When you think of the Las Vegas strip with its miles of neon lights and huge television screens you wouldn't associate it with being green. However things on the strip are changing. The Palazzo resort opened at the end of 2007 without a lot of fanfare. That changed last week as the US Green Building Council presented the developer Las Vegas Sands Corp. with a Silver LEED (Leadership in Energy and Environmental Design) Certificate at an award ceremony, making the Palazzo resort the largest “green” building in the world. The $1.9-billion resort is more than four times bigger than any other LEED certified building to date.

The Las Vegas Sands Corp. also received "The Energy Innovator's Award" which recognizes energy-efficient and/or renewable energy technologies, services, or policies pertaining to new construction at the same ceremony.

The city of Henderson is getting the first green, solar powered community in Nevada. The community of Sommerset features the latest solar technology and green construction techniques. This exclusive community of only 48 homes has three beautiful floor plans of one and two story homes. Homes size range from three to five bedrooms, starting at 1,626 square feet. Floorplans options include patios, den, teen retreats, game lofts and additional bedrooms. The homes include new GE technology in the SmartCommand Dashboard. The Dashboard will tell home owners about their water and power consumption, historical data and power production from the rooftop solar panels.

Homes are priced in the $300,000s, so they will not last. Call 702-493-8033 for the latest pricing and information.

As I had reported in an earlier, Why going green makes dollars and sense, the Nevada legislature in 2005 had passed a law giving very generous tax breaks to Green projects. Earlier this year, they decided perhaps they were too generous among concerns that state revenues may be negatively affected.

Only 5 projects would be affected by the change in the law, but after debate those projects will be grandfathered in to the original statute. Some of the projects, like the Molasky center have already been completed. Out of the five, CityCenter is the biggest winner by a landslide. The project is estimated to cost 7 billion dollars and will be the largest green project in the state.

The estimated tax savings under the '05 law were estimated at around $900 million dollars. The revised law reduces the tax breaks by about half.

CityCenter isn't the only Las Vegas strip property to cash in. The Palazzo which is due to be completed next year and the Fountainebleau are also grandfathered in. Both properties have also planned to add residential units to their properties as well.

There is still a catch however.  All of the properties still need to meet the green certification upon completion in order to be eligible for the tax breaks according to the state's Energy office.

The 61 acre master plan in downtown Las Vegas has received another major shot in the arm. The 6 billion dollar commercial project has been accepted into the U. Green Building's Leadership in Energy and Environmental Design (LEED) pilot program (the only one in Nevada). The program uses a system blending urbanism, green building design and smart growth. The site is located adjacent to the Union Park rail yards, just east of the I15 freeway.

The project is scheduled to be complete in 2018 and will house the Lou Ruvo Brain Institute, designed by architect Frank Gehry, the Smith Center for the Performing Arts, the World Jewelry Center (possible site of a FTZ) and the Charlie Palmer Hotel a 400-room boutique hotel and condominium tower. There will also be a medical office and hotel campus adjacent to the Brain Institute.

Completed projects in the area include the Las Vegas Outlet mall and the soon to be completed World Market. At its completion, the Union Park development could be the biggest green project in Nevada.

The impact the project will have on the property values for the surrounding Las Vegas real estate should be very positive, especially for the residential properties like Newport Lofts, Soho, Streamline Tower and Verge. The thousands of jobs the project will create should also help increase the demand for close, quality housing.

Related:

Why going Green makes Dollars and Sense

Over the last two years, southern Nevada has seen a huge increase in the amount of "green" building in both the commercial and residential sectors. Many would attribute the growing green trend with rising fuel costs and a growing awareness by the consumer of global warming. While that is a reasonable assumption, its only part of the reason why builders are going green.

As usual, its about the money and I'm not talking about the dollars that consumers will save in utility bills. Back in 2005, the Nevada Legislature debated and unanimously approved a measure to cut property taxes up to 50% for 10 years for energy-efficient construction.  The measure also lowered sales taxes for building supplies to 2% as well. For an enormous project like CityCenter, the resulting savings in taxes are huge. Other residential Las Vegas high rise condos have followed suit, seeking the LEED certification. The latest one is the Verge, located downtown.

In this slow market, these huge tax breaks could be critical in the success of a project. Both CityCenter and Verge have done very well in sales, despite the huge inventory of high rise and lofts in the Vegas valley.

However, its not just residential projects that are cashing in on the green. The Molasky commercial center (pictured above) was the first commercial green office building in Las Vegas.  The new construction at the Lied animal shelter is another green project. The new kennels use the latest green technology and are powered by solar panels mounted between the kennels. The odds are we'll be seeing a lot more of these projects in the future.