DEVELOPER BULLISH ON CURRENT ECONOMIC WAVE

We’re making progress.

Do you have any examples of specific properties?

Patterson: We’re probably not going to be building another high-rise in Las Vegas. But what’s most important to us is differentiation — we have to build something that people perceive as a real difference. We want people to walk into our door and rent there because we stirred some positive emotion. Not because it’s cheap. Our communities tend to be a little more expensive to live in, but we rely on extremely talented design professionals to help us design a product that is a different environment, a different feel. It’s a comfortable sophistication.

What are those differences that make people want to rent your properties?

Patterson: The amenity package in these communities has gotten over the top. It has gotten more competitive over the past decade. Pools are bigger, fitness rooms are bigger, you have virtual reality golf, soccer, the list goes on and on. For our residents, the first impression is very important. I think when someone walks in the front door, they make a decision that they want to live there. And it’s our job not to screw it up the rest of the way.

Can you share more details about the new properties?

Wisdom: We want to speak with HOA owners first before talking about that in a news article. That’s the reason we’re being relatively vague.

But can you confirm these new properties will be long-term rentals?

Patterson: Yes, we’d do one year at the least. And these are not furnished models.

How does Vegas compare with your other markets of interest?

Wisdom: The two markets of interest for us are Las Vegas and Phoenix, and we’re doing an equal amount of investment in both markets.

When did you begin looking here?

Patterson: We started last year, we’ve been looking in Vegas for almost 12 months.

Will you have any business in the lower-income markets?

Patterson: We have an affordable group in Related, but that group is not in Las Vegas right now. Our target is going to be that $75,000 average household income family. That’s the customer we’re trying to serve.

What impact does pro sports have on Related’s desire to get involved here?

Patterson: I’m only here because I’m a huge (Jon) Gruden fan.

Wisdom: It’s great for the city and the quality of life for the people who live here, but it’s also great for tourism. There’s a dynamic associated with that that’s important for the city. It’s a progressive mindset and it shows local leaders have a collaborative mindset in working together to diversify the economy and the industries that are part of it. The types of jobs are changing and that’s positive for everyone, including us. The medical school, which will bring 8,000 jobs to the industry by 2030. There’s a broad economic base here, and the city is very progressive and proactive in that way. It’s very important.