LAS VEGAS-Locally based EHB Cos. has announced it plans to build a $350 million, 700,000-square-foot indoor mall next to its $550 million Tivoli Village outdoor retail center. The Tivoli site includes includes two phases of retail, and the new Las Vegas Renaissance mall will capitalize on an expected surge in retail demand in the western part of the city, says company officials.
The property is at the intersection of Alta and Rampart, and includes the One Queensridge Place condominium tower, also developed by EHB. The first phase of the open-air Tivoli project opened in April 2011 and includes 140,000 square feet of office space and 225,000 square feet of retail, with tenants such as DavidBartonGym, Kabuki Japanese Restaurant, and Parmida Home. The second phase, to include another 500,000 square feet, is now under construction and will be delivered by late 2013.
Tivoli phase one, about 76% leased, is mostly restaurants. However, Patrick Done, EVP for EHB, tells GlobeSt.com that the Renaissance mall will cater to a different tenant. “We’ve been in discussion with department stores and small shop retail,” he says. Three anchors have been pursued, but no decision has been made yet, Done says.
He says the recession, while it hit Vegas hard, has created this great opportunity for 2014-5. “There’s just very little other development coming online,” Done says. “We know that no one else is planning development. It’s our long-term strategy to create a retail and office designation on the west side of the city, that in our view doesn’t really exist yet. We’ll be ready when Renaissance is finished in 2015.”
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