91°F
weather icon Clear

Big-league sports boosts interest in Las Vegas Valley real estate

Updated January 19, 2018 - 7:25 pm

Southern Nevada real estate professionals already have seen indications of an anticipated climb in local land values as a result of Las Vegas’ leap into big-league status.

“Building a Big League City” was the theme of a forecast event for the Southern Nevada chapter of NAIOP, a commercial real estate organization, and the group on Thursday dissected issues with a panel representing the marketing side of arriving teams, a keynote speaker from Denver who witnessed a major turnaround for downtown Denver as a result of the construction of Coors Field and a panel of real estate professionals examining the region’s transition.

“The Raiders stadium project has spurred values in the area,“ said panelist Travis Nelson, vice president and commercial sales manager for First American Title.

He said a 2.5-acre parcel just north of the stadium site recently closed for $7.25 million.

“I think it’s also spurred a lot of activity on South Las Vegas Boulevard,” he said.

The stadium project as well as the Raiders’ planned practice facility and headquarters in Henderson have similarly boosted interest in the market, panelists said.

The rise in real estate prices has also contributed to a problem for the Raiders. With land costs exploding, the team has had difficulty finding land for offsite stadium parking necessitated by using acreage that isn’t big enough for the stadium and more than 16,000 parking spaces demanded by Clark County.

Real estate experts also voiced some concern about the sports boom boosting prices to make land for homes, offices and commercial unaffordable.

Another project that has generated interest in Southern Nevada: UNLV’s planned medical school. Panelists said the realization that the region has acknowledged a shortage of doctors and is doing something about it has produced feelers from companies looking to relocate.

But with the opportunity comes new issues.

“A corresponding population growth and wage growth needs to happen,” said Adam Malan, senior director of Logic Commercial Real Estate.

Construction worker shortage?

Panelists said with growth in sports and starting projects in addition to the stadium and Raiders headquarters — the Las Vegas Convention Center expansion, Resorts World and Steve Wynn’s new Paradise Park project among them — there’s also a growing concern about a potential shortage of construction workers.

There’s little doubt that Southern Nevada’s new sports facilities are transitioning the region, just as they did in Denver in the early 1990s.

Keynote speaker Glenn Mueller, a real estate and construction management professor at the University of Denver, said the arrival of Coors Field, the home of Major League Baseball’s Colorado Rockies, dramatically changed Denver’s lower downtown.

Mueller said the area, known as LoDo, once was populated with warehouses and homeless people.

“The mayor has said that people now actually walk around down there,” Mueller said.

Denver’s light-rail system has connected downtown with suburbs for easy transit into the city center. The city has turned a major commercial strip on 16th Street into a pedestrian mall.

Now, he said, businesses and office workers regularly scheduled open houses on opening day of the baseball season and wear Rockies’ colors at each other’s offices.

New Denver issue

Development has expanded in Denver with new mixed-use properties at or near light-rail stations and a new problem — apartment overbuilding — is the city’s new issue downtown.

Mueller said downtown is transitioning again with the conversion of some warehouse properties into grow houses to support Colorado’s recreational and medicinal marijuana industry that began ahead of Nevada in 2014.

The Big League City panel featured Kerry Bubolz, president of the Vegas Golden Knights, Lawrence Epstein, president and chief operating officer of Zuffa, parent company of UFC, and Terry Jicinsky, senior president of operations for the Las Vegas Convention and Visitors Authority, and was moderated by UNLV President Len Jessup.

Panelists concurred that Las Vegas’ current sports boom has been fed by the success of the Golden Knights, the National Hockey League’s most successful expansion franchise, the expected arrival of the Raiders in 2020, the rise in popularity of UFC, the securing of a second annual NASCAR race at Las Vegas Motor Speedway and this year’s arrival of the WNBA Las Vegas Aces, which portends the potential to get an NBA franchise.

Panelists also noted minor-league advancements with this year’s arrival of the Las Vegas Lights FC United Soccer League team and the relocation of the Las Vegas 51s baseball team to a new stadium in Summerlin in 2019.

Epstein noted that while Las Vegas has always been home to big-time entertainment, sports offers the opportunity for every game to be broadcast on television — a great marketing tool for the city.

