Eager shoppers may be wondering when more retail is coming to the area near Tivoli Village and Boca Park.
Since it was announced in early 2011, Las Vegas Renaissance — a 700,000-square-foot indoor shopping mall planned for the northernmost section of Boca Park — has yet to break ground.
Frank Pankratz, president of EHB Cos., said the project had to be put on hold due to legal issues.
“Since we purchased the property, it’s been in litigation, and as a result, everything’s kind of been at a standstill,” he said. “It’s with the former land owners. …We were anxious to get going — that’s why we bought it and got it approved for what we got it approved for. And so with the litigation, everything’s been put on hold.”
Pankratz could not say more, as EHB does not comment on pending litigation, nor could he say how quickly the company was poised to break ground once the matter was resolved.
The mall is planned for 23 acres that were part of the Boca Park shopping center developed by Triple Five Group. EHB — which also developed nearby Tivoli Village and the recently opened Sahara Center — purchased the bank-owned land in October 2010 for $11.8 million. Original plans were for the $350 million Renaissance mall to open in time for the 2015 holiday season.
Across the street, Tivoli Village is busy working on its second phase. Construction sounds can be heard, but so far, the only thing shoppers can see are steel girders. Tivoli Village president Patrick Done said everything is moving along as planned.
“We have filled in the floor plates with the concrete and added some steel steps on the front side,” Done said. “The contractor remains engaged in the process. We have steel in fabrication for a very important building that will reside on the park. One of our lead tenants is 70,000 square feet, and the design of that building has continued to evolve. Once that steel is available and out of fabrication, we’ll start to erect that … once that building catches up, then we’ll start to put skin on the outsides of the buildings, and then it will be evident that we’re moving forward. That (adding skin) will be, I want to say, January.”
The project hit a hiccup, but it was a welcome one. An as-yet-unnamed major retailer decided to increase its building from 22,000 square feet to 70,000. It’s known as building No. 29.
Done said building No. 29’s design evolved into an elaborate and expensive one.
“As the design of the building changes, you obviously can’t start fabrication until the design is locked and loaded,” he said. “Ultimately, you end up with a better project.”
The cost for the second phase has increased by about $200 million, he said, and is now estimated to be in excess of $500 million.
Recently announced were two new stores at Tivoli: Lorna Jane and Corsa Collections. More tenant names will come in a few months, he said.
“We’re very pleased with where the retail market is today and how it’s progressed,” Done said. “The market has grown, and there are more national retailers coming into the market.”
Tivoli Village, developed through a partnership between EHB Cos. and IDB Group, began phase two in October 2013. At that time, the projected opening was spring 2015. The timeline has since been pushed back.
“I think the timeline will be winter of ’15, spring of ’16,” Done said. “The larger tenant is really driving our timing. We’d like it to be in ’15, and that’s still our target.”
Contact Summerlin Area View reporter Jan Hogan at email@example.com or 702-387-2949.