FEATURE ARTICLE, JUNE 2004

INTEGRATED SITES UNDER BIG CITY LIGHTS
A Las Vegas real estate consultant looks at the role of mixed-use developments in the urban landscape.
John Restrepo

The latest trend in urban development is the creation of mixed-use properties. The proliferation of this type of development is being driven by the need to be more creative in using increasingly scarce and expensive land. Additionally, there is a growing middle-to-upper-income population that demands non-traditional working, living and shopping alternatives. True to the renewed urban lifestyle, these alternatives are provided through the combination of residential, retail and office uses in one project within an integrated and symbiotic design. There are a variety of characteristics that distinguish Las Vegas-style mixed-use developments:

Uniting uses — Developers are combining ground floor retail space with professional offices above and higher density housing (i.e., two to three stories) surrounding large, shared courtyards. Private patios and roof terraces have emerged as popular features.

Sidewalks — Providing shaded sidewalks in front of buildings with street frontage helps to define the urban corridor. Higher-density housing is conducive to having walkable communities.

Parking areas — Parking is located to each side of retail and office space, rather than directly in front of the building. Space is then made available for gardens and courtyards.

In Las Vegas, the local planning community has realized that the city suffers from a lack of density. As more people choose to live within walking distance of neighborhood shopping centers and schools, the appeal of mixed-use developments and their financial feasibility increase. Transit services designed for highly populated urban areas also boost the accessibility of multifaceted developments.

The demand for urban living and the resulting need for high-density housing are manifested in a variety of forms such as garden-style, mid-rise and high-rise buildings. Las Vegas zoning regulations are being changed to permit the mixing of residential and commercial uses to offer a full range of housing choices.

Under development by LaPour Partners, Holsum Lofts is a 50,000-square-foot project being built on a 50-year-old historic site — Holsum Bakery. Funded entirely by private investors, the project is the first adaptive reuse project in the downtown’s newly formed Arts District. The Holsum Lofts redevelopment offers several features unique to the Las Vegas market, including exposed heavy timber ceilings, stained concrete flooring, steel detailing and historic signage. The property, which is 40 percent leased, will consist of office and retail space as well as eight lofts and up to 10 live-work flats. The project’s anticipated occupancy date is September.

Successful mixed-use developments in the West have been the product of developers’ abilities to provide complete lifestyle packages within the city landscape. Security, ease of parking and proximity to urban services are promoted and appropriately factored into the project’s design. Furthermore, the concept is being transformed to fit today’s technology and lifestyle demands.

Market forces are also encouraging vertical mixed-use development, because of land shortages, rising home prices and strained transportation systems. Moreover, population growth and jobs in many western metro areas have outpaced the expansion of transportation systems. Rapidly rising land and housing prices are requiring workers to move to more distant suburban areas. The result has forced developers to rethink where and how they build, and have caused many residents and users of commercial space to reconsider their own lifestyle and business choices.

John Restrepo is the principal of Restrepo Consulting Group LLC in Las Vegas.


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