Big events coming

That type of exposure and the collaboration between UNLV and the LVCVA to bring 2016’s final presidential debate to Las Vegas provided more awareness about the city and could lead to events like a political convention as well as big sports events like the Super Bowl, the NCAA Final Four basketball games and the NCAA’s Frozen Four finals for collegiate hockey.

Las Vegas already is in the running for a Super Bowl once the stadium is built, and representatives of the Raiders and Las Vegas Stadium Authority also have reached out to secure one or more games for the 2026 World Cup soccer tournament.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.

Like and follow Vegas Nation
Golden Knights Videos
Robin Lehner loses skate blade - Video
Golden Knights goaltender Robin Lehner's skate blade popped out on two occasions in the second period during the team's 4-1 victory over the Chicago Blackhawks.
McCrimmon on the depth of the Golden Knights' roster - VIDEO
Vegas Golden Knights general manager Kelly McCrimmon talks about how much depth the team has on the roster, how additions like Zach Whitecloud and Robin Lehner have helped the team succeed and more. (Heidi Fang/Las Vegas Review-Journal)
McCrimmon says Max Pacioretty is ready to go for Knights playoffs - Video
Vegas Golden Knights general manager Kelly McCrimmon spoke about Max Pacioretty's health, return to the team and how much he plans to involve him in the playoffs. (Heidi Fang/Las Vegas Review-Journal)
Max Pacioretty to return to the Golden Knights for game 1 - VIDEO
Two world class goalies for the Knights - VIDEO
VGK to play Chicago in round one - VIDEO
Golden Knights take top seed - VIDEO
Golden Knights coach Pete DeBoer faces unique challenges this season during the playoffs.
Golden Knights coach Pete DeBoer faces unique challenges this season during the Stanley Cup playoffs. DeBoer, who was hired by Vegas on Jan. 15, had the team jelling before the coronavirus pandemic paused the season. Now, the Knights are counting on him to find the right buttons to push again. during the strangest postseason in NHL history.
DeBoer on Pacioretty's timetable for return, Martinez on team camaraderie - VIDEO
Vegas Golden Knights head coach Pete DeBoer discusses how the team has performed without their leading scorer, Max Pacioretty, and talks about when he could return to the team. Defenseman Alec Martinez discusses what the team needs to do on the ice to stay competitive and more. (Heidi Fang/Las Vegas Review-Journal)
DeBoer, Smith preview their match against the Avalanche - VIDEO
The Vegas Golden Knights head coach Pete DeBoer and forward Reilly Smith preview their upcoming game against the Colorado Avalanche at a news conference on Friday. (Heidi Fang/Las Vegas Review-Journal)
Golden Knights on fan-less atmosphere
The Golden Knights talk about the atmosphere inside Rogers Place in the NHL Edmonton bubble.
Golden Knights want to win the round robin - VIDEO
Fleury, Stone star in Apple commercial for iPhone 11 Pro - Video
Apple gave the Las Vegas Review-Journal a sneak preview of a commercial of theirs starring Golden Knights goalie Marc-Andre Fleury and forward Mark Stone. (Las Vegas Review-Journal)
Golden Knights on unity demonstrations during the Anthem
Golden Knights defenseman Shea Theodore and head coach Pete DeBoer comment on the team's plans to demonstrate during the National Anthem and the importance of displaying unity.
Knights coach gives an update on Max Pacioretty's status - VIDEO
Golden Knights head coach updates on the status of Max Pacioretty during a news conference. (Heidi Fang/Las Vegas Review-Journal)
Golden Knights fan sendoff - VIDEO
Golden Knights fans gather for a sendoff as the team heads to Edmonton for the Stanley Cup playoffs.
Golden Knights wrap training camp - VIDEO
The Golden Knights have wrapped up training camp and will depart to their playoff bubble in Edmonton Sunday.
Oscar Dansk staying with William Karlsson - Video
William Karlsson and Oscar Dansk go over their experiencing rooming together during the pandemic. (Las Vegas Review-Journal)
Shea Theodore on re-energizing his game - Video
