(For more retail coverage, click GlobeSt.com/RETAIL.)

LAS VEGAS-EJM Development Co. of Los Angeles is close to launching the first retail phase of Arroyo, a 450-acre development straddling I-215 immediately west of Rainbow Boulevard that is planned for 4.5 million sf of office, retail and industrial space. The 940,000-sf Arroyo Market Square power center will rise southwest of the intersection of I-215 and Rainbow Boulevard.

EJM regional director Kirk Boylston tells GlobeSt.com that Arroyo Market Square is 95% preleased. Construction is slated to begin in the next 60 days. Completion is scheduled for the second quarter of 2007.

Situated between the Henderson and Summerlin residential communities, the overall Arroyo development will have about 1.5 million sf of retail, including a 200,000-sf lifestyle center and several small neighborhood centers, plus 1.15 million sf of industrial space and 1.75 million sf of office. The project will be characterized by streets with landscaped medians, meandering sidewalks and ample parking space. The development timeline is eight- to 10 years, Boylston says.