Downtown Las Vegas Arts District Prime Retail Leasing Opportunity

1201 South Main Street, Las Vegas 89104

 

 

THE OFFERING Simply Vegas Real Estate in cooperation with Metroplex Realty is pleased to present an exceptional retail leasing opportunity for bold and qualified businesses to enter into the exciting, emerging Arts District of Downtown Las Vegas. The building is approximately 11,822 square feet gross, with 10,367 SF of leasable area and is located on a prime visibility corner on the busy South Main Street. This section of Main Street has been showing strong, obvious signs of gentrification in recent months and has been gaining momentum with multiple vibrant new businesses opening in close proximity to the offering to replace the aging “Antique Alley” collection of local, low function tenants. As the Downtown area gains momentum from the initial spark of Tony Hsieh moving Zappos.com’s headquarters into the former Las Vegas City Hall, there have been thousands of new residents moving into the area and dozens of new projects emerging. Additionally, the offering is less than one mile from the famous Las Vegas strip and has convenient access to Interstate 15 highway less than half a mile away.

 

 

DOWNTOWN AND THE ARTS DISTRICT Downtown Las Vegas generally encompasses the area to the north of Sahara Avenue, to the West of Eastern Avenue, to the East of Interstate 15, and to the South of Highway 95. Within this area, the Arts District has begun to see a rapid resurgence, new businesses taking old dilapidated spaces, streetscape improvements being implemented by the City and County, and a general improvement of the look and feel of the neighborhood.

 

 

INFRASTRUCTURE CHANGES COMING Downtown Las Vegas has begun a multi-phase infrastructure revitalization project that has transformed residential and commercial corridors alike and will continue to transform the rest of the area into a modern Downtown district with improvements such as: Green-paint bike lanes LED street lighting Improved parking Double wide sidewalks Street furniture Improved landscaping Traffic flow and re-alignment improvements Main Street is set to be a recipient of this change starting in Q4 2015, which will include creating a one-way northbound street, adding center islands with attractive desert landscaping, and numerous pedestrian safety and convenience improvements.

Before

After

 

 

DOWNTOWN REGION MOMENTUM Numerous projects have come to fruition through the Downtown Project’s real estate development arm, Resort Gaming Group, including the Inspire Theater, Container Park, Gold Spike, and the Carson Hotel mixed-use redevelopment. Currently all residential buildings in the region are above 95% occupancy and there are more housing projects planned.

  

 

  

Zappos.com Corporate Headquarters  John E. Carson Adaptive Mixed Use 

 

 

THE NEIGHBORS – 2016 New Developments NuVeda Dispensary Set to open its doors in 3Q 2016, NuVeda will be a new construction, state of the art dispensary facility and will be a traffic-generating source for the HOP building. WE Apartments The first of three planned phases, the WE apartments are set to break ground in July 2016 and in its first phase will feature 49 micro and regular sized units with multiple amenities on site. The Venice Having broken ground in September 2015, The Venice will be a 3 story 15,000 SF mixed-use building with office above retail. Its modern design will be welcome to the revitalization area, and is already more than 65% leased to law firms and an urban lounge concept. Rents at this building top $2.75/SF on a NNN basis, and the project is being managed by Tradewind Investment of Las Vegas.

 

 

Buffalo Exchange Buffalo Exchange opened its doors in October 2014 to a great reception from the entire Las Vegas Valley. A new and recycled fashion boutique, this 40 year old national chain boasts 48 locations and represents the first national tenant calling the Arts District home. Velveteen Rabbit The Velveteen Rabbit has quickly become the go-to for complex crafted libations and live entertainment in the Arts District when it opened its doors in 2013. The venue is intimate and always busy. Casa Don Juan Mexican Restaurant Casa Don Juan has been serving as a beacon of old fashioned authentic Mexican food in the Arts District for many years and is joined by the just-opened El Sombrero Mexican Restaurant only a few blocks to the North. Casa Don Juan brings in a full lunch and dinner crowd alike and is set to undergo an expansion in the near future to accommodate its clientele better, including a second floor addition to their existing structure to hold banquets and other special events. Recently, Vice President Joe Biden made a special appearance here for lunch.

 

 

Makers and Finders Coffee Just opened in October 2014, Makers and Finders coffee is the brainchild of two partners with experience building some of Las Vegas’ most successful brands, such as Firefly, Herbs & Rye, and Crush. This concept, whose aim was to bring the attention to detail associated with fine dining to an otherwise casual atmosphere, has had consistent steady business since opening, and has quite the following for being a place to bring a laptop and work with the provided WiFi.

Rockin Bettie Just opened in Summer 2014, Rockin Bettie is a boutique pin-up and retro themed clothing and lifestyle services store. This retail establishment also boasts its second location in the Town Square lifestyle center south of The Strip.

Hop Nuts Brewery Opened in the 1st quarter of 2015, Hop Nuts Brewery is now downtown’s second microbrewery, brewing in house a variety of beers and bringing a comfortable lounge environment to Main Street. With no food component, the brewery welcomes customers to pick from over 10 local restaurants’ delivery menus they keep handy, and order items like full pizzas right to their bar seat.

