$700 million Tivoli Village complex arrives at last

The long-awaited, much-anticipated Tivoli Village shopping and entertainment center opens to day, the first new major retail development in Las Vegas since Town Square was completed in 2007 on the south Strip.

The $700 million Tivoli Village is being jointly developed by Executive Home Builders and IDB Group, also developers of One Queensridge Place, catty-corner from the center at Rampart Boulevard and Alta Drive in western Las Vegas.

Tivoli's opening was pushed back several times from its 2007 date as construction was suspended in the face of the nation's deepest economic recession in 70 years.

Keeping with the intricate tile work and unique architecture at Queensridge, Tivoli Village brings 225,000 square feet of upscale shopping and dining and 145,000 square feet of premium office space to the 29-acre site that was once a wash, a throwaway piece of land for the Peccole family.

The mix of retailers includes luxury goods merchants, one-of-a-kind boutiques, health and beauty shops and a collection of eclectic restaurants.

"I think it'll be nice," said Lindsey Love, a northwest Las Vegas resident who shops at the Fashion Show mall and Centennial Center.

"There's nothing really like it on this end of town. Everything's down on the Strip -- Fashion Show, Miracle Mile, Town Square. I think people on this side of town have been looking forward to having a place to shop besides Meadows mall," Love said.

Tivoli Village Executive Vice President Patrick Done said the developers are committed to creating a "city within a city" at Tivoli Village. Every piece of stone and marble used in the building is custom-crafted and precisely installed, he said.

"It looks good. I really like it in the evening," Done said Wednesday during a break between meetings and trips to the property. "There's still a lot of activity taking place and it's a very exciting process. I can't overemphasize the design elements and architecture."

Done said leases have been executed for 72 percent of the retail space and 55 percent of the office space. About 15 stores will open today and ultimately that will grow to 30 or 40 stores, he said.

"It's very difficult selling a development project," the leasing executive said. "You're selling a dream. You can't see it, you can't touch it or feel it. Once a project opens, you're selling an operating project that has sales data. You're also selling a product unmatched in architecture and design. The demand for this project will increase post-opening."

The big buzz at Tivoli Village is Brio Tuscan Grille, offering classic Italian food among the shadows of Roman ruins. The 8,000-square-foot restaurant has indoor seating for 240 and al fresco dining for 100 guests on its Italian-style outdoor terrace, which features a full-service bar.

Petra Greek Taverna pays homage to traditional Greek recipes served in a Mediterranean setting with a European-inspired courtyard. All dishes are made fresh in-house and include spanakopita, baklava, loukoumades and gyros.

Retailers include Charming Charlie, women's fashion accessories; Bobby Wheat Gallery; Jeff White Custom Jewelry; Obika eyewear collection; ROC Republic of Couture high-end designer brands; and The Dog House, a local manufacturer of organic dog food and supplies.

Office tenants include law firm Kolesar and Leatham; Merrill Lynch Wealth Management; and Regus office and workplace services.

"It's a beautiful project. I love the project and it's right for the area, something the community can use and needs," said Penny Mendlovic, a CB Richard Ellis retail broker who negotiated the lease for Kidville at Tivoli Village. "I think designwise, it's in a class of its own."

The valley's retail real estate recession is entering its fourth year, RCG Economics principal John Restrepo said. Retail vacancy rose to 12.3 percent in the first quarter for 43.9 million square feet of inventory in Las Vegas, compared with 5.3 percent at the start of the recession in December 2007.

Shopping centers in Las Vegas have felt the effects of a sagging economy and tight consumer spending.

Storefronts sit empty, mom and pop operators are going out of business and banners advertise retail space for lease.

A group of lenders led by Bank of Nova Scotia asked a bankruptcy judge in January to remove an obstacle to foreclosure on Town Square, which had defaulted on its $450 million construction loan last year.

The District at Green Valley Ranch was sold at public auction in February for $50 million, with the lender as the lone bidder.

Construction was halted on the Summerlin mall, leaving a skeletal steel frame on the horizon at the Las Vegas Beltway and Town Center Drive, and Triple Five Development defaulted on land in the northwest valley once planned for the Great Mall of Las Vegas.

The land for Tivoli Village had been in the Peccole family since 1949, when William Peccole swapped 15,000 acres in Northern Nevada for 3,000 acres in Las Vegas, Peccole Nevada principal Larry Miller said.

It was the last piece to be developed because of its difficult topography, specifically the wash.

Like The District at Green Valley Ranch, Tivoli Village has a residential component of 340 condominium units in two five-story towers and a 10-story tower, which was shelved when the housing market took a sharp downturn.

One Queensridge Place, where luxury condos were selling for upwards of $1 million, is about 80 percent sold, the developers said.

EHB purchased an 11-acre parcel across Alta Drive, part of Boca Fashion Village, that was in foreclosure. Developers have announced plans to connect Tivoli to the land with a walkway and build another phase of complementary retail and dining.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.