of Las Vegas

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