Cushman & Wakefield Takes Faraday Future to Vegas
- Dec 15, 2015
Faraday Future has a massive development plan and it was Cushman & Wakefield that paved the way for the billion-dollar first phase of the project to move forward. The commercial real estate services firm recently completed site selection and incentive negotiations for Faraday’s 3 million-square-foot electric vehicle assembly plant, which will be erected in West Las Vegas.
Faraday is preparing to introduce its brand and commence production of its electric cars. For ten months, C&W combed the U.S. and parts of Mexico to find a location that would not only meet Faraday’s long list of requirements, but provide additional advantages. C&W’s work included the appraisal of expected human resources costs and labor availability, access to supplier and customer markets, real estate and infrastructure suitability and incentives. It was a comprehensive research endeavor that ultimately led to the assessment of more than 100 brownfield and greenfield sites.
North Las Vegas came out on top, offering a business-friendly environment, structured deal terms, and a host of other benefits, including close proximity to the West Coast Electric Highway, a stretch along Interstate 5 that is heavily peppered with vehicle charging stations.
It was quite a competition. “Few projects in the U.S. or world can match Faraday Future’s in terms of its impact not only on a specific industry but on a community as well,” Debra Moritz, leader of C&W’s Strategic Consulting practice, said in a prepared statement. Faraday’s sprawling inaugural manufacturing facility, which will be developed in Apex Industrial Park, will yield more than 4,500 new jobs and indirectly spark the creation of additional positions through Faraday’s supplier base and other independent businesses that will follow the company to Nevada.
Faraday expects to kick off production of its electric vehicles in the next few years. And since the West Las Vegas facility marks only the initial phase of Faraday’s development project, it could be that C&W’s work is not yet done.