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LV Premium Outlets Adding Tenants, Parking Garages

LAS VEGAS-The 104,000-sf addition will replace surface parking with two parking garages. The $53-million expansion is slated for a year-end 2007 completion.

By Brian K. Miller | Updated on September 14, 2006

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LAS VEGAS-Chelsea Premium Outlets is expanding its 435,000-sf Las Vegas Premium Outlets. The 104,000-sf addition will replace surface parking with structured parking. The $53-million expansion, which will bring 30 new tenants to the development, is slated for a year-end 2007 completion.

Las Vegas Premium Outlets opened in August 2003 and is 100% occupied. The total development cost was $165 million including about $25 million for the land, according to SEC filings. The 35-acre development was a joint venture of Roseland, NJ-based Chelsea and publicly held Simon Property Group of Indianapolis. In October 2004, Chelsea became a wholly owned subsidiary of Simon.

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