LAS VEGAS - After deep declines in the 1980s and 1990s, and lost ground from the recent recession, downtown is on a rebound.
Gary Fisher is community manager of the Ogden, a new property on the downtown scene that leases high-rise units that start at $1,100 a month.
"Downtown is now starting to see the resurgence that we had hoped for about four and five years ago," Fisher said. "First residents began moving in mid-November. At this point, now we are nearing the 50 percent mark in just fewer than six months."
The Ogden was formerly titled Streamline Tower, but the project struggled during the recession. Now, the Ogden is helping usher in downtown's upswing.
"Dollars are coming back downtown, and people are reinvesting in downtown because it's been undervalued," Fisher said.
ST Residential owns the Ogden, but the property isn't the company's only downtown success story. Newport Lofts, the luxury loft tower in the Las Vegas Arts District, is now sold out. The company credits pricing and targeted marketing.
Jennifer Cornthwaite and her husband own downtown businesses including the Beat Coffeehouse in the former Fremont Medical Building.
"We're really thrilled and excited to see what's going on," she said. "We're doing really great. We've got 40 tenants inside Emergency Arts that all have their own small businesses. So, we took a building that was empty and filled it up with creative people and built a coffeehouse."
Visitors say they are enjoying the urban energy downtown. "We had more fun down here than on the Strip. I can tell you that," said Kansas tourist Philip Edwards.
While worn buildings and signs of struggle still dot downtown, those who work and live there believe it is an emerging area.
"We're now actually living that dream," Fisher said.
More people are expected to become downtown dwellers when Zappos.com takes over the city hall building next year. The Ogden expects to have a waiting list.
