Downtown Project Brings in $118.9 Million to Las Vegas
PHOTO: Downtown Project's Container Park is an open-air shopping and entertainment venue built from shipping containers and locally manufactured cubes. (Photo by Ryan Rudnansky)
Downtown Project, the community-oriented organization that has invested $350 million in revitalizing Downtown Las Vegas, has created an estimated $118.9 million in recurring economic output since 2012, according to a report by Applied Analysis.
On top of that, an additional $70 million of economic output has been produced via construction, and a total impact of $220.7 million is projected once all planned construction projects are completed.
“It is amazing to see what Downtown Project has accomplished in the last two years,” said Jeremy Aguero, principal analyst with Applied Analysis, via a release. “In addition to reviving interest in the area, the total economic impact of their activities is similar to building more than 400 2,000-square-foot homes each year.”
In just the last three years, Downtown Project has invested in more than 70 ongoing or completed construction projects, 50 small businesses and more than 100 tech startups through the VegasTech Fund. These investments have led to the creation of 1,048 permanent jobs in Downtown Las Vegas.
"We are excited about the progress we've made to help make downtown Las Vegas a place of inspiration, entrepreneurial energy, creativity, innovation, upward mobility, and discovery," said Mark Rowland, CEO of the newly created Downtown Project entity DTP Ventures. "This is a long, multi-year process, and we believe 2015 will be an integral year for working with our established teams and investments to ensure they are flourishing.”
Over the past year, Downtown Project has introduced several new businesses, including boutique hotel Oasis at Gold Spike, The Market grocery store, award-winning craft cocktail bar Oak & Ivy, and Downtown Container Park’s first full-service restaurant, The Perch.
Oasis at Gold Spike’s sister property, Gold Spike, has also turned into quite the popular meeting spot. Not only is Gold Spike a versatile working space, bar and grill, but it also now includes workforce housing in its second year. In 2014, Gold Spike Tower was introduced as part of Oasis at Gold Spike.
Small business investments by Downtown Project also aided in the debut of Bikram Yoga Downtown, Grass Roots juice bar (located inside the historic John E. Carson building) and The Writer’s Block, Southern Nevada’s only independently-owned book store.
Beyond its business ventures, Downtown Project has invested in the “Life is Beautiful” festival, a lifestyle event that brings together marquee musicians, chefs, artists and speakers in the heart of Downtown Las Vegas. The three-day festival, which debuted in 2013, welcomed more than 60,000 patrons in its first year and 90,000 attendees in 2014. Via the festival and invited guests, Downtown Project welcomes 23,000 annual out-of-town visitors to Downtown Vegas, generating a total of $26.5 million per year to Southern Nevada’s economy. Life is Beautiful runs from Sept 25-27 this year.
Downtown Project isn’t done, either.
Las Vegas' Fremont East Entertainment District and surrounding areas will offer new residential accommodations in 2015, as well as new venues Glutton, VegeNation and Zydeco Po-Boys; three new restaurants on the northwest corner of Carson Avenue and 7th Street; a recording studio and record store called 11th Street Records; a live music venue and bar called Wheel House; and Chow, a new dining concept from popular chef Natalie Young (owner of Downtown’s breakfast and lunch joint Eat).
Downtown Project strives to make Downtown Las Vegas a sustainable “place of inspiration, entrepreneurial energy, creativity, innovation, upward mobility, and discovery” through the “three C’s”: collisions, co-learning and connectedness.
More by Ryan Rudnansky
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