Done says two-thirds of the retail space that has been leased or committed to date will house restaurants and entertainment venues, uses that take more space than retail shops. The most recently announced lease signings include Village Roadshow Gold Class Cinemas, the top luxury cinema brand in Australia, which leased 38,000 sf for an eight-screen luxury movie theater, and the Grand Lux Café, by the creators of the Cheesecake Factory, which will occupy 12,000 sf. The average retail shop, meanwhile, will occupy approximately 2,000 sf, Done says.
On the office front, no leases have been announced but one tenant has committed to taking one-third of the office space, Done says. The tenant, from Los Angeles, is negotiating for a 62,000-sf space on the upper floors of one of the 18 low-rise buildings that will be erected on the site.
Marketing has yet to begin for the 41 condominiums, which will be housed on the upper floors of a single three-story building, but interest is high because there aren't many of these mixed-use type of environments in Vegas where you can own a home. Pankratz said more than one thousand people have shown an interest in the units so the current plan is to wait until the units are completed and then hold a lottery. Pricing has not yet been determined.
"Now is not the time to be selling those homes," he told GlobeSt.com last month. "People won't appreciate the value until they can see the intricacies of the architecture and the layout of the village itself."
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