Huge project on the Las Vegas Strip takes over a condemned former hotel
The Las Vegas Strip isn’t just about casinos. Of course, this famous 4.2-mile stretch of road takes its identity from the towering Caesars Entertainment (CZR) – Get the report from Caesars Entertainment Inc.MGM Resorts International (MGM) – Get MGM Resorts International ReportWynn Resorts (WYNN) – Get Wynn Resorts, Limited Reportand other iconic casinos, offer so much more.
You have an arena, of course, T-Mobile Arena which hosts the Las Vegas Golden Knights NHL team as well as concerts, and countless other music and/or performance venues which host everything from headliners like Celine Dion or Adele to big names DJs, classic artists and Las Vegas icons like Wayne Newton or Carrot Top.
The Las Vegas Strip has also become a unique entertainment destination. This ranges from the variety of street musicians playing and quirky characters looking to trick you into snapping a photo, to massive exhibits like the Bellagio fountains or the soon-to-be-disappeared Mirage volcano.
And Vegas, of course, has another thing about the Strip (aside from a hearty smell of marijuana), there’s a ton of shopping. There are countless malls and shopping areas ranging from the high end like Caesars Forum Mall and the boutiques of many MGM hotels to the more convenient Miracle Mile stores at Caesars Planet Hollywood.
The Las Vegas Strip is home to plenty of retail – and while there’s plenty of money to be spent on this relatively small strip of land, it’s unclear whether the area needs another massive retail development. .
The owner of the site that once housed MGM’s gambling-free Harmon Hotel believes the area will not only tolerate more retail, but welcome it.
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Las Vegas never has enough of anything
Part of the City Center project, The Harmon was troubled from the start and structural flaws led to its demolition. The main site is currently under development as Project63, a four-story retail complex located on the southwest corner of Las Vegas Boulevard and Harmon Avenue, the Las Vegas Review-Journal reported.
It is a joint development between Las Vegas developer Brett Torino and New York’s Flag Luxury Group. The project is nearing completion and the first batch of tenants are expected to open in October.
Torino has made a big bet that visitors to Las Vegas want more shopping, but he’s very confident they are. Retailers also have to agree with the developer telling the newspaper that 80% of the space is already under contract. He, however, did not reveal which companies will occupy the space.
This, he said, was because “the reason we’re not doing this is that at least five of our tenants are what they call a flagship opportunity. They want to do their own listings. We don’t want to get in their way,” the Review-Journal reported.
Does the Las Vegas Strip need more businesses?
As the Las Vegas Strip has become more crowded, repetition has become more necessary. It’s harder to walk along the central and southern sections of the Las Vegas Strip, with many sidewalks interrupted by escalators to overpasses that cross intersections. It makes even a one-mile journey a chore – and no one would want to undertake in the scorching summer heat.
More shopping – especially in a place that doesn’t have a similar place – can make sense.
“I’ve always been optimistic about demand; the type of demand changes over time because the nature of retail changes over time,” Torino told the Review-Journal. “When I built my first project on the Strip almost 30 years ago, people were retailing. Today, not only are they retailing, but they’re also increasing exposure because that a lot of people walk past these stores, projects and all along the strip.”