Developing a $ 1.9 billion professional soccer stadium down the street from your current business location is usually a good thing. There are always those who may get an increase in real property value due to the location of the stadium, but then realize that the traffic from the new venue can destroy their ability to do business or make it difficult to rent their building to a tenant or tenants. You can have a huge increase in the market value of real estate and still lose your tenants or lose the usefulness of your building for its current use at the same time.
Appraisers are always asked “how much increase in property value can I expect?” It is not something that can be easily answered because, as you know, each property is different and each one will benefit more or less from the development of the stadium.
If you own a single family residential home located 5 miles from the planned stadium, you wouldn’t hold your breath regarding your appreciation, the stadium can provide you with great entertainment if you can afford it, but you will likely pay more. in taxes for your construction than you will ever get from your home appreciation.
The domed stadium planned for Las Vegas will be developed west of Interstate 15 and thus west of the Las Vegas Strip in an area dominated by the development of smaller existing industrial buildings.
Therefore, many industrial properties located near the site of the planned domed stadium are likely to increase in value in the coming years. If you look at other professional domes, but they can’t offer you that many options. ms, I have, you will find that there are (look at the AT&T stadium in Arlington, TX, for example) 30 to 50 restaurants around you. Las Vegas is full of Strip-based restaurants, but fans going in and out of the dome want to grapple with the Strip just to get some food? Yes, they will sell you food inside of you
Industrial land often sells in Las Vegas for about $ 10 per square foot, but fast food restaurant land sells for closer to $ 25 per square foot. There appears to be some upside potential for those looking to transition their properties from industrial to commercial, and much of the area surrounding the proposed Las Vegas dome stadium has already been planned for tourist commercial use.
Arrowhead Stadium in Kansas City, MO is isolated from most private developments, and Bank of America Stadium in Charlotte is isolated by roads. The Los Angeles Chargers Stadium (StubHub Center) adjoins Cal State University and still has about 15 fast food restaurants.
Properties should be evaluated on a case-by-case basis and owners should follow the transition from areas close to the planned stadium. If the stadium had been planned for the Strip side of the freeway, there probably would have been much less potential for stadium-related development given the relatively high prices of the Strip’s influence, but west of I-15 there are more possibilities. .
The transition of the area from small industrial users to stadium-related uses will provide an opportunity for current owners and investors who can benefit from locating near the stadium.