ZZZ - GMG - VEGAS INC 2011-2014

VEGAS INC C OV E R STO RY Larry Ruvo, founder of Cleveland Clinic Lou Ruvo Center for Brain Health and vice president/general manager of Southern Wine & Spirits Living or dead, what person do you admire the most? Too many, but certainly Gandhi, Pope John Paul II and President George H.W. Bush. What is the best quality you like about a person? Honesty. What are you currently reading? A "You" book from Dr. Oz and Dr. Roizen on health. How do you prefer to get your news and literature: digital or hard copy? I rely on both. What is your most recognizable characteristic? I would like to think generosity and helping my neighbor. Which words or phrases do you overuse? Thank God. What makes you happy? Spending time on my ranch or on my boat with family and friends. What is your most prized possession? Of course, my family. What is your most embarrassing moment as a prominent figure? Don't recall ever having one. ruvo If you could make up the Nevada state motto, what would it be? Our teachers are the unsung heroes of our state. What is your greatest accomplishment in 2013? Expanding the programs at the Cleveland Clinic Lou Ruvo Center for Brain Health. Any regrets this past year? Las Vegans haven't comprehended the importance of a medical school in Southern Nevada. What is your top priority for 2014? Finding a cure for wicked brain diseases, Alzheimer's, Parkinson's, Huntington's, ALS and MS. Kerry Simon, chef and restaurateur Living or dead, what person do you admire the most? Michael J. Fox, speaking about his medical issues/being a champion of the cause. What is the best quality you like about a person? Any person that makes me feel comfortable right away. What are you currently reading? "The places that scare you: Guide to fearlessness in difficult times" by Chödrön. How do you prefer to get your news and literature: digital or hard copy? Hard copy. What is your most recognizable characteristic? I always wear jeans and Converse shoes. Which words or phrases do you overuse? What's going on? What makes you happy? Chocolate. What is your most prized possession? My dog Cosmo. What is your most embarrassing simon David Becker / WireImage moment as a prominent figure? Always being caught on the phone in photos or during events. If you could make up the Nevada state motto, what would it be? Keep it simple. What is your greatest accomplishment in 2013? Being involved with the Downtown Project in Las Vegas with (Tony) Hsieh and (Michael) Cornthwaite. Any regrets this past year? None that I can think of. What is your top priority for 2014? Good health. many buildings were demolished to comply with code land, From page 1 other developers have projects on the drawing board, for the most part, few are picking up the slack to bring life to downtown's vacant land. "The rest of the private sector has not caught up with him yet," developer Jeff LaPour said. nnn About 10 years ago, real estate investor Kamran Fouladbakhsh faced a dilemma. The valley was in the midst of a frenzied building boom, and city officials wanted to clean up downtown, which developers planned to blanket with residential towers. Many existing buildings, including several owned by Fouladbakhsh, were old and empty, except for squatters. Code enforcement officers ordered Fouladbakhsh and other landlords to board up the properties or spruce up their exteriors to make them look occupied. Boarding them up often was a wasted effort, as squatters still would climb inside. Exterior upgrades ran between $50,000 and $150,000 per building, a heavy expense. Landlords chose another option. "We demolished," Fouladbakhsh said. | 13 JANUARY 2014 20140113_VI01_F.indd 17 | By his count, property owners tore down 30 to 40 buildings in three years. Fouladbakhsh knocked down seven. It was a frustrating time. But today, Fouladbakhsh says he is happy the city cracked down on squatters, even if it meant saddling downtown with empty lots. Even without the squatters, many of the buildings had problems, he said. They were bland and structurally unsafe. At the expense of creating a different kind of eyesore, tearing them down provided a clean slate. "Cheap buildings cannot be saved," Fouladbakhsh said. nnn It could be years before all the lots are developed. Banks, largely because of failed real estate deals, aren't eager to hand out construction loans. That's especially true in Las Vegas, which became bloated during the boom years with office parks, industrial buildings and strip malls, many of which went bankrupt and now are desperate for tenants. And while downtown's Zappos-led resurgence has piqued the interest of developers and business owners, most are waiting for others to build successful projects before they, too, pull the trigger. "If a few buildings go up, others will follow," Fouladbakhsh said. nnn The vacant lots might crimp real estate values downtown to some degree, but by and large, property in the urban core is more expensive than in other parts of the valley. Last year, land prices in prime areas of the valley sold for about $400,000 an acre, according to Home Builders Research. Downtown, real estate regularly sells for at least $1 million an acre. The area has been highly priced for several years now as landowners, emboldened by redevelopment efforts that promise to make downtown thrive, put big values on their holdings, Focus Commercial Group broker Brandon Wiegand said. Meanwhile, assembling enough land for a large project downtown can prove difficult. Many of the area's vacant parcels are chopped up among several owners, so buyers might have to negotiate with five or six parties to get a chunk of property. One potentially lucrative development option is housing, which brokers say is sorely needed to lure more workers and residents downtown. But home sales and rental prices aren't high enough in the neighborhood to make a condo or apartment tower profitable. "You can't find enough land at the right number to make it (work)," Wiegand said. nnn When Ken McCown, director of UNLV's Downtown Design Center, interviewed for his job in spring 2012, he was "mortified and excited" by downtown's vacant land. He described downtowns as smiles that have teeth missing when buildings get knocked down. In some areas of Las Vegas, especially far east on Fremont Street, only a few teeth remain. "It really becomes pretty grim," McCown said. But the empty space also leaves opportunities to create something new. McCown said he plans to work with the Downtown Project to design a lightindustrial district for, say, 3-D printing companies or electronic manufacturers that could set up shop on undeveloped parcels or in existing warehouses. "For a city of this size, you don't (normally) see this much vacant land," he said. "It's a real, tremendous opportunity for Las Vegas to reinvent itself." 17 1/9/14 1:22:15 PM

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