Golden Knights defenseman Shea Theodore goes over his decision to play, and coach Pete DeBoer says he believes Theodore can make it back to the level he was at before the pause. (Las Vegas Review-Journal)
Golden Knights react to Seattle Kraken - Video
The Golden Knights react to the new name of the Seattle expansion team in the NHL. (Las Vegas Review-Journal)
Nicolas Roy Talks Performance This Season - Video
Nicolas Roy goes over his performance this season and being able to prove himself.
Knights Alex Tuch Excited to Compete at Full Strength - VIDEO
Vegas Golden Knights forward Alex Tuch talks about returning to full strength, the synergy he and his line are playing with and getting a second chance to prove himself in the playoffs. Head coach Pete DeBoer gives his thoughts on Tuch's return as well. (Heidi Fang/Las Vegas Review-Journal)
Golden Knights' Zach Whitecloud takes pride in executing on the ice - VIDEO
Vegas Golden Knights defenseman Zach Whitecloud talks about getting support from his coaches, executing effectively on the ice, especially on the penalty kill. He also explains how he attempts to curb his love for ice cream ahead of the NHL playoffs. (Heidi Fang/Las Vegas Review-Journal)
Max Pacioretty misses Golden Knights scrimmage on Monday - video
Golden Knights forward Max Pacioretty did not participate in Monday morning’s scrimmage at City National Arena due to unknown reasons.
Golden Knights Hold Scrimmage At Practice - Video
Golden Knights players and coach Pete DeBoer talk about holding a training camp scrimmage at City National Arena.
Golden Knights call ups battle for tickets to Edmonton - VIDEO
VGK 3rd line ready to go - VIDEO
Golden Knights need to work on the PK - VIDEO
Marc-André Fleury makes his training camp debut - VIDEO
Jack Dugan signs contract with VGK
Forward Jack Dugan signed a two-year entry-level contract with the Golden Knights, the team announced Thursday. Dugan was a fifth-round pick by the Knights in 2017 and announced in May he was forgoing his final two seasons at Providence to turn pro.
Knights on leaving their families behind during playoffs
Golden Knights goaltender Robin Lehner and forward Jonathan Marchessault share their thoughts on leaving their families behind for the first two rounds of the playoffs.
Peter DeBoer on Choosing a Team Captain - Video
Golden Knights head coach Peter DeBoer speaks on choosing a team captain before the start of the next season.
Robin Lehner on Training Camp - Video
Golden Knights goaltender Robin Lehner talks about the progress of training camp and head coach Peter Deboer speaks about Lehner's performance at practice.
Golden Knights playing fast-paced hockey in return to practice - VIDEO
Golden Knights' defenseman Nate Schmidt and head coach Pete DeBoer talk about the team hitting the ground running with fast-paced practices in return to the ice. (Heidi Fang/Las Vegas Review-Journal)
Golden Knights prospect Peyton Krebs on his goal to make the NHL, adjusting to Las Vegas
Vegas Golden Knights prospect Peyton Krebs talks about adjusting to Las Vegas weather and aiming to make it in the NHL and head coach Pete DeBoer weighs in on the level of skill he's seen from Krebs so far. (Heidi Fang/Las Vegas Review-Journal)
The Golden Knights began their second training camp of the season on Monday
The Knights’ high level of participation in small-group workouts in the past month helped the team hit the ground running Monday.
Golden Knights On New Phase of Practice - Video
The Golden Knights head into phase 3 of their practice and are looking to quickly get back into their groove before heading back on the ice.
Golden Knights back to full health - Video
The Golden Knights are currently in Phase Two of the NHL's return to play plan and are allowed to have 12 players skating at one time.
Las Vegas' NHL hub chances in jeopardy over spikes in COVID-19 - Video
Golden Knights writer Ben Gotz and Heidi Fang discuss the rumors that Las Vegas is no longer a frontrunner for an NHL hub city due to spikes in COVID-19 and what that means for the Vegas Golden Knights. (Heidi Fang/Las Vegas Review-Journal)
NHL expands Phase Two workouts to 12 players
The NHL expanded Phase Two workouts to 12 players on Tuesday. The league hopes to begin training camps July 10 before its 24-team postseason tournament starts in two hub cities.
