Developer buys Great Mall of Las Vegas parcel

By Buck Wargo

Published Tuesday, Jan. 4, 2011 | 9:01 a.m.

Updated Tuesday, Jan. 4, 2011 | 11:59 a.m.

The EHB Companies, the developer of One Queensridge Place and Tivoli Village, has bought the 60-acre parcel formerly known as the Great Mall of Las Vegas.

EHB bought the property for $6.3 million from OREO Corp. a subsidiary of KeyBank.

Triple Five Nevada planned to build a $750 million shopping center in northwest Las Vegas that also included condominiums and office space. Triple Five defaulted on its loan.

EHB hasn’t announced what it plans to develop on the site near the Las Vegas Beltway and U.S. 95, but Frank Pankratz, president of EHB Companies, said it is envisioned to be a mixed-use development. No timetable has been set for the project that will be market-driven, he said.

Pankratz said it was a great opportunity given its freeway frontage and part of a major hub adjacent to Centennial Hills that includes schools, parks, medical and commercial developments..

EHB is a development partner with IDB Group in the condominium project One Queensridge Place and the mixed-use Tivoli Village next to Summerlin. Tivoli Village will open in March.

Last fall, EHB announced it had acquired 23 acres on the south side of the Boca Park retail development in an $11.75 million transaction with City National Bank. No timetable has been announced for the project that will be an extension of Tivoli Village.

Curt Allsop of Grubb & Ellis served as the broker representing OREO Corp.