62°F
weather icon Clear

Construction underway on new Strip retail complex

Updated December 7, 2021 - 6:51 am

Construction of a new retail complex on the Strip is underway.

Crews are working on the foundation and a crane is in the air at Project63, a four-story retail development at the multi-tower CityCenter complex.

The building frame is scheduled to be finished by the end of March, and the project altogether is slated to be completed by fall 2022, project manager Ron Hall told the Review-Journal.

According to Clark County documents, the complex will span 228,278 square feet.

Located at the southwest corner of Las Vegas Boulevard and Harmon Avenue, Project63 is about 30 percent leased with signed contracts, said listing broker Frank Volk of SRS Real Estate Partners, who declined to provide the tenants’ names.

“We’re seeing a very strong response,” Volk said.

The developers, Brett Torino of Las Vegas and New York’s Flag Luxury Group, acquired the 2-acre site earlier this year for around $80 million from MGM Resorts International and its partner in CityCenter, government-owned holding company Dubai World.

As measured by price per acre, the sky-high valuation exceeded land deals on Las Vegas Boulevard even during the frenzied mid-2000s real estate bubble.

The site, next to luxury mall Shops at Crystals, was home to the never-finished, structurally flawed Harmon hotel tower, which was dismantled several years ago.

It is also across the intersection from Harmon Corner, a three-story retail complex that Torino and Flag Luxury developed about a decade ago.

Clark County commissioners approved plans for Project63 in August.

Torino has said that when he named the complex, he and Flag Luxury boss Paul Kanavos were both 63 years old, but he also said the name could change.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

Don't miss the big stories. Like us on Facebook.
THE LATEST
Fed interest rates are rising, where does that leave mortgages?

The Federal Reserve has signaled it’s getting ready to raise interest rates in March. While this could impact mortgage rates, experts say it’s difficult to predict if they’ll steadily rise throughout the year.

Tropicana resort could be in for some big changes

Casino operator Bally’s Corp., which is buying the hotel-casino, would “almost certainly” look to rename the property as Bally’s and likely look to redevelop the property.