The developer of a new luxury apartment complex opening up in Chinatown said it very well could be the start of a new trend in the Las Vegas real estate market. (FOX5)
LAS VEGAS (FOX5) –
The developer of a new luxury apartment complex opening up in Chinatown said it very well could be the start of a new trend in the Las Vegas real estate market.
Developers at Lotus Luxury Apartments, off of West Spring Mountain Road and South Valley View Boulevard, said believe they are the ones starting a trend for millennials who want to live close to where they work. The complex is a big upgrade for an area that hasn’t seen anything too new in awhile, they said.
Developer Alison Burk said young people who want to lease in Chinatown only have a few choices: either live there, or live somewhere built before they were born.
"Most of the apartments that are true rentals in this area were built during the 1980s," she said. "We’re the first ones, so at this point we have no competition. The next project is probably 18 to 24 months from coming to life here."
Some said they believe investing in the area is risky. Burk disagreed. She said she believes Chinatown is a premier spot for growth because of its access to the Strip and access to Interstate 15. She also pointed to 150 restaurants within three blocks of the complex.
"Not only for tourists, but for locals, it’s a big hangout spot," Burk said. "Chinatown is sort of the hip place to be in Las Vegas right now … People thought we were crazy when we first started this development, but now everyone’s sort of catching on and now everyone wants to be in the area."
Mike Mixer, the president of the NAIOP board, said he thinks Lotus Luxury Apartments are on to something.
"I think there is a lot of demand for this product at this location and it will continue to add positive energy to this growing district," he wrote. "This innovative housing project also brings with it some exciting new restaurants and retailers many of which are brand new to our market."
Lotus planned to eventually add three new restaurants to its complex. Burk wasn’t at liberty to drop names, but she gave hints.
"We have a taco place coming in, omakase coming in and more of a comfort food," she said. "Some of those will be offering services to our residents delivering to the pool, to their units, and then it’s also open to the public."
The complex also features pool tables, two fitness centers, swimming pools, a DJ booth at the pool, a karaoke room, a spin/yoga room and units with Strip views. Approximately 28 people lived there as of April 30, as the apartments take on the second phase of development. Burk said more than 70 units (25 percent of the complex) is leased, and they already have up to 100 tours per week.
"The traffic is crazy high," she said. "That was luck. This was all a concept before we knew anything about the Raiders or hockey coming to town. I think at the time maybe they were talking about soccer?"
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