downtown real estate tour downtown key projects and ......downtown real estate tour downtown key...

Downtown Real Estate TourDowntown Key Projects and Initiatives

March 12, 2020

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Las Vegas Redevelopment Areas

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Why Downtown Vegas?Downtown 2.0

• Announced projects – private and public – in excess of $1B

• Focused on Major Project Priorities – Vision 20459 Hospitality, Sports & Entertainment9 Downtown Residential9 Health Care (LV Medical District)9 Information Technology (LV Innovation District)

• Broad Group of Funding Incentives

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Hospitality Projects Hospitality, Sports & Entertainment

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Expo Center at World Market Center Las Vegas

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Fremont Street Experience Canopy Upgrade

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Fremont Street Experience Canopy Upgrade

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Circa

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Downtown Grand New Hotel Tower – CIM Group

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Marriott AC Hotel @ Symphony Park

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Professional Soccer at Cashman Center

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Downtown Residential Mixed-Use, Multifamily Housing

Auric @ Symphony Park – Southern Land

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Aspen Heights – Parcel N/O1

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Southern Land – Parcels C-D

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Downtown Residential – In Construction

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Southern Land Co Auric @ Symphony Park Symphony Park F&G

Aspen Heights Aspen Heights SP Symphony Park N & O1

Double D Group Lave Om 627 S 10th

Trinity Life Center City Impact Senior Apartments 950 E Sahara

Cherry Development ShareDOWNTOWN 1300-1310 S Casino Ctr Blvd

Las Vegas Medical District

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Las Vegas Medical District

Graphics by

Existing SF: 6,000,000New SF Buildings: 13,250,000Total SF: 19,250,000Total FAR: 1.00New Parking: 40,000

UNLV School of Medicine

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Las Vegas Medical District

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Source: http/nih.gov

Incentives

Incentives MenuDowntown 2.0

Federal and State:

• Opportunity Zones

• New Markets Tax Credits

• C-PACE

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Las Vegas Redevelopment Agency

• Visual Improvement Program

• Tax Increment Financing

• Tourism Improvement District

• LVMD Incentive Program

• MF Improvement Programs

• OTIP Program (Office)

Opportunity Zones in City of Las Vegas

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Opportunity Zones – Driving Multifamily Investment

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• City of Las Vegas has 22 of Nevada’s 61 census tracts approvedas Opportunity Zones

• No “pre-approval” needed by Federal, State, Local Government – “simply” comply with IRS guidelines

• National Funds already are investing Opportunity Zone dollars in Las Vegas

� Canyon Partners

� GTIS Partners

� Cantor Fitzgerald

New Markets Tax Credits

• Syndicated Loan Program to provide below-market capital for projects in distressed communities

• Community Banks (“Community Development Entities” or CDEs) apply to US Treasury for Income Tax Credit Authority

• CDEs which win allocation of tax credits sell the tax credits to investors (big institutional lenders) in exchange for cash

• CDE then takes the cash and makes an interest-only, typically forgivable loan to an eligible project borrower

• Eligible borrowers include a wide range of for-profit and nonprofit uses – charter schools, manufacturers, health centers

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Conventional Lending vs. NMTC Lending

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Lender

Borrower(For-Profit/Non-Profit)

Investor(Big Bank)

NMTC Lender (CDE)

BorrowerQALICB

Sell Tax Credits

Buys Tax Credits

Cash from Tax Credits Becomes Loan from

CDE to Borrower

CONVENTIONAL LOAN NMTC “SYNDICATED” LOAN

Borrower can be for-profit or non-profit

C-PACE: vegascpace.comOff Balance Sheet Financing for Energy Improvements

• City of Las Vegas has an approved C-PACE Program

• Energy Savings to Investment Ratio > 1.0

• Program can cover up to 20% of capital stack on a new build, and up to 100% on a renovation project

• Financing is long-term – up to 25 years – and is non-recourse

• Voluntary lien assessment is recorded against the property (like a SID lien or sewer assessment)

• Commercial, industrial, and multifamily projects anywhere in the city of Las Vegas are eligible

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Ways to Engage

• Contact EUD and our Redevelopment Team

Tera Anderson Eric Bordenave

Julie Quisenberry Tracy Reich

Brenda Hughes Elizabeth Lopez

Jeff McGeachy

• Need Tenants? Have Tenants, Need Landlord?

Office – Ryan Smith Retail – Julie Quisenberry

• Downtown Vegas Alliance Meetups

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Bill Arent, DirectorEconomic & Urban Development

City of Las Vegas702-229-6856

barent@lasvegasnevada.gov