North Las Vegas’ newest business tenant could just make the whole city a more pleasant place to live overall. Faraday Future, an automotive company focused on the development of electric cars and mobility solutions, completed the purchase of their final two Apex industrial park land parcels and cleared the site of vegetation in January. Grading will begin, once the heavy construction permits are approved.
However, as FF levels out the land, they are doing a lot more than building themselves a 3 million square foot manufacturing facility. They are also helping make Apex a home for many other future businesses. Development plans call for the provision of public sewage, water and power services to the site — although FF intends to contribute solar energy from their factory’s rooftop array. Rail lines will connect the site to shipping avenues that extend north, south and to the coast. A new service road will be built, granting easy access to Interstate 15 and Highway 93.
In short, by the time Faraday Future starts outfitting the interior of their facility with fixtures, they are likely to have many new neighbors contributing to the North Las Vegas economy alongside them, going beyond the automotive industry. It will create a unique situation deal-makers like NLV Mayor John Lee and Gov. Brian Sandoval refer to as “everything going according to plan.”
Seeds of a Brighter Future
In addition to development bringing new people into the Southern Nevada economy, existing players are betting heavier on their hands thanks to renewed confidence. Boyd Gaming Corp. — owners and operators of the Orleans, the Suncoast and five other casinos in the metro Las Vegas area — recently announced that they would be buying two casinos in North Las Vegas: the Aliante and the Cannery. The company will spend $380 million and $230 million on the deal, respectively.
In a conference call to investors and analysts, Boyd CEO Keith Smith was glowing with positivism. “By almost every metric, the Las Vegas growth story is getting brighter,” he said.
Behind his assertion were hard numbers attesting a healthy growth in total employment, a rise in the average weekly wage and a more diversified job base overall. These numbers were further bolstered by record-breaking tourism, an increase in newly conceived businesses and taxable retail sales that hit an “all-time high.” Not alone in his ambitions for growth, Smith also pointed that billions of dollars of construction activity were being planned in the upcoming years.
In summary, Smith described the Las Vegas Valley as “one of the most robust growth markets in the country,” a sentiment being shared by many others.
Elon Musk’s Hyperloop startup is one such company, pioneers of an advanced transportation system that promises to be the urban public transit of the future. The company built a test track in a corner of the Apex site. After a successful test on May 11, 2016, chances are quite good that they plan to stay for further testing.
All of this activity also spells good news for others who had to weather the storm of a downtrodden economy a few short years ago. Emilia Cargill was CEO of the Coyote Springs Investment that planned to develop a 150,000 home community before stalling in 2009. As workers return to the area, they bring with them the potential to revive projects like hers. “We think it is positive for the whole region,” she told the Review Journal. “We’re hoping, of course, that we benefit from it as well.”
So, like a fresh oasis, Faraday Future and others promise to bring new life back to the Nevada desert.