(For more retail coverage, click GlobeSt.com/RETAIL, and for more on the multifamily market, click here.)
LAS VEGAS-A 160-acre mixed-use development is nearing its start in the City of North Las Vegas. Plans for the as yet unnamed development include a retail center of up to 1.3 million sf and approximately 800 units of housing.
Celebration Centers of America, a Nevada-based LLC led by Linden Nelson, acquired the land and developed the master plan with the Athena Group LLC of New York. The Athena Group, which is investing its second opportunity fund, will develop the residential component. The retail center is being developed by the privately held retail specialist Vestar Development Co. of Phoenix, with leasing by Taubman Centers Inc.
The development site is located one mile west of Interstate 15 on SR 573 (aka East Craig Road), northwest of Downtown North Las Vegas and a few miles due west of Nellis Air Force Base. The shopping center is scheduled to open in late 2008 with the residential component opening shortly thereafter. Athena founder and CEO Louis Dubin tells GlobeSt.com that the preliminary development cost is $300 million.
The retail piece will contain two major components. An inner lifestyle section will contain shops, restaurants and at least one department store in a pedestrian environment while an outer ring will be home to an array of large-format retailers. In between will be parking.
The lifestyle center will include outdoor fireplaces, pop-jet fountains, a video wall, a performance stage, and extensive pedestrian walkways. As part of the marketing for the project, the developers will be holding a contest to name the development. The winner will receive a scholarship designed to cover four years at any college or university in the US, including tuition, books, and room and board.
In addition to the North Las Vegas project, Vestar is developing approximately six million sf in the Greater Phoenix area including Tempe Marketplace, a 1.3-million-sf lifestyle and entertainment center. The company also is developing approximately two million sf in California, including the one-million-sf District at Tustin Legacy lifestyle center in Tustin.
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