Monday, April 4, 2011 | 3:03 a.m.
- Tivoli Village at Queensridge beats the odds, hopes to fill retail niche in western valley (12-14-2010)
- 5 tenants announced for Tivoli Village at Queensridge (12-6-10)
- Rotten economy hurts Las Vegas’ prospects for 2011 (11-19-10)
- Developers of Tivoli Village acquire 23 neighboring acres (10-8-10)
- Commercial market shows gains after months of free-fall (10-5-10)
- Tivoli Village on track for 2009 opening (9-26-10)
- No pressure on Tivoli Village (6-30-10)
- Tivoli Village to open in March 2011, announces tenants (5-24-10)
Beyond the Sun
Tivoli Village at Queensridge
The developers of Tivoli Village submitted plans to Las Vegas to build a 750,000 square-foot indoor mall and 100 condominium-type units across from its mixed-use development scheduled to open this month.
The project, an effort to provide retail in Summerlin and adjacent areas that analysts said is lacking, is scheduled to open by spring 2015.
It provides competition for the half-built Shops at Summerlin Centre, where work was halted in October 2008 amid the recession and its developer General Growth Properties going through bankruptcy proceedings. GGP spun off Summerlin and Summerlin Centre to the Howard Hughes Corp. in November.
The Summerlin Centre plans called for retailers such as Nordstroms and Macy’s, and office and residential development totaling more than one million square feet south of Red Rock Resort.
“It’s not a matter of if it’s going to happen, it’s a matter of when it’s going to happen,” said Kevin Orrock, president of Summerlin and executive vice president of master planned communities with the newly recreated Howard Hughes Corp.
Since the company just emerged from bankruptcy in November, Orrock said it’s going to take time to decide a course. The company has projects in 18 states.
“We’ve got to get our hands around a lot of developments, and the [Summerlin Centre] site is one of them,” Orrock said. “We can’t do them all at the same time. But this is one of the best regional retail sites in the country considering its location and demographics. It’s served by two full interchanges on the Las Vegas Beltway.”
The newly proposed project is on 23 acres on the north end of the Boca Park retail development, across Alta Drive from Tivoli Village. Its developers are Las Vegas-based EHB Cos. and Israel’s IBD Development Corp., the developers of the adjacent luxury condominium tower One Queensridge Place.
EHB President Frank Pankratz declined to discuss his project as it relates to Summerlin Centre, but with Meadows Mall more than six miles away, there’s a need for a mall to serve the area, he said.
“We believe what we’re doing with Tivoli and this, that it will be the trade center of this area,” Pankratz said.
Orrock said he didn’t want to comment about the new Tivoli proposal except to call it “aggressive.”
Retail consultant John Restrepo, principal of Restrepo Consulting, said a mall is needed in the area because residents have to drive to Meadows Mall and other venues.
“There’s nothing up there, and that’s why Summerlin Centre was such a big deal,” he said. “I think it’s a good move if timed appropriately. The recovery ought to be moving along by then.”
Pankratz said his planned mall, which will be called Las Vegas Renaissance, is expected to have three big-box retailers and 50 smaller stores that could be accessed by Tivoli Village via a pedestrian bridge over Alta Drive. The hope is that department stores will want to occupy the mall, but Pankratz said no leases have been signed as of yet and none are pending.
The developers opted for an indoor mall because it complements Tivoli, which is more of a boutique retail and restaurant center. Pankratz said there’s demand for large retailers to open in the Summerlin area.
Tivoli’s developers acquired the 23 acres in October 2010 for $11.75 million. The property was taken over by City National Bank via foreclosure from Triple Five Development.
The original plans called for nearly 1.7 million square feet of development, said EHB’s Pankratz. The developers are expected to have site plan hearings before the city’s Planning Commission and City Council in May and June 2011, he said.
Pankratz said a timeline for the project hasn’t been finalized, saying it will be driven by the market conditions.