New downtown revitalization project announced

As the fed bails out our nation's economy, North Las Vegas is banking on its own local economy booster.

Wednesday night, the North Las Vegas City Council paved the way for a $110 million shopping plaza. And despite what's happening everywhere else, News 3's Hetty Chang explains why backers are confidant that the timing is right.

Debra Ingram has lived in North Las Vegas for the past 10 years. She says she spends a lot of her time catching the bus out of her neighborhood.

"I normally go shopping at...the Meadows Mall or maybe the Boulevard," says Debra.

And it's not just the shopping she says the city is lacking.

"As far as nice restaurants go, no, we don't have that."

But all that is about to change. The empty behind lot Debra's bus stop, across from the Silver Nugget Casino, is the new home of Montecito's latest project.

The same Montecito, responsible for several other valley plazas, is soon to break ground on North Las Vegas' first major downtown redevelopment project.

"We're hoping, with the downtown master redevelopment plan, it will revitalize it," says Michael Townsend of Montecito. "The Las Flores project will be the first one to kick it off and make it happen."

It may not be much now, but four anchor stores and national restaurants have already signed on to move in.

"It offers great potential and there's not a lot around in the area," explains Townsend. "It's going to work very well."

But is this risky business considering the current state of the economy?

"We saw a slowdown in the summer and we got a little worried," says Townsend. "But it has picked up and it's kicked up. The interest has continued."

If all goes as planned, developers hope to break ground next spring with an opening date of 2010.

The plaza's site is on Las Vegas Boulevard and Civic Center, directly across from the newly proposed North Las Vegas City Hall.

Find out more details from Channel 3 News