Where I Stand -- Jodi Goodheart: A worthy investment

Editor's note: Today's Where I Stand is written by Jodi Goodheart. She chairs the board of directors of City Centre Development Corp. and is a shareholder of the Jones Vargas law firm, where she practices real estate and commercial law.

THE UNPRECEDENTED growth of Las Vegas during the past two decades has led to rapid development, a diversifying economy and prosperity for many. While the city has grown outward, its historic core has not kept pace.

Regardless of where we live in the valley, downtown is a place we have in common. For some it is the point of arrival, by train or bus. Many attended grammar and high school there. For others, it is memories of cruising Fremont Street, hearing Vegas Vic repeatedly call, "Howdy, pardner."

Today it is home to our state and federal courts, the Clark County Government Center, world famous hotels and casinos, the Fremont Street Experience, businesses large and small, an emerging arts district and a growing number of residents. In the future downtown Las Vegas also can and should be our town square, a meeting and gathering place, and the site of cultural and sporting events.

In 1997, recognizing the importance of preserving the heart of our city and the need to create a hub of civic, cultural and business activity, the City Council, sitting as the Las Vegas Redevelopment Agency, established City Centre Development Corp. (CCDC).

Following the model of effective development corporations in other cities, the City Council appointed a board of seven professionals with backgrounds in real estate development, architecture, law, business, banking and gaming. The City Council charged us broadly with promoting, coordinating, supervising, facilitating and implementing a plan for downtown redevelopment and projects approved by the agency. We are mindful that public money is involved and apply sound business principles and private sector experience in making recommendations to the agency to attract private dollars and stretch available public funds.

Las Vegas is unique, but redevelopment successes elsewhere are instructive. Boston's Faneuil Hall Marketplace, Baltimore's Inner Harbor and Washington, D.C.'s Union Station have become popular destinations for tourists and locals. Closer to home, San Diego's Centre City Development Corp. has seen to the development of the Horton Plaza shopping and entertainment project, a downtown convention center and the Marina housing district. Thanks in part to those projects, the number of residents living in downtown San Diego grew from a few hundred in the 1970s to more than 20,000 in 1998, and the area has undergone a transformation from dangerous to desirable.

The first significant project considered by CCDC was Neonopolis. The project was approved by the agency in 1998, and will be an urban entertainment destination center featuring a multiscreen movie theater, retail shops, restaurants and downtown's first underground parking garage, now under construction at Fremont Street and Las Vegas Boulevard. Neonopolis is intended to attract both Las Vegans and visitors and represents a significant expenditure of private capital in the redevelopment area.

One of the keys to the success of downtown redevelopment over time will be the creation of market rate housing. With funds from a corporate donor, CCDC commissioned a study to determine the feasibility of residential development downtown. The results showed strong interest on the part of downtown professional and service employees in living in the area. With housing come amenities and an increased sense of community. CCDC is currently assisting the city and interested developers to promote, create and structure downtown housing development opportunities.

With the construction of the new federal courthouse and the Regional Justice Center, there has been renewed interest in developing Class A office space nearby. CCDC has been working with developers to plan projects that will attract tenants and provide a reasonable rate of return while contributing to a pedestrian-friendly environment and yielding long-term benefits to the city. Several office buildings totaling more than 300,000 square feet and representing an investment of more than $60 million in private funding are in various stages of consideration and planning.

Parkway Center, the 220-acre site of mostly undeveloped land, unofficially known as the Union Pacific site, has been in the news recently as a potential location for a professional sports arena and a performing arts center. Because of its size and location, it presents a unique opportunity to bring new uses and activity downtown.

The job CCDC has been asked to do is no small undertaking. More than once have we heard that our efforts are doomed and will never bear fruit. The process is inclusive, not exclusive. It requires the support, input and cooperation of many, including downtown land and business owners, residents, developers, lenders and most departments of the city.

Suggestions, participation and constructive criticism are welcome. Those of us devoting time and energy to redevelopment will undoubtedly make mistakes. Not every idea or project considered or recommended will come to pass. But I believe we will prevent the naysayers from becoming soothsayers and that our contributions will enable the agency to make good and informed decisions.

Downtown is worth the investment. Redevelopment benefits us all. If done well, past, present and future city officials will be proud to have their fingerprints on a lively, safe and prosperous downtown Las Vegas.

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