More housing coming to downtown Las Vegas

Those hoping for a shorter stumble home from Atomic Liquors could soon be in luck.

Las Vegas leaders last week unanimously approved a five-story, 226-unit mixed-use housing development just west of the storied, popular watering hole on Fremont Street.

The downtown development — to be financed, built and owned by Arizona-based developers with the Wolff Company — will feature five live-in work units and 15,000 square feet of commercial space.

It will make use of 47 dedicated parking spots and share parking spots with the Llama Lot — the nearly 400-space parking area owned and operated by the Downtown Project, a private redevelopment initiative founded with $350 million in financial backing from Zappos shoe magnate Tony Hsieh.

The Downtown Project owns the land under the newly approved development, and the neighboring Atomic building, nearby Container Park and dozens of other downtown properties valued around $200 million.

The group has won plaudits for kick-starting work on scores of trendy bars, restaurants and retail outlets downtown but faced criticism for failing to develop more of its holdings into long-sought housing on once-blighted blocks in the city's core.

That could be why Todd Kessler, an attorney with RGG, Downtown Project's real estate partner, sounded so excited to present his latest project to city leaders.

"I've been here for some big days for downtown, and this is one of them," Kessler told City Council members Wednesday. "Some people might say, as we look back, that this was the biggest."

City leaders agreed to vacate a block of Ninth Street to make room for the project, space developers told planning staff they plan to use for street festivals, farmers markets and other community events.

Council members agreed that wasn't too much ground to give up for what would be the largest housing development to hit downtown since the start of the Great Recession.

Councilman Bob Coffin, who represents the ward where the project is located, said the development should encourage others to "think bigger" when it comes to building downtown.

"This has a commercial purpose to it," Coffin told the developer. "It should, hopefully, encourage others to think about this too.

"There is a real element of significance to this, for other property owners downtown."

Coffin said project backers told him they plan to charge around $800 per month for a 400-square-foot studio apartment and between $1,000 and $1,200 for a one-bedroom apartment.

Project planning documents show developers hope to treat the building's exterior walls as an outdoor art gallery, one that would host a rotating cast of murals and interactive art installations.

So who is going to paint those murals? And what kind of tenants might want to lease out the commercial space behind them? Should downtown residents expect similar developments to pop up in the future?

Downtown Project spokeswoman Maria Phelan said her group had no additional information to share on the project.

Both Kessler and Wolff Company representative Nate Carlson declined further comment on the development, which they expect will be completed by 2017.

They hope to break ground by the end of the year.

Contact James DeHaven at jdehaven@reviewjournal.com or 702-477-3839. Find him on Twitter: @JamesDeHaven.