Vegas Mixed-Use Project Preps for Part II
- May 05, 2016
Las Vegas—Tivoli Village, a 370,000-square-foot mixed-use property 10 miles from the Las Vegas Strip, will soon be nearly twice as nice. IDB Group USA -Tivoli Village, owner/developer of the lifestyle destination, will open the $100 million Phase Two addition in October, which will expand Tivoli’s offerings to a total of 670,000 square feet.
More of the same can be a good thing. “Phase Two will be similar to Phase One in that it is a community lifestyle space with a mix of eclectic and welcoming shops, restaurants and offices,” Noam Ziv, CEO of IDB Group USA -Tivoli Village, told Commercial Property Executive.
Tivoli made its debut in 2011, bringing 225,000 square feet of retail, restaurant and entertainment space and 145,000 square feet of Class A office accommodations to one of the most prosperous areas in all of Southern Nevada. Fast forward five years, and now IDB is enlarging the property by 300,000 square feet.
“We are proud that Tivoli was one of the only mixed-use properties in this area to push through and open during the recession. Now in a recovering market, we felt the time was right to expand the project and greater realize our original vision of a lifestyle and community ‘living room’ space, complete with uniquely curated dining, shopping, living and office options,” Ziv said.
Phase Two ups the ante with an additional 200,000 square feet of retail and restaurant square footage, and 70,000 square feet of premier office space. “Our customers can expect a full lineup of unique and boutique brands, as well as some familiar brands,” added Ziv. Restoration Hardware’s upscale RH Gallery will anchor Phase Two with a four-story, 70,000-square-foot store and the advantage of being the very first RH in the State of Nevada.
It’s not just Tivoli’s square footage, parking space and recreational space that have increased; its leasing team has expanded as well. Matt Heisley of Open Realty Advisors, Diane Brandes of Harrison Alexander and Tivoli vice president of leasing Heaven Yoshino will now be joined by BMW Realty Advisors’ Bob Baker and Cheryl Beckel to carefully customize the tenant mix at this premier mixed-use locale. IDB is confident about filling up the roster, particularly since it has an all-important factor in its favor. “One of our greatest assets for merchants is our location. We are in close proximity to the affluent West side of Las Vegas, a very desirable target market for our partners,” Ziv noted.