Organization establishes 1,048 permanent jobs in burgeoning neighborhood
Las Vegas – The efforts behind Downtown Project's vision to create a place of creativity where work and play coincide in Downtown Las Vegas has created an estimated $118.9 million in recurring economic output since 2012, according to a report by Applied Analysis.
Due to the impact of all completed construction work funded by the project, an additional one-time economic output of $70 million has been produced. Once all planned construction projects are complete, a total impact of $220.7 million is anticipated.
“It is amazing to see what Downtown Project has accomplished in the last two years,” said Jeremy Aguero, principal analyst with Applied Analysis. “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.”
Over the past three years, Downtown Project has invested in more than 70 ongoing or completed construction projects, 50 small businesses, and more than 100 tech startups through the VegasTech Fund. Through these investments, 1,048 permanent jobs have been established in the growing neighborhood.
"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," said 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 its business ventures, Downtown Project has also invested in the Life is Beautiful Festival, a highly successful lifestyle event which brings together marquee musicians, chefs, artists, and speakers in the heart of Downtown Las Vegas. Introduced in Oct. 2013, the festival welcomed more than 60,000 patrons in its first year and 90,000 festival goers over three full days in 2014. Returning Sept. 25 – 27, the third annual Life is Beautiful Festival hopes to attract even more attendees to the downtown district. Through the festival and invited guests, Downtown Project generates 23,000 annual out-of-town visitors to Downtown Las Vegas. These guests have contributed a total of $26.5 million each year to southern Nevada’s economy.
In 2014, Downtown Project made great strides in bringing new businesses to the thriving neighborhood. Venues owned and operated by the organization that opened in the past year include downtown’s newest boutique hotel, Oasis at Gold Spike; a premier urban grocery store, The Market; and Downtown Container Park’s first full-service restaurant, The Perch as well as an award-winning craft cocktail bar, Oak & Ivy.
In addition to Oasis at Gold Spike as Downtown Project’s debut hotel property, its sister property Gold Spike has increased its reach as one of Downtown’s most popular, comprehensive meeting and hangout spots. Since its purchase by DTP, Gold Spike has grown into a versatile co-working space, bar and grill, to include workforce housing in its second year. In 2014, it added a hotel element as well with the opening of Gold Spike Tower as part of Oasis at Gold Spike.
Downtown Project’s small business investments also contributed to the 2014 openings of a variety of businesses ranging from Bikram Yoga Downtown and Grass Roots juice bar inside the John E. Carson building to Southern Nevada’s only independently-owned book store, The Writer’s Block.
Las Vegas' Fremont East Entertainment District and surrounding areas will continue to grow in 2015 with the opening of new residential offerings as well as various new venues including Glutton, VegeNation, and Zydeco Po-Boys, three new restaurants set to open on the northwest corner of Carson Avenue and 7th Street; 11th Street Records, a recording studio and record store; Wheel House, a live music venue and bar; and Chow, a new dining concept from Natalie Young, owner of popular Downtown eatery Eat.
About Downtown Project:
The goal and purpose of Downtown Project is to help make Downtown Las Vegas a place of inspiration, entrepreneurial energy, creativity, innovation, upward mobility, and discovery. The community-oriented organization does this through the three Cs of collisions, co-learning and connectedness in a long-term, sustainable way.
Downtown Project is an umbrella organization that functions as the equivalent of a holding company, encompassing a collection of investments across small business, technology, and real estate. Downtown Project has allocated $350 million to aid in the revitalization of Downtown Las Vegas.
About DTP Ventures:
DTP Ventures is the organization that operates the Downtown Project’s owned entities and also provides support services to entities within the Downtown Project ecosystem, including VegasTechFund and Downtown Project Small Business Fund investments.
Terri Maruca / Devin Aaron
Kirvin Doak Communications