Ryan Reaves on What Can Be Done to Bring Cultural Diversity Hockey - VIDEO
Golden Knights forward Ryan Reaves talks about signing a two-year extension with the team, his personal experiences with racism as a hockey player and what the NHL and individual hockey teams could do to bring more cultural diversity to the sport. (Heidi Fang/Las Vegas Review-Journal)
Kelly McCrimmon on BLM Movement - Video
Golden Knights General Manager Kelly McCrimmon Talks Team Responsibility for BLM Movement and what role sports plays as a whole.
Kelly McCrimmon Talks Reaves Extension
Golden Knights General Manager Kelly McCrimmon talks Ryan Reaves signing a two-year extension.
Kelly McCrimmon Comments on VGK Preseason - Video
Golden Knights General Manager Kelly McCrimmon talks Golden Knights preseason and the possibility of Las Vegas becoming a hub city for playoffs.
Knights’ empathy questioned
A sports talk host called this week a public relations disaster for the Knights and a tourism official said it may shorten the honeymoon period between the team and its devoted fan base.
Raiders Videos
Damarious Randall on becoming a Raider and living with Johnathan Abram - Video
Raiders defensive back Damarious Randall talks about joining a new team in 2020, what he brings to the defense and his relationship with teammate and roommate Johnathan Abram. (Heidi Fang/Las Vegas Review-Journal)
Vegas Nation: Raiders Defensive Coordinator Excited About Influx of Talent - VIDEO
Vegas Nation's Vinny Bonsignore and Adam Hill report from Raiders training camp after hearing defensive coordinator Paul Guenther speak about the influx of talent the roster has and discuss who the coaches are raving about after getting early looks at the players on the field in Henderson. (Heidi Fang/Las Vegas Review-Journal)
Worker injured at Allegiant Stadium in Las Vegas - Video
A worker at Allegiant Stadium was injured Thursday morning, Aug. 13, in an incident involving a boom lift outside of the $2 billion facility. (Michael Quine/Las Vegas Review-Journal)
Raiders DE Clelin Ferrell says "pressure is a privilege" - Video
Many people still question if the Raiders should have drafted defensive end Clelin Ferrell as high as they did in 2019. Ferrell says it doesn't matter what the "haters" say, he knows his worth to the team and is ready to prove it in year two.
Raiders DC Guenther says team is "much faster on defense" - Video
Raiders defensive coordinator Paul Guenther says the team has rebuilt the engine on defense by adding young talent and speed.
Vegas Nation Blitz ep.15 | 10,000 Page Playbook
This week's guest is Raiders safety Erik Harris. Vegas Nation host Cassie Soto is joined by Vinny Bonsignore, Allegiant Stadium insider Mick Akers and Vegas Nation podcast host Heidi Fang and Adam Hill. Jason Witten is ready to bring veteran leadership to the team while learning Gruden's, "10,000 page playbook." Erik Harris prides himself on film study and making those around him better.
Vegas Nation: Raiders Training Camp Recap Video
Vegas Nation's Cassie Soto and Ed Graney discuss Josh Jacobs and Trent Brown sitting out of Wednesday's practice, how a healthy Tyrell Williams can contribute on offense, give first impressions of the Raiders Henderson headquarters and more. (Heidi Fang/Las Vegas Review-Jounral)
Raiders WR Tyrell Williams feels healthy again - Video
Raiders wide receiver Tyrell Williams says he feels healthy again after dealing with plantar fasciitis last season.
Raiders' Josh Jacobs explains why he missed practice - Video
Las Vegas Raiders running back Josh Jacobs explains why he missed Wednesday's practice.
Jon Gruden gives update on Jacobs, Brown missing practice - Video
Raiders head coach Jon Gruden explains why running back Josh Jacobs and tackle Trent Brown were both missing from Wednesday's practice.
Kwiatkoski on Becoming a Raider, Learning their Defense - Video
Raiders linebacker Nick Kwiatkoski discusses how he's adjusting to playing on a new team, what it was like trying to learn the playbook virtually and how important it is that they're finally together working on the field in Las Vegas. (Heidi Fang/Las Vegas Review-Journal)
Raiders' Jason Witten ready for veteran role - Video