 

 

Art Square Completed in June 2012, Art Square is comprised of three remodeled buildings from the 1950s and a tarmac lot that has been transformed into an outdoor art garden. Featuring sustainable woods, brick, natural light and exposed high ceilings, Art Square has an open organic feeling to inspire its designers, artists and other creative businesses.

Arts Factory, Mingo / Mundo Since the inception of the Arts District, the Arts Factory, housed in a 50-year-old commercial warehouse, has been its geographic and creative center. The Arts Factory also has provided a unique cultural venue for over 300 musical concerts, poetry readings and live theatrical performances. Mingo / Mundo is a popular space for drinks and high-class Mexican culinary offerings with craft cocktails.

Rock’N’oodles Recently opened in October 2013, Rock’N’oodles has been serving eclectic noodle dishes to the Arts District clientele to rave reviews. It has a strong delivery and catering component through Postmates, and its founder is a former restauranteur for Sammy’s Woodfired Pizza and is a California transplant.

 

 

Winfield Manor Recently completed in 2015, this 17,000 SF mixed use building was originally built in 1954, now houses 13 market-rate apartment units with such amenities as granite countertops and stainless appliances, and sits above an 8,500 SF ground floor restaurant / retail component. The apartment units are fully leased and the retail spaces are undergoing tenant improvements at this time. The approximately 21,500 SF parking and courtyard area features cobble stone pavers and is surrounded by custom ironwork.

Real Results Fitness This hardcore training gym has become the de-facto standard for residents of the Downtown area to get a workout in. The gym’s high market level membership rates, comparable to Lifetime Fitness and above David Barton pricing, has not deterred it from being an extremely busy fitness destination Atomic Style Lounge Recently opened in April 2016 by New York native David McManus, Atomic Style Lounge is a Mid Century “Googie” themed full service salon catering to traditional styles and more boutique themes like Rockabilly.

 

 

Downtown Crown Replacing Bar + Bistro, Downtown Crown is the second location of the popular Crown & Anchor pub near UNLV that just opened its doors in January 2016. The menu has a full set of British offerings, as well as an extensive beer list and thematic British elements throughout, in addition to a large front patio that will see lots of action in the warmer months.

ReBar Currently under construction and set to open in May 2016, ReBar will be a 1,775 SF wine bar, gastropub, and antiques store across the street from the popular Velveteen Rabbit. This new offering will feature over 100 wines and a 647 SF outdoor seating area. 

Cornish Pasty Company

Currently under construction and set to open in 3Q 2016, Cornish Pasty has been an establishment on Sahara Avenue for decades, and now has chosen to make the move to the Arts District.

 

 

LEASING HIGHLIGHTS SIGNIFICANT UPSIDE Take advantage of a rapidly gentrifying, tech and services-centric enclave in the entertainment capital of the world. VISIBILITY Take advantage of high corner visibility and curb appeal, with the opportunity to build out space to specifications. Some tenant improvements may be available for qualified Lessees. LOCATION Main Street can largely be considered to be a model of an early 2000’s Cahuenga Boulevard in Los Angeles/Hollywood with many businesses that will be moving in due to a momentum for redevelopment and an eager highly educated local population thirsting for new eating options, services, and entertainment. TENANT AMENITIES Ample parking behind the subject property as well as ample street parking all around. FLEXIBILITY with vacant tenant suites ranging from 648 SF to 3,831 SF, spaces to be delivered in cold / grey shell condition in Q2 2016.

 

 

IN THE NEWS: Vegas Seven Magazine just named the Arts District the “Hottest Neighborhood in Downtown Las Vegas” (October 1-7, 2015 Issue)

 

 

PROPOSED DEMISED FLOORPLAN:

 

 

DEMOGRAPHICS IN A REDEVELOPMENT AREA Though current demographics for Downtown Las Vegas based on zip codes show categorically average numbers, the population base that frequents downtown is consistent with other gentrifying downtown areas in other cities around the country. Prospective tenants should not be discouraged by local demographics. The Arts District is a Destination.

There is a rapidly growing population base that is highly educated and diverse with above average income and discerning tastes. The balance of patrons that frequent Downtown Las Vegas generally travel from other more homogeneously-affluent suburbs in the surrounding areas such as Summerlin, Centennial Hills, Green Valley, and Henderson.

Demographics for 89104 1 Mile 3 Miles 5 Miles

Housing Units 9,014 88,238 241,239

Population 17445 179363 534568

Median Household Income $26,427 $35,488 $39,684

September 2014 YTD Las Vegas Tourism 31,134,761 visitors

 

 

AVAILABLE SPACES / ASKING NNN PRICES AT THE CORNER BUILDING:

Space SF $/SF

Callifornia Street Frontage East 648 $ 2.50

California Street Frontage East 2 733 $ 2.50

California Street Frontage Middle 732 $ 2.50

California Street Frontage West 2 830 $ 2.50

LEASED - California Street Frontage West 651 $ 2.50

LEASED - 1201 S Main Corner Space 1,121 $ 2.40

1201 S Main Inline Space 903 -2,710 $ 2.40

1201 Interior Space 2,942 $ 2.25

Total 10,367

 

 

Questions?

Ryan Misaresh, LEED AP

213.309.3279

ryan.misaresh@gmail.com

or

Paul Murad

702.400.4100

paul@metroplexgroup.com