3rd Street in Downtown Las Vegas: A New Urban Destination?

If the developers from the CIM Group have their way, the Lady Luck casino in downtown Las Vegas will soon make way for new retail and entertainment center, complete with 3 new hotel towers, thereby leveraging the Freemont Street Experience by Third street and further enhancing the downtown Las Vegas lifestyle.

Have you bought a high rise or a mid rise condo there yet? More and more signs point to that being a smart decision.

Word on the street is CIM is actively making purchase offers to the real estate and business owners along the pedestrian plaza with hopes of strengthening the link between the Lady Luck and the Freemont Street Experience, which draws from 17 to 22 million visitors a year.

And why? Because CIM has already used this formula to revive downtrodden neighborhoods in Los Angeles with a great degree of success. Their goal is to turn downtown Las Vegas into a new urban destination. And they have the deep pockets to make it a reality.

The Lady Luck was purchased in 2005 by Andrew Donner of Las Vegas and has been closed since early 2006 with not much happening at all - a source of annoyance to many city officials (including the mayor). But since CIM bought into the project, the mood has changed drastically. In fact, CIM comes to the table with a $4 billion urban real estate portfolio backed by the California Public Employees Retirement System. News such as this continues to be cited as evidence that there is great economic potential to be tapped into Downtown Las Vegas.

Get yours!