Las Vegas Strip Retail Complex Moves Forward As Tourists Return
Posted on: August 22, 2021, 11:17h.
Last updated on: August 22, 2021, 12:14h.
A four-story retail space located on two acres soon will be added to the Las Vegas Strip. The 228,278-square-foot project got approvals last week from the Clark County Commission.
The OK for Project63, as it is now known, was given on Wednesday for Brett Torino’s commercial development. It will include 21 spaces. More than half of these spaces are already leased, the Las Vegas Review-Journal reported.
Torino, a local developer, and New York-based Flag Luxury Group purchased the property for about $80 million in June, the Review-Journal said. The property was formerly owned by MGM Resorts International and Dubai World.
Torino told the Review-Journal that at $40 million an acre, the acquisition may set a record for a vacant commercial Strip property. Construction may begin in two months. It is scheduled to be complete by October 2022, the report said.
One other commercial opportunity is to place LED screens outside of the building to sell ads. The developers plan to have two outdoor LED screens, each between 5,000 and 6,000 square feet.
Luxury Stores Nearby
The complex will be placed at the intersection of Las Vegas Boulevard and Harmon Avenue. That places it next to The Shops at Crystals, located at CityCenter. Among the luxury shops in the mall are Dior, Cartier, and Gucci.
The location for the retail complex was once the planned site for the Harmon hotel. But the hotel project ended up failing after many setbacks.
In 2012, Torino and Flag Luxury opened a retail project on the opposite side of the Strip, the Review-Journal said. Called Hawaiian Marketplace, this development includes a Walgreens, a daiquiri bar, a tattoo shop, and more.
The Strip already has numerous restaurants and retail spaces. But Torino told the Review-Journal there are many pedestrians in the location for the complex.
North of Complex is New Resorts World
Also, north of the retail site, the Resorts World Las Vegas opened in June. Without offering specifics, executives at the $4.3 billion Resorts World Las Vegas noted earlier this summer they have room on the 88-acre site to expand.
Resorts World is on the northwest end of Strip where the now-demolished Stardust Casino once was located.
Torino is also confident in the future of Las Vegas, even with the impact from COVID-19.
“All our tenants stayed open on the Strip, but, of course, we had to give them help and we wanted to do whatever we could for them,” Torino said in an interview during June. “But they’re coming back strong.”
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