March 31, 2015
It was today reported that the efforts behind the Downtown Project’s vision to create a place of creativity in Downtown Las Vegas, where both work and play could coincide, has created an estimated $118.9 million in recurring economic output since 2012.
Completed construction work funded by the project produced a one-time economic output of $70 million, and once all planned projects are wrapped up, the total impact is anticipated to be around $220.7 million.
“It is amazing to see what Downtown Project has accomplished in the last two years,” says Jeremy Aguero, principal analyst with Applied Analysis, the company behind these statistics. “In addition to reviving interest in the area, the total economic impact of their activities is similar to building more than 400 2,000-square-foot homes each year.”
Jobs are another item that the Downtown Project has brought to the once-struggling area.
Let’s also not overlook their investment into the Life is Beautiful Festival, a lifestyle event that brings together musicians, chefs, artists, and speakers. Through the festival – which will be returning for its third year in September 2015 – the Downtown Project brought 23,000 annual out-of-town visitors who contributed a total of $26.5 million; they’re looking to top those numbers in 2015.
“We are excited about the progress we’ve made to help make downtown Las Vegas a place of inspiration, entrepreneurial energy, creativity, innovation, upward mobility, and discovery,” says Mark Rowland, CEO of the newly created Downtown Project entity DTP Ventures. “This is a long, multi-year process, and we believe 2015 will be an integral year for working with our established teams and investments to ensure they are flourishing.”
In addition to the numerous businesses the Downtown Project has brought to the area, they assure us that they’ll continue growing Las Vegas’ Fremont East Entertainment District and surrounding areas throughout 2015. As it stands the team is poised to open new residential offerings as well as various new venues like Glutton, VegeNation, Zydeco Po-Boys, 11th Street Records, Wheel House, and Chow.
Disclaimer: Tech.Co is a portfolio company of and funded by the Downtown Project Small Business Fund.
Photo credit: www.thehighpoints.com
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