Midtown Las Vegas is a residential, urban project that is part of a large-scale development with a mixed-use purpose. This new luxury, mid-rise property is set to bring 3,000 residential units to the Las Vegas real estate market. It is part of the ongoing movement to address the demand for residential units in the downtown area, particularly in the Arts District.
It will consist of two towers with the first tower, the residential project with some mixed-use spaces, will be eight stories high. The 8-story building will have 87 units available.
While the Las Vegas Arts District is a popular tourist destination with amenities and events, it lacks a residential component. This upper-class residential project makes owning a property affordable and accessible for Las Vegas residents, especially those who want to live close to where they work and play.
The concept behind the Midtown Las Vegas condominiums project is to deliver the best city living to Las Vegas. Therefore, everything you need is only 15 minutes away, whether you need to grab a coffee, buy groceries, or go to work. Residents thrive within the same community, creating a fusion of lifestyles that cater to modern individuals.
As mentioned, Midtown Vegas is a mixed-use community where residents can live, work, and play. Therefore, it will consist of several properties to facilitate those needs and to ensure that residents can enjoy the lifestyle they aspire in Las Vegas.
The Midtown Plaza is the core amenity in this development. It will be the central amenity program wherein you will find residential, hospitality, retail, and corporate spaces located nearby. The Midtown Plaza is part of the first phase that will be rolled out in 2024, which includes food & beverage spaces like restaurants, coffee shops, bars, a pool, a gym and fitness center, and office spaces.
The buildings at Midtown Las Vegas will feature the same architectural concept as The English Hotel: a clean design with large windows to maximize natural lighting. The entire architectural design features a timeless appeal and will boast plenty of landscaping to complement the space.
The condominium building is an 8-story glass building. There will be three layout options: a studio, one-bedroom, and two-bedroom condos. The floor plans will range from 360 to 1,000 sq ft with an estimated cost of $799 per sq ft. HOA fees will also be roughly $0.20 per sq ft. Top floor units will be available as penthouse suites with high ceilings and more cost per sq ft.
One of the unique amenity programs available for future residents of Midtown Condominiums is the shared Tesla program. If you are a resident of Midtown, you will have access to a shared Tesla unit. It will ease the burden of car ownership for the residents while ensuring you can access a car when needed. As a result, you won’t have to worry about covering the maintenance costs of a car but enjoy the perks of owning one. Currently, the shared Tesla program plan is for five households to share one unit.
Who are the target residents and tenants at Midtown Las Vegas?
This development is an excellent community for the new middle-class fresh graduates looking to launch their careers in Las Vegas. The community targets young professionals who want independence and a place to live but are not ready to commit to home ownership, especially because of the financial burden of buying and owning a single-family home.
In addition, it is the perfect investment for anyone who wants to build their equity. Meanwhile, it is also the ideal choice for those who want to live close to where they work without the hassle of commuting to and from work. The community is meant for those who thrive in an urban lifestyle.
When Will Midtown Vegas Be Completed?
Are you ready to experience the new mixed-use development in Las Vegas? Hold your excitement because the project will be completed in 2025. However, it will be rolled out in several phases, with phase 1 being the Midtown Plaza. The first phase will be rolled out sometime in 2024.
However, they accept condo reservations for those interested in living in Midtown Condominiums. They are accepting tours and reservations as of November 2023.
More updates are rolling in as the groundbreaking ceremony for the Midtown mid-rise condos project is set to unveil in the Arts District of Downtown Las Vegas. And we’re excited to share that information with you. As mentioned, residential units will start on the third floor of the 8-story condo, with the first two floors dedicated to retail, restaurants, and co-working spaces.
The studio units start at $360,000, and prices will increase based on the size and views of each unit. Meanwhile, the pricing for the penthouse starts at $880,000, and penthouse units can go up to over $1 million.
The HOA fees for the Midtown condo units are estimated to cost $0.25 per sq ft, but that will be finalized as the development approaches its groundbreaking. At this rate, Midtown’s HOA fees are cheaper, mainly because this development offers shared amenities between the two towers, including the pool and the fitness center. The HOA fees cover the security, shared amenities, and the shared Tesla program.
The unit sizes range from 375 sq ft for the studio unit to 695 sq ft for the one-bedroom unit. Lastly, the two-bedroom units will have 1,000 sq ft of living space.
The Midtown units’ square footage is smaller than that of other condos for sale in Las Vegas. However, the masterfully planned layout maximizes the square footage to increase functionality and convenience. There is a walk-in closet and a washer-dryer unit built into the unit. Each unit has high ceilings to make it feel more spacious than it is.
If you want to secure your own unit at Midtown Las Vegas, the reservation fee is $20,000. The reservation fee is refundable, but it will help secure your unit. Plus, they offer in-house financing to make it easier for prospective buyers to own a unit at this mid-rise condo.
You can watch the model unit tour of a one-bedroom unit at Midtown here.
This news is exciting for investors in Las Vegas, especially those specializing in short-term rental portfolios. Short-term rental opportunities, especially within Downtown Las Vegas, are a coveted investment for many real estate investors due to the demand. Therefore, the condotel program at Midtown is a suitable option. The construction of the condotel building will commence soon after completing the 8-story mid-rise condo at Midtown.
Currently, there is limited information on the condotel investment opportunity, but stay tuned to get the latest information when it is available.
If you want to learn more about the Midtown project in Las Vegas, don’t hesitate to contact us. Schedule a free consultation to learn more about this project and if it’s the right fit for you.
