Turnberry Associates and CENTRA Properties will unveil plans for a massive shopping and activity center to built on the site of the old Vacation Village hotel during the International Council of Shopping Centers (ICSC) convention this week in Las Vegas.
The new mall, Town Square Las Vegas, is a 1.2 million-square-foot super regional lifestyle center that will be built on a 100-acre site at the south end of The Strip. Construction is scheduled to begin in the first quarter of 2005 with completion estimated for spring 2006.
The pedestrian-friendly Town Square will feature a diverse array of retail shops, anchor stores, restaurants, entertainment venues, an 80,000-square-foot RAVE Motion Picture multiplex cinema, 180,000 square feet of prime office space and a 200-room high-end, boutique hotel.
Additionally, the lifestyle center is designed as an escape from the hustle and bustle of The Strip and will include lush landscaping, a carousel and pop fountains to entertain children, and numerous spots for shoppers to enjoy the relaxing environment and picturesque mountains.
"Town Square will offer tourists and Las Vegas residents a unique destination to shop, dine, be entertained and work," said Drew M. Barkett, Turnberry’s vice president of retail development and real estate. "It will provide an environment that gives people a real sense of community and be a wonderful place to see and be seen."
Centrally located at the intersection of Interstate 15 and Interstate 215, Town Square will be easily accessible for residents and visitors.
"I like to refer to the site as being on the corner of ”˜Main and Main’ because it sits on one of the most heavily-trafficked intersections in Las Vegas, with over 400,000 cars per day" said Jim Stuart, principal of CENTRA Properties. "Tens of millions of visitors each year will have less than a 20-minute walk to Town Square from their hotels on The Strip and we’re certain the project also will attract the nearly two million people who live within a 20-minute drive."
Town Square Las Vegas is being designed by Baltimore-based Development Design Group, an international leader in planning, architecture and design, known for its creation of Easton Town Center in Columbus, Ohio, and CocoWalk in South Florida.
"Town Square will be a place for the entire family to enjoy," said John Clark, Development Design Group president. "It will be heavily landscaped and cool — a respite from the bright lights and energy of The Strip."
Barkett said he expects an overwhelming amount of interest from a variety of retailers including restaurants, specialty shops and entertainment venues including a large format bookstore and gourmet grocery market.
"I believe Town Square’s debut at the ICSC convention will be a tremendous success," he said. "Once complete, this super regional lifestyle center will redefine the family shopping and entertainment experience in Las Vegas as well as throughout the country."
Barkett is currently in final negotiations with RAVE Motion Pictures during the ICSC spring convention.
RAVE Motion Pictures theaters feature true stadium seating in all auditoriums, hi-back recliner seats with cup holders and arm rests, 18-inch stadium risers, top-of-the-line projection equipment in each booth and the highest quality audio/visual monitors in the lobby. RAVE operates 14 theaters across the United States and plans to open four more by the end of the year.
"What drew us to Town Square is the fact that Las Vegas is a young, cool, hip city — the exact market for which we design our theaters," said Thomas Stephenson, Rave president and CEO. "It’s really a perfect match."
A portion of the Town Square site contains the shuttered, 25-acre Vacation Village which will be demolished as part of the construction.
Founded in 1967, Turnberry Associates has developed more than $5 billion in commercial and residential real estate, including approximately 20 million square feet of retail development. The company built the renowned Aventura Mall in South Florida and Monroeville Mall and South Hills Mall in Pittsburgh as well as Destin Commons in Destin Florida.
Turnberry also is developing The Residences at MGM Grand, a condominium-hotel complex at the famed casino resort, and Turnberry Place, a condominium community on the north end of The Strip.
CENTRA Properties continues its Southern Nevada growth spurt by planning to develop nearly 3 million square feet of office, industrial, and retail space over the next 12 to 18 months. A commercial real estate developer based in Las Vegas, CENTRA develops, owns and operates premium commercial properties throughout Southern Nevada.