Longtime Dallas Cowboy turned Las Vegas Raider Jason Witten is looking forward to being a veteran leader with his new team. Vegas Nation's Cassie Soto and Adam Hill discuss Witten's excitement.
Witten talks about finding a new home with the Las Vegas Raiders - VIDEO
After spending 16 seasons with the Dallas Cowboys and having a brief stint as a color commentator on ESPN's Monday Night Football broadcast, tight end Jason Witten discusses his decision to return to the NFL and moving on to join the Las Vegas Raiders in 2020. (Heidi Fang/Las Vegas Review-Journal)
Raiders' Maxx Crosby placed on COVID-19 reserve list - Video
Raiders defensive end Maxx Crosby has been placed on the team's COVID-19 reserve list. Vegas Nation's Cassie Soto and Vinny Bonsignore give an update on Crosby's status.
Takeaways with Violator and Raider Cody - VIDEO
On the Takeaways edition of the Vegas Nation podcast, host Heidi Fang spoke with fans known as Violator and Raider Cody about Raiders' owner Mark Davis' decision to have games without fans at Allegiant Stadium in 2020 and more. (Heidi Fang/Las Vegas Review-Journal)
Gruden on offseason improvements to Raiders defense - VIDEO
Raiders head coach Jon Gruden discusses how the players they acquired in the offseason help them improve on defense and some of his expectations for his defensive line. (Heidi Fang/Las Vegas Review-Journal)
Raiders newcomers up to speed despite chaotic offseason
Las Vegas Raiders head coach Jon Gruden was pleased by the retention of information the newcomers to the organization have shown so far despite the chaotic offseason brought on by the coronavirus pandemic.
Gruden on what the Raiders plan is if a coach gets coronavirus - VIDEO
During a Thursday media availability Raiders head coach Jon Gruden talks about what kind of contingency plans are in place in the event that one of team's coaches catches coronavirus. (Heidi Fang/Las Vegas Review-Journal)
Gruden on what the Raiders plan is if a coach gets coronavirus - VIDEO
During a Thursday media availability Raiders head coach Jon Gruden talks about what kind of contingency plans are in place in the event that one of team's coaches catches coronavirus. (Heidi Fang/Las Vegas Review-Journal)
Vegas Nation Blitz ep.14 | NFL Opt Outs
Derek Carr never thought twice about playing this year. Vegas Nation host Cassie Soto is joined by Vinny Bonsignore, Allegiant Stadium insider Mick Akers and Vegas Nation podcast host Heidi Fang and Adam Hill. Around the league players are opting out of the season. Allegiant stadium is ready for some football.
Olson on how Lynn Bowden, Henry Ruggs and other rookies fit in the Raiders offense - VIDEO
Raiders offensive coordinator Greg Olson talked about Lynn Bowden, Jr.'s versatility and the weapon that he is on offense and how some of the team's other rookies will fit in their offensive schemes. (Heidi Fang/Las Vegas Review-Journal)
Derek Carr 'tired of being disrespected' - Video
When asked if he considered opting out this season, Raiders quarterback Derek Carr said he feels like he has a lot to prove to himself and is "tired of being disrespected." Vegas Nation's Cassie Soto and Ed Graney discuss Carr's comments.
Olson wants Carr to be more "creative", Carr on his third year in Gruden's offense - VIDEO
Raiders offensive coordinator Greg Olson said in a news conference on Tuesday that he wants quarterback Derek Carr to be more creative in his third year in the Gruden system. Carr comments on Olson's take and talks about the addition of Marcus Mariota to the team. (Heidi Fang/Las Vegas Review-Journal)
Raiders QB Derek Carr explains why opting out wasn't an option for him - VIDEO
Raiders quarterback Derek Carr explains why opting out of the 2020 NFL season wasn't even a thought that crossed his mind during a news conference on Tuesday. (Heidi Fang/Las Vegas Review-Journal)
Raiders games will be without fans in 2020 - VIDEO
Vegas Nation's Cassie Soto and Vinny Bonsignore discuss why there won't be fans at Allegiant Stadium in 2020 and what the next course of action may be for Raiders fans. (Heidi Fang/Las Vegas Review-Journal)
Raiders to play without fans at Allegiant Stadium in 2020
The Raiders’ first season in Las Vegas will be played at an empty Allegiant Stadium. (Las Vegas Review-Journal)
