North Las Vegas on Right Track for New Life
The 61-year old mayor of North Las Vegas wants to bring the area back to life just like he was brought back during surgery eight years ago. Mayor John Lee believes that he can take “this third-world government called North Las Vegas and raise it up to the second or first tier.” His first term as mayor has shown that North Las Vegas may have some hope of recovery. Serving as a model of economic diversity, North Las Vegas has seen new businesses move in and developments begin building again, which is very encouraging.
New Business Means New Life for North Las Vegas
A transportation startup, Hyperloop, and electric car manufacturer, Faraday Future, have both laid foundations in the Apex Industrial Park located almost 20 miles from North Las Vegas City Hall. They are located next to the medical marijuana operations that were thought to be the key to growth, but have not been offering the amount of growth needed. While the test track for Hyperloop and the plant for Faraday are still in the planning stages, both of these projects spell good things for the area, which is why many neighborhood development projects formerly put on hold have been moving forward as well.
It is not just about Faraday itself, however, as each of the electric cars take more than 2,000 parts to be built and convincing companies to make those parts at Apex is an important part of the plan as well. This could help fill the budget hole and it could fund transformation of the area.
Residential Developments On Horizon as Well
Due to the businesses moving into the area, some of the developments that had been planned prior to the housing bust are beginning to stir again. Park Highlands West and The Villages at Tule have plans to build around 10,000 homes beginning in 2017. They are looking to market to some of the more than 4500 employees that Faraday is expected to bring in. These homes are expected to range from $200,000 up into the millions of dollars.
Apex desert space has already been graded and this space is ready for future jobs that could spell future homes and residents for North Las Vegas. While the area has largely been a bedroom community for people who work in other parts of the valley, adding jobs can bring more residents to the area and more money to the city’s coffers. The 60-page plan is built on securing businesses to save North Las Vegas, which will allow for moving into the area, which translates into more jobs and more of a need for new homes and residences.
Everything works together in the real estate market, from commercial to residential real estate. Creating a more stable tax base will take an approach that includes manufacturing, industry, profitability, and community to create a strong economy. It looks like North Las Vegas is moving in the right direction.
This is a great article! North Las Vegas has been torn up by the recession and some bad dealings over the past five years. I’m happy to see it’s getting back on track.
Thanks for the input Tony, we are happy that NLV is coming back also.