Developers of the Tivoli Village shopping center in western Las Vegas announced plans Tuesday to build a massive indoor mall across the street.
The project, Las Vegas Renaissance, is a 700,000-square-foot center to be built across Alta Drive from Tivoli Village. The project, with an estimated cost of $350 million, is due to be completed in 2015 and is being developed by EHB Companies.
Serving the affluent northwest Las Vegas area, including Summerlin, Renaissance is part of a plan by developers to link four shopping centers totaling more than 3 million square feet.
The properties, all on Rampart Boulevard north of Charleston Boulevard, are Boca Park, Las Vegas Renaissance and Tivoli Village phases I and II.
Construction of Las Vegas Renaissance is due to begin after next year’s completion of Tivoli Village Phase II.
While the local commercial real estate market is still struggling with the lingering effects of the recession, the developers are expecting continued growth in demand for retail space over the next several years and are positioning the Renaissance's 2015 opening to coincide with the increased need, said Patrick Done, executive vice president for the Tivoli Village and Renaissance developments.
"The view now is more optimistic than certainly it was in the heart of the recession," Done said. "Our long-term view of Las Vegas is very bullish. We do believe retailer demand for space will continue to grow, so we're anticipating that growth to get a toehold in the market."
The company's goal is to "bring on the right amount of space at the right time," he said. By locking in real estate now, developers hope to get ahead of their competitors.
Plans call for Renaissance to blend with Tivoli Village's Italian aesthetic, with a link to allow visitors to go back and forth between the properties.
Done said the two developments would complement each other while maintaining distinct identities, with Tivoli Village's open-air concept appealing to different retailers than the Renaissance's enclosed area will target.
"The plan is to create the retail, restaurant and office hub for the entire western part of Las Vegas," he said. "It can be an all-day experience. You can come to this area and hang out at Tivoli Village, shop at Renaissance, shop at Boca Park."
Developers said Renaissance would be inspired by the world's first enclosed mall, the Galleria Vittorio Emanuele in Milan, Italy. It will feature arched glass ceilings over pedestrian walkways and massive glass domes throughout. The building's exterior and store facades will feature a renaissance style that incorporates old-world architectural elements.
The developers have been in discussions with tenants for its three anchor spaces for the last several months, Done said, but no final deals are in place yet.
He said the anchors would be well-known, national department stores and the remaining boutiques, restaurants and stores in the center would target different price points for consumers.