So diversification is really the key term for tourism in general moving forward.”Īreeba Moten, a senior associate in the Retail Division for Colliers International, said there has been an undeniable shift in the shopping experience, as owners of commercial real estate want experiential retail because they help draw bodies to centers and can also fill large vacancies in the process. “So this is also a time where it’s important to diversify because COVID literally showed us that it’s very tricky for single economic destinations. “I think the term reinvention is kind of part of Las Vegas’ DNA,” said Soligo, when talking about how Area15 became such a success within the scope of Las Vegas’ traditional gaming and tourism sector. “Revenge tourism” got kicked into overdrive after the pandemic, and a younger demographic of tourists are changing traditional norms when it comes to what companies are offering in “experience,” she said. Harrah College of Hospitality, said Area15 has two things playing into its favor. Marta Soligo, the director of tourism research at UNLV’s Office of Economic Development and a visiting professor with the William F. Visitor volume to Las Vegas is up 4 percent in 2023 from last year, according to the Las Vegas Convention and Visitor Authority, and tourists are trending younger and Area15 is leaning into that market. I actually think not playing it safe creatively is actually the least risky thing you can do,” he said as to one of Area15’s mantras.Īrea15 recently announced iFly Indoor Skydiving as one of the tenants for the expansion, expanding on the idea of picking unique tenants who can offer people an experience. “Sometimes you try something and it doesn’t work, and that’s actually really important for creativity. But Fisher, who is a partner in the development company, said they are hoping to finish the second phase by third quarter of 2025.įisher said leasing for the second phase is ongoing, and they are seeking unique partners that fit into the artistic vision of Area15 such as existing tenants Meow Wolf’s Omega Mart, Dueling Axes, Five Iron Golf and Museum Fiasco. No timeline for construction or completion for Vegas Rising was provided by Fisher Brothers. The community is proposed for an area north of Meade Avenue, with Milo Way to the south, Wyandotte Street to the east, Wilmington Way to the north and Richfield Boulevard to the west. The residential units will include townhomes and mid-rise and high-rise buildings. The entire property is considered a nightclub, so it can host large events and festivals. New York-based Fisher Brothers are planning to tear down the building south of the Illuminarium to build multiple buildings, including a nongaming hotel with 123 rooms, according to Las Vegas Planning Commission meeting minutes from last year. Next up is an even more ambitious expansion, according to land developer Fisher Brothers: a mixed-use residential development with 1,341 apartment or townhouse units, office space, dining and retail, and a proposed 118,174-square-foot hotel and nightclub, with 9,060 square feet of outdoor dining and plaza. Construction has started north of the original site along the westside of Interstate 15. Universal Parks & Resorts will anchor the new territory with its year-round horror experience, inspired by its Halloween Horror Nights-themed event at Universal Studios. A decommissioned Boeing 747 aircraft will be repurposed for events. In January, Area15’s 20-acre expansion became official, featuring 85,000 square feet of space dedicated to pop-ups and outdoor experiences. Work has started on its second expansion, and plans for its third phase, Vegas Rising, was approved by Las Vegas last year. The immersive art-entertainment district, which first opened in January 2020, has everything from art installations and zip lining to an arcade and virtual golf, all housed within a retrofuturistic, neon-styled warehouse complex.Īnd it is growing. “And what (the Strip) does is amazing, and our goal is to be additive to all of that, but different at the same time.” “People are coming over here for a different form of entertainment that cannot be had over (on the Strip),” said Fisher, chief executive officer of Area15. Winston Fisher understands part of the allure of Area15 is that it offers something completely unique to Las Vegas’ traditional gambling sector, and in a lot of ways, defies explanation altogether. UNLV professor Marta Soligo said experiential offerings like Area15 are becoming more popular.
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