Experts at RECon hit Las Vegas streets in search of deals

Experts at RECon — the annual gathering of the international shopping center industry — hit the streets of Las Vegas this week in search of big deals and new leases. But the city had another reason to be in the spotlight besides being the event’s host — it’s home to the Downtown Project.

A slice of RECon’s 36,000 attendees traveled to the Container Park in downtown Las Vegas on Sunday to take a tour of the city, ask questions about the project’s status and learn some of its goals.

The project’s creator, Tony Hsieh, spoke for about an hour on the subject at the Westgate Las Vegas, as part of this year’s trade show.

On the walking tour, a couple dozen store managers, designers and real estate brokers strolled down Fremont toward Hsieh’s Gold Spike and around to the Container Park. There the group brought up questions about vacancy in the Container Park, asked about the types of tenants it attracts and how much of Downtown Project’s vision is complete.

Others were also interested in investments the Downtown Project is making.

Joe Grabill, a commercial broker at Berkshire Hathaway HomeServices in Mishawaka, Indiana, was intrigued by the $350 million development and how projects were building up in the city.

Grabill said he is taking up redevelopment of his home region in what he called the Rust Belt. The area was home to Studebaker manufacturing and thrived until the ’60s when that company pulled out. The region has also seen a large share of major corporations following suit.

Gabrill said he is trying to get ahead of the game and create a symbiotic environment.

“For millennials, place is very important,” said Gabrill. “That whole community, and have a cool place to get your hair cut, doggy day care, those kinds of things. That means something.”

In keeping with Hsieh’s stated ideals, Gabrill said any future development in his home city has to be filtered through the people that are already a part.

Gabrill is working through a different filter, as far as size with some of the developments back home, which will range more at a level of $1 million to $5 million.

Gabrill also said the need to bring in state dollars is an important aspect to getting projects up.

This is a different approach than Hsieh’s project that doesn’t look for outside investment from any public sources. The Downtown Project has invested in 45 acres of real estate, tech, arts and education and small business.

RECon continues through Wednesday.