weather icon Clear

Second phase of Tivoli Village slated to be completed soon

Real estate broker Rick Hildreth works from an office in Tivoli Village and loves the mixed-use property, though he wondered “every day” why its expansion project was taking so long.

Management at one point said they expected to finish by late 2013. That came and went, and construction seemed sporadic the past few years.

But work has been “hot and heavy” the past few months, Hildreth said, and new retail workers are being hired and trained.

“It gives this place a little energy that we haven’t had in a long time,” he said.

Tivoli’s second phase, comprising about 350,000 square feet of retail and office space, is slated to be finished soon. The announced retail lineup is sparse, but management says more are on the way and brokers say the anchor – upscale home-furnishings store Restoration Hardware – could pump more life into Tivoli’s seemingly quiet shopping scene.

Tivoli’s restaurants get packed, but the open-air, Mediterranean-themed project in the Las Vegas suburbs has faced various hurdles over the years. It opened during the worst recession in decades and has lacked a big-name retailer; also, a hefty competitor, the 106-acre Downtown Summerlin, opened just four miles away in 2014.

Tivoli is “not your typical retail development,” and store operators are “strangely risk-averse,” CBRE Group broker Matt Bear said. But Restoration Hardware could help lure shoppers, he said, and given enough time, Tivoli will be a “thriving shopping center.”

One broker, who did not want to be named, said Tivoli, located at Rampart Boulevard and Alta Drive, is a “gorgeous” property in an affluent part of the valley. But most tenants he deals with prefer familiar-looking projects, he said.

Tivoli’s current retailers include jewelers, clothing stores and accessory shops. Mass-market stores that can generate bigger foot traffic are largely missing, he said, although Restoration Hardware would be “more of an anchor than what they have now.”

Tivoli management has announced two retail tenants for the second phase: Jewish-style eatery Canter’s Deli and Restoration Hardware, whose four-level, 60,000-square-foot store is expected to open Oct. 28.

Canter’s, which would operate a 6,400-square-foot location with a bakery and catering operations, is slated to open around January, owner Kevin Jeffers said.

Tivoli general manager Curt Fickeisen told the Review-Journal this week that other retailers would open on or shortly after Oct. 28 in the second phase but added he could not announce their names. A few deals are in the works for the existing section as well, he said.

He said Tivoli is more of a “lifestyle” center but hadn’t heard from store operators that it’s too different. According to Fickeisen, Tivoli’s existing retail and restaurant space is about 90 percent occupied, the office space around 97 percent.

Fickeisen, who became general manager in January, also said construction of the second phase took longer than planned because of “unforeseen economic circumstances.” He offered few details beyond citing a general slowdown in U.S. retail, including retail development, though he said there weren’t delays in landing construction financing.

Tivoli’s developers, Israeli conglomerate IDB Group and Las Vegas-based EHB Cos., broke ground in 2006, during the bubble years. After the market crashed, they reportedly considered mothballing the project but decided to build in phases instead. The first portion opened in 2011.

IDB and EHB also developed One Queensridge Place, two 18-story condo towers across Rampart from Tivoli. But the companies reportedly split ways around 2013, and IDB took control of Tivoli and still owns it.

Restoration Hardware CEO Gary Friedman was unavailable to talk for this story, according to a company spokeswoman.

Jeffers, who is licensing the Los Angeles deli’s name, said he wanted to open a Canter’s near Summerlin in part because of the area’s sizable Jewish population and cluster of synagogues. But he also wanted to be steps from a built-in base of potential customers: Tivoli’s office workers.

Hildreth, of Land Advisors Organization, said Tivoli tends to be quiet during the day, and Restoration Hardware at least “initially” could be a key source of spillover traffic for other retailers.

“I honestly don’t know how they make it,” he said of existing stores.

But he enjoys the dining options in the area and working close to home. He would even buy a condo at Tivoli if some were built.

“I love it,” he said.

Contact Review-Journal writer Eli Segall at 702-383-0342. On Twitter at @eli_segall

