Downtown Las Vegas is becoming the mecca for young people. They are not only looking for great nightspots, they’re looking for a place to live, and that means the need for businesses to cater to them will be growing. Residents need grocery stores, places to buy household goods, doctors’ offices and the like. Even though there has been much talk about how bad the commercial real estate market is in Las Vegas, the downtown area has remained healthy, and as a rule only the most profitable ventures can be expected to survive. There is currently a venture to convert an old warehouse into a multiple use property, with dozens of living units and businesses like restaurants and offices to compliment them.
These types of old buildings are ripe for investment, because young people are strongly attracted to rehabilitated ‘retro’ style dwellings with lots of spaces for entertainment and recreation. Exactly the same thing happened in New York in the SoHo district in the 80s, which has attracted numerous celebrities and other people with the means to invest.