A recent announcement from the owners of Tivoli Village reveals plans
to expand the Las Vegas property they own. This is good news but it
seems like there are very few takers lining up to avail of the
opportunity.This expansion was supposed to take effect ten years ago but
was halted due to the recession we recently had to suffer. If this
expansion had pushed through then, we would have had an added space of
around 300,000 square feet along with Mediterranean
themed retail and office project located on Rampart Boulevard and Alta
Drive.The new effective date is slated to open in October based on the
most recent announcement made today.
Restoration hardware, a high end home furnishing provider, has already
made plans to set up shop in the location. In the same manner, Canter
Deli, from Los Angeles has also decided to open up one of their Jewish
themed restaurant in the area. As of this writing, there are no other
prospective clients wishing to put up their establishments here.
This news has however revealed a host of real estate brokers who have expressed interest in bringing in new prospects to fill up the empty slots. According to Noam Ziv, the head honcho at Tivoli and owner of IDB Group USA, these real estate experts are going to use everything at their disposal to sign in new tenants.But, there is no official list of tenants released to the public yet.
This expansion is a long awaited development. Since it was established in 2009, during the last years of the real estate boom, Tivoli was supposed to be opened to the public in 2009. With that came a proposed retail area of 500,000 square feet and 200,000 square feet of allotted space for offices. Sadly, this did not materialize due to the impact of the recession on the real estate market.Although the initial plan of the developers was to completely halt the project, it was instead decided that they would complete the entire project in phases. It is a slow process but the forecasted outcome was to complete the project in the end.With the completion of some phases, Tivoli opened up partially in 2011. In the fall of 2012, management predicted that the second and final phases would be made available with a target date slated on 2013.Construction didn’t begin until 2013 though so that caused another delay pushing the completion date back to the spring of 2015.
Talks of opening up a hotel within 2016 and 2017 are already underway.H&M, a clothing discount store is also interested in filling up a few slots and has signed a lease for a 25,000 square foot store at the expansion site.As of this writing, there are still prospective tenants who are in discussion with the Tivoli management to secure their spot within the expansion area. No definitive news has been released yet on who the final tenants are going to be but it seems like this expansion is headed in the right direction.
This news has however revealed a host of real estate brokers who have expressed interest in bringing in new prospects to fill up the empty slots. According to Noam Ziv, the head honcho at Tivoli and owner of IDB Group USA, these real estate experts are going to use everything at their disposal to sign in new tenants.But, there is no official list of tenants released to the public yet.
This expansion is a long awaited development. Since it was established in 2009, during the last years of the real estate boom, Tivoli was supposed to be opened to the public in 2009. With that came a proposed retail area of 500,000 square feet and 200,000 square feet of allotted space for offices. Sadly, this did not materialize due to the impact of the recession on the real estate market.Although the initial plan of the developers was to completely halt the project, it was instead decided that they would complete the entire project in phases. It is a slow process but the forecasted outcome was to complete the project in the end.With the completion of some phases, Tivoli opened up partially in 2011. In the fall of 2012, management predicted that the second and final phases would be made available with a target date slated on 2013.Construction didn’t begin until 2013 though so that caused another delay pushing the completion date back to the spring of 2015.
Talks of opening up a hotel within 2016 and 2017 are already underway.H&M, a clothing discount store is also interested in filling up a few slots and has signed a lease for a 25,000 square foot store at the expansion site.As of this writing, there are still prospective tenants who are in discussion with the Tivoli management to secure their spot within the expansion area. No definitive news has been released yet on who the final tenants are going to be but it seems like this expansion is headed in the right direction.
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