Neonopolis Ready for Las Vegas Lift Off
Las Vegas sure is lucky to have a feisty Mayor on Oscar Goodman, for he never misses a trick to keep city projects on the boil and ready for investors. Mayor Goodman has got Prudential Real Estate Investors from Parsippany in New Jersey, who own Neonopolis on Fremont Street, to meet with Rohit Joshi, a dynamic Las Vegas entrepreneur. We could soon be opening the bubbly to celebrate the opening of the metro’s latest retail center, which has bowling and cinema attractions as well. Neonopolis could also see some televised poker events.
A quarter of a million square feet by way of space, underground parking, superb restaurants and a bar for neighbors on Fremont Street, are the main features which must have induced Joshi Associates to make a serious bid with a handsome deposit for Neonopolis. The potential is big enough for Mayor Goodman to have opposed past proposals to convert some of Neonopolis for office use. Strict adherence to zoning guidelines has always stood Las Vegas in good stead.
Neonopolis was first conceived in 1997. Why has such attractive commercial realty taken so long to find suitors? The project history holds important lessons for real estate agents such as me, who have to advise clients from out-of-town on the best projects for their funds. It starts with clear titles for land use. Always read the fine print on this when a developer has plans but no physical built-up area in to which you can enter right away. Such disputes were the bane of Neonopolis even before ground breaking.
Marketing is the second lesson that one can take home from the history of this project. Developers allowed everyone to rent space without questions on how their proposed uses fit in with the big Neonopolis picture. One tenant even used space in the building for the homeless, which tells you something about how the property must have been priced! Bad news travels fast, and soon tenants were scurrying towards the exits! Neonopolis may have been a step ahead of its time because many prospective clients baulked at the thought of a gay bar in their environs.
All this is now hopefully just history with a series of lessons well learnt. Rohit Joshi can promote the property’s many attractive features to top retailers and to people in the gaming and entertainment sectors. Just one top draw for a tenant will bring the kind of footfall which will have other retailers queuing up for space in Neonopolis. The complex has a great future and this is just the right time to put money in for exceptional returns.
Put your hand together for Mayor Goodman and for local businessperson Rohit Joshi as well! We do not know yet whether Prudential will sell, but at least we have seen a concerted and professional effort. All of Las Vegas stands to benefit for city funds are sunk in the underground parking lot!
A quarter of a million square feet by way of space, underground parking, superb restaurants and a bar for neighbors on Fremont Street, are the main features which must have induced Joshi Associates to make a serious bid with a handsome deposit for Neonopolis. The potential is big enough for Mayor Goodman to have opposed past proposals to convert some of Neonopolis for office use. Strict adherence to zoning guidelines has always stood Las Vegas in good stead.
Neonopolis was first conceived in 1997. Why has such attractive commercial realty taken so long to find suitors? The project history holds important lessons for real estate agents such as me, who have to advise clients from out-of-town on the best projects for their funds. It starts with clear titles for land use. Always read the fine print on this when a developer has plans but no physical built-up area in to which you can enter right away. Such disputes were the bane of Neonopolis even before ground breaking.
Marketing is the second lesson that one can take home from the history of this project. Developers allowed everyone to rent space without questions on how their proposed uses fit in with the big Neonopolis picture. One tenant even used space in the building for the homeless, which tells you something about how the property must have been priced! Bad news travels fast, and soon tenants were scurrying towards the exits! Neonopolis may have been a step ahead of its time because many prospective clients baulked at the thought of a gay bar in their environs.
All this is now hopefully just history with a series of lessons well learnt. Rohit Joshi can promote the property’s many attractive features to top retailers and to people in the gaming and entertainment sectors. Just one top draw for a tenant will bring the kind of footfall which will have other retailers queuing up for space in Neonopolis. The complex has a great future and this is just the right time to put money in for exceptional returns.
Put your hand together for Mayor Goodman and for local businessperson Rohit Joshi as well! We do not know yet whether Prudential will sell, but at least we have seen a concerted and professional effort. All of Las Vegas stands to benefit for city funds are sunk in the underground parking lot!
posted by realestatevegas | 11:29 PM
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