Walk around Allegiant Stadium - VIDEO
You can now walk around outside of Allegiant Stadium now that the construction fences have been taken down. (Angus Kelly, Kevin Cannon and Michael Quine/Las Vegas Review-Journal)
Vegas Nation Takeaways with Heidi Fang: JT The Brick
Radio personality and Raiders host JT The Brick joins Heidi Fang to discuss the Raiders biggest position battles as the team starts training camp, who on the team he's expecting to have a big season and what the Raiders need to do to be a playoff team in 2020. (Heidi Fang/Las Vegas Review-Journal)
Gruden says he wants to beat coronavirus "into the ground" - VIDEO
As Raiders Training Camp got underway amid the coronavirus pandemic, head coach Jon Gruden talked about how the virus has affected people he knows, the NFL, the Raiders and commented on those opting out of the season because of it. (Heidi Fang/Las Vegas Review-Journal)
Raiders release video of Henderson headquarters
On Thursday the Raiders released a video showcasing the interior of their new Henderson headquarters.
Allegiant Stadium hits substantial completion milestone
Nine-hundred-and-ninety-three days after the groundbreaking ceremony on Nov. 13 2017 on what was then a 62-acre lot of dirt, the $2 billion Allegiant Stadium, home of the Raiders, now holds its own in the Las Vegas skyline.
Raiders Gruden, Ruggs update from training camp - Video
Raiders head coach Jon Gruden says he has not heard from any of his players on their choice to opt out from playing this season. Meanwhile, rookie wide receiver Henry Ruggs says he feels 100 percent himself after suffering from a freak injury back in early June.
Gruden, Ruggs on expectations for the Raiders in 2020 - VIDEO
Las Vegas Raiders head coach Jon Gruden on what improvements can be made to give the team a winning record and wide receiver Henry Ruggs talks about how he can contribute to the team in 2020. (Heidi Fang/Las Vegas Review-Journal)
How Rookies Adjust to NFL is Different in a Coronavirus World - VIDEO
Raiders head coach Jon Gruden and their number one pick in the 2020 NFL Draft, wide receiver Henry Ruggs, address how the coronavirus pandemic has affected rookies attempting to transition to the NFL. (Heidi Fang/Las Vegas Review-Journal)
Scott Bair Talks Sports Uncovered on NBC Sports - Video
Vegas Nation Blitz host Cassie Soto interviews Scott Bair about the Sports Uncovered documentary series on NBC sports.
Momofuku veteran chef leaving to cook for Raiders - VIDEO
Chef Michael Rubinstein is leaving the restaurant at The Cosmopolitan after 3½ years to take over as assistant executive chef at the Raiders’ practice facility.
Allegiant Stadium Performs Blackout Test - Video
Allegiant stadium performs a blackout test to ensure the safety of fans when the venue opens.
Raiders’ Mark Davis unhappy with decision to sell ads on seats - Video
It was floated that the NFL Players Association was requesting the first eight rows of stadiums — and possibly the entire first deck — be tarped over to protect the players, which might have prompted an immediate vote by owners. After a heated discussion in which Raiders owner Mark Davis forcefully expressed his misgivings, the measure passed 31-1 requiring teams to tarp off the first eight rows but have the ability to sell advertising on them.
2021 Pro Bowl is coming to Las Vegas
The Pro Bowl is coming to Las Vegas. The NFL announced on Tuesday that Las Vegas will host the 2021 Pro Bowl at Allegiant Stadium.
Raiders get into action at local park - Video
Team members of the Las Vegas Raiders gathered to practice and run a few plays under the Las Vegas sun at a local park.
Allegiant Stadium lanai doors open revealing Al Davis Memorial Torch
On Wednesday Allegiant Stadium opened its massive lanai doors revealing the 85-foot-tall Al Davis Memorial Torch and a peek inside the $2 billion, 65,000 fan capacity indoor stadium.
THE LATEST
Las Vegas couple holds first tailgate at Allegiant Stadium

On Saturday, the day after the substantial completion milestone, Anthony and Tonie Silva, recent transplants from Salt Lake City to North Las Vegas, set up a full tailgate spread in Ford Lot J on the south end of the stadium.