Don't miss the big stories. Like us on Facebook.
Business Videos
How much do Las Vegas casino CEOs make?
Las Vegas gaming CEOs made anywhere between $1 million and $24 million last year, according to company filings with the U.S. Securities and Exchange Commission. ((Las Vegas Review-Journal)
30-year-old Rio needs a little TLC
Nearly 30 years after the Rio opened, the red and blue jewel that helped catapult Las Vegas to a new level with its buffet and nightclub has lost its status along with its shine.
The latest on the Drew Las Vegas - VIDEO
Eli Segall recounts his tour of the Drew Las Vegas, formerly the Fontainebleau, on the Las Vegas Strip. (Michael Quine/Las Vegas Review-Journal)
Pinball Hall of Fame to move near south Strip
Operators of the Pinball Hall of Fame have been approved to build a new, larger arcade near the south edge of the Strip on Las Vegas Boulevard near Russel Road. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
National Hardware Show underway Las Vegas
The National Hardware Show kicked off Tuesday at the Las Vegas Convention Center (Mat Luschek / Review-Journal)
Caesars for sale?
Caesars Entertainment Corp. has been swept up in takeover speculation since the company’s share price tumbled last year amid disappointing earnings and concerns over a recession. Amid the decline, hedge funds scooped up shares. Billionaire activist investor Carl Icahn began buying shares of Caesars as early as January. Icahn acquired nearly 18 percent by mid-March. In February Icahn called on the Caesars board to study a sale as a way to boost shareholder value.
Las Vegas home prices
Las Vegas home prices grew fastest among major markets in February for the ninth straight month. But amid affordability concerns, the growth rate has slowed down. Southern Nevada prices in February were up 9.7% from a year earlier, according to the latest S&P CoreLogic Case-Shiller index. The last time Las Vegas' price growth fell below 10% was in September 2017, S&P Dow Jones Indices reported.
Free Parking Coming To Wynn
Free parking will come to the Wynn and Encore resorts on May 1, 2019. (Mat Luschek / Review-Journal)
Founding Venetian employees talk about 20 years at the Strip resort
The Venetian, which opened May 3, 1999, is celebrating 20 years on the Las Vegas Strip. Seven original employees talk about opening the luxury resort and working there for two decades. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Circa aiming for December 2020 opening
The 1.25-million-square-foot property will have 44-stories and 777-rooms. It will also have a separate nine-story, 1,201-space parking garage.
Boxabl official explains the building concept
Boxabl business development manager Galiano Tiramani shows off a room built by his company. (Blake Apgar/Las Vegas Review-Journal)
TI/Mirage Tram reopens
The tram that shuttles guests between TI and Mirage reopened this week after being closed for much of 2018.
Las Vegas Convention Center expansion taking shape
Renderings and actual footage show how the Las Vegas Convention Center is evolving.
Former Starbucks CEO Howard Schultz at Las Vegas convention
Former Starbucks CEO and potential presidential candidate Howard Schultz spoke at the Epicor Insights user conference at Mandalay Bay Convention Center Wednesday, April 17, 2019. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Drew Las Vegas to open in the second quarter of 2022
The 67-story Drew Las Vegas is slated to open in the second quarter of 2022 at the north end of the Las Vegas Strip. (Michael Quine/Las Vegas Review-Journal)
NAB Day 1 (Time Lapse)
NAB kicked off at the Las Vegas Convention Center on Monday, April 8, 2019. (Mat Luschek / Review-Journal)
National Association of Broadcasters Show shows 1mm thick 8K TV with 22.2 channel digital sound
Japan’s NHK Science & Technology Research Laboratories booth featured a 1mm thick 8K TV system used in conjunction with a 22.2 channel digital sound system at the National Association of Broadcasters Show at the Las Vegas Convention Center. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Nevada shoppers react to Smith’s no longer accepting Visa credit cards
On March 1, Smith’s announced that it would no longer be accepting Visa credit cards at any of its 142 supermarkets, including the 45 in Nevada.
Massachusetts Gaming Commission asks how long Wynn executives knew about misconduct
Business reporter Rick Velotta gives an update on the adjudicatory hearing on the suitability of Wynn Resorts to retain its gaming license in Massachusetts.
Henderson app developer part of Startup in Residence
Henderson based developers of the app On Point Barricade are taking part in Startup in Residence, a North America program dedicated to pairing tech companies with governments. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Sam's Town employees and customers talk of their love for the iconic casino
Longtime Sam's Town employees and customers love each other and love their casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Las Vegas apartments rents
Las Vegas’ apartment market has accelerated in recent years. Developers are packing the suburbs with projects, landlords are on a buying spree, and tenants have filled buildings.
William Boyd talks about the birth of Sam's Town
On the eve of the 40th anniversary of Sam's Town, William Boyd, executive chairman of Boyd Gaming and son of hotel namesake Sam Boyd, talks about how the casino became one of the first local properties in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
High Roller observation wheel turns five
The world’s tallest observation wheel celebrates it’s fifth year on Sunday, March 31, 2019. (Michael Quine/Las Vegas Review-Journal) @Vegas88s
Escape Room Industry Growing In Las Vegas
Escapology employees discuss the growing escape room industry in the U.S. and Las Vegas. (Bailey Schulz/Las Vegas Review-Journal)
Impact of parking fees on visiting the Las Vegas Strip
There are no data showing a relationship between Strip resort and parking fees and the number of out-of-state visitors to Las Vegas. But there are data showing a relationship between Strip parking fees and the number of local visitors to the the Strip. ‘’As a local, I find myself picking hotels I visit for dinner or entertainment, based on whether they charge for parking or not,”’ said David Perisset, the owner of Exotics Racing. ‘’It is not a matter of money, more of principle.’’ A 2018 survey by the Las Vegas Global Economic Alliance found 36.9 percent of Clark County residents reported avoiding parking at Strip casinos that charge for parking. 29.1 percent reported avoiding using any services from a Strip casino that charges for parking.
MGM's sports betting deals
MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.
Faraday puts Las Vegas land on the market
Nearly two years after Faraday Future bailed on its North Las Vegas auto factory, the company has put its land up for sale. (Michael Quine/Las Vegas Review-Journal)
El Cortez owner Kenny Epstein on running the iconic property
Kenny Epstein, owner of the El Cortez Hotel in downtown Las Vegas, talks about Jackie Gaughan mentorship and answers rumors about bodies in the basement at the mob-era casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
LVCVA recommends construction of underground people mover
The Las Vegas Convention and Visitors Authority announced the recommendation for an underground people mover for the convention center. The system would have the potential to expand and connect Downtown and the resort corridor all the way to McCarran. (Michael Quine/ Las Vegas Review-Journal)
Nevada’s real estate industry blamed wrong enemy when bubble burst

State lawmakers approved a bill in 2015 — a decade after Las Vegas’ wild building spree — that raised barriers to pursuing lawsuits alleging shoddyconstruction. A measure now working its way through the Democratic-controlled Legislature would wipe out or change provisions of that law.

CEOs get $800K pay raise, leaving workers further behind

Pay for CEOs at S&P 500 companies rose to a median of $12 million last year, including salary, stock and other compensation, according to data analyzed by Equilar.