In Business Las Vegas

Retail and Real Estate

Economic slowdown fails to stymie retail projects

By Mark Hansel / Staff Writer

Arroyo Market Square tenants Wal-Mart and Sports Chalet are shown on Rainbow Boulevard at the Las Vegas Beltway. The development has welcomed nine big-box retailers since it opened late last year.

COURTESY PHOTO

Despite a slumping residential housing market and an uncertain economic future, developers continue to forge ahead with major retail projects in the Las Vegas Valley.

The Village at Queensridge recently announced three new tenants, a luxury cinema experience and two restaurants.

The 29-acre lifestyle center is being developed on Rampart Boulevard in northwest Las Vegas, adjacent to Summerlin.

Village Roadshow Gold Class Cinemas will debut its first Las Vegas luxury cinema circuit at the Village at Queensridge. The cinemas include a grand, eight-screen facility in a luxuriously intimate setting with about 40 unique luxury reclining armchair seats and state-of-the-art digital cinema technology, including super-wide screens and digital audio.

Gold Class Cinemas also offer VIP concierge, valet service, a full-service bar and lounge, premium wine selection, gourmet food, and in-cinema service with personal waiters during each screening.

Village Roadshow developed its luxury cinema concept in Australia in 1997. It now boasts more than 1 million attendees annually, and locations include international markets such as Singapore and Greece.

The other tenants are two well-known Strip restaurants that will make their off-Strip debut in the Village at Queensridge.

Zeffirino, which currently has a location in the Grand Canal Shoppes at the Venetian, will open a two-story authentic Italian eatery in excess of 11,000 square feet at the Village featuring elegant decor with limestone columns, Venetian-style open windows and antique furniture.

Grand Lux Cafe, from the creators of the Cheesecake Factory, blends the grandeur and luxury of European cafA s with the spirit of an all-American restaurant. Grand Lux CafA has locations inside the Venetian and the Palazzo.

"In shaping the Village at Queensridge into a truly appealing destination for Las Vegas residents, we purposefully chose to make restaurants the anchors of the development, offering locals a fabulous selection without having to go to the Strip," said Patrick Done, executive vice president of the Village at Queensridge. "The Village will become the kind of place locals have been craving for so long where they can enjoy the best of what a city has to offer, located conveniently in their own neighborhood."

Other restaurants previously announced to open at the Village include Mastro's Steak House and Taro's by Mikuni.

The $850-million Village at Queensridge is part of the Queensridge master-planned community. It is scheduled to open in the spring 2009 and will feature more than 700,000 square feet of upscale retail, restaurant, entertainment and office space and 340 condominium homes.

Regency Centers has begun construction at Deer Springs Town Center at North 5th Street and the Las Vegas Beltway in North Las Vegas.

"Regency Centers is proud to announce that its newest shopping center located within the city of North Las Vegas will support a growing population and developing economic base with an enjoyable shopping experience of world class retailers, restaurants and banks," said Mike Leonard, Regency Centers vice president of investments.

Florida-based Regency Centers is a leading national owner, operator, and developer of grocery-anchored and community shopping centers.

The development will feature town center aesthetics, including pedestrian friendly crosswalks, large sidewalks, distinctive architectural storefronts, tree-lined boulevards, large outdoor gathering areas and a city-adopted leg of the Las Vegas Valley Regional Trail system.

Major anchors at Deer Springs Town Center will include a 132,360-square-foot Target store, a 106,278 square foot Home Depot and a 65,000 square foot Babies R Us. Other tenants include PetSmart, Ross and Staples.

The shopping center will also be submitted for certification through the United States Green Building Council's (USGBC) Leadership in Energy and Environmental Design (LEED) Green Building Rating Program.

Deer Springs Town Center is slated to open in March 2009.

Bucking the trend away from traditional power centers, Arroyo Market Square on Rainbow Boulevard at the Las Vegas Beltway has welcomed nine big-box retailers since it opened late last year.

"Residents in the southwest region of the valley deserve their very own power center with an impressive tenant lineup," said Kit Graski, senior vice president of Voit Commercial Brokerage. "With the opening of the Arroyo Market Square, residents in the region now have one-stop shopping in a convenient location."

The 950,000-square-foot Arroyo Market Square is a joint venture development by Laurich Properties and EJM Development Co. Voit Commercial Brokerage represented the center in attracting and negotiating the leases for the retail and dining tenants.

Tenants include Wal-Mart, Home Depot, Sam's Club and Best Buy.

Arroyo Market Square is part of a 450-acre master-planned office, retail and industrial project.

Other tenants that have signed leases include Sports Chalet, Babies "R" Us, Bed Bath & Beyond, Ross Dress For Less, Marshall's, Michaels, Office Max, Party City, PetSmart, Paddock, Ulta, Famous Footwear, Dress Barn, Men's Wearhouse and Hallmark.

Restaurants include Chili's, Mimi's Cafe and Jason's Deli. Stores will continue to open at the center through the second quarter of 2008.

Mark Hansel covers retail and real estate for In Business Las Vegas and its sister publication, the Las Vegas Sun. He can be reached at 259-4069 or at hansel@lasvegassun.com.

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