Live-work-play communities have been tremendously popular in coastal and urban markets. Now the live-work-play trend is emerging in secondary markets. Matter Real Estate Group is building Uncommons, the first live-work-play mixed-use community in Las Vegas. The new community will feature 500,000 square feet of office space, 875 apartment units and 100,000 square feet retail, including a food hall and entertainment venues.
“The population and lifestyle of Las Vegas is trending younger and obviously this is the desired environment for that demographic,” Jim Stuart, partner at Matter Real Estate Group, tells GlobeSt.com. More than that, the economy is once again thriving, employment growth is double the national average and the city is getting a major league reputation with the addition of the NHL and NFL. It should be expected that the commercial market will be following suit.”
Live-work-play assets are in high-demand, and Matter is looking to build a project that targets young professionals in Las Vegas. “We are bringing a high-performance work environment that succinctly speaks to the desires of today’s workforce, primarily the convergence of food, freedom and fitness. Las Vegas largely has a transplanted employment base that is not only familiar but craves these amenities,” says Stuart.
This model has been successful in other markets for several years, and that gives Matter encouragement that the same model will be successful in Las Vegas. “This is one of the primary reasons we have so much confidence in this project. Las Vegas was late to the recovery and has not experienced any of the innovation that has characterized modern development,” says Stuart. “The primary driver behind this void is the sheer lack of progressive developers in the market. The Las Vegas industrial sector has exploded with large, institutional developers, but the more creative, mixed-use projects have lagged.”
Las Vegas has also reached a level of maturity to justify such a development, and this project could be the catalyst for other similar developments. “We see UnCommons as just the beginning of a new maturation cycle for Las Vegas. As an example, there are many similarities between the evolution of Nashville and Las Vegas,” says Stuart. “Both had to shake off an image of being less than serious when it comes to business and innovation. Both landed professional sports teams that brought a different outside perspective, and both offer primary alternatives to those fleeing high tax states that are business hostile for employers and simply unaffordable for employees.”
Stuart also believes the Las Vegas will attract new and growing companies, further positioning the market for future growth. “As Las Vegas continues to become a serious contender for growing companies, the commercial developments will need to innovate to address the desires of these employers,” he says. “Adding to this climate is the $15 billion in new entertainment and tourist related venues that will continue to fuel the economy organically.”
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