The news of a giant manufacturing facility being approved for construction in North Las Vegas elicited a collective sigh of relief from valley residents.
New jobs outside of the gaming industry is what our community has needed for decades.
While we recognize fully the economic engine that The Strip is for the entire state of Nevada, like every growing city, Las Vegas needs skilled labor work that offers benefits and long-term stability.
Faraday Future came to the valley to build a high-end, super-fast electric car that most residents wouldn’t be able to afford. But they sure did want to build it.
Now, that promise has blown away like the dust that tilts and spirals across the empty Mojave.
This week the Las Vegas Review Journal reported that Faraday Future has abandoned its plans to build its 3 million-square-foot assembly line.
… lest we forget, Faraday Future hadn’t even started construction.
p>Investors don’t want to wait any longer, and are pushing the company to lease existing space so manufacturing can ramp up sooner.
It didn’t help that China has frozen the assets of the company’s primary billionaire backer because of some questions about his involvement in another company.
That’s kind of a big deal.
The good news is that we’ve seen this before. And the even better news is that we’ve recovered from it.
It looks like we may need to wait longer for such an industrial facility and job provider to come to light in the immediate area.
Until then, we have Las Vegas Raiders of the NFL. And we have the Las Vegas Golden Knights of the National Hockey League.
Two major brightspots that can drive out the specter of a lost job center. And, lest we forget, Faraday Future hadn’t even started construction. It had a few employees in a leased downtown office space.
A few people will lose work as a result of this development. And we’re sure that a number of people had invested in the future presence of this company. There are serious disappointments to contend with.
Still, it’s better this news come now than after 1,000 Las Vegas residents were employed and raising families on the backs of electric supercar buyers.
It’s also good news that even the economic incentives promised the company were not yet allocated, as it would have taken Faraday Future investing $1 billion for the taxpayer supported money to become accessible.
We at Century 21 Gavish Real Estate were very much hoping to see this plant come together. The impact on our economy and real estate market would have been tremendous. It’s no doubt something we can lament as “what could have been.”
But this is Las Vegas. Where the second chance was invented.