Tivoli Village

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Tivoli Village
Location Las Vegas, Nevada
Coordinates Lua error in package.lua at line 80: module 'strict' not found.
Address 410 South Rampart Boulevard
Opening date April 28, 2011
Developer Executive Home Builders
IDB Development Corporation
Owner Great Wash Park LLC
Website www.tivolivillagelv.com

Tivoli Village is a mixed-use development center consisting of retail and office space, located on 28.43 acres (11.51 ha) of land at 410 South Rampart Boulevard in Las Vegas, Nevada,[1] next to the Summerlin community.[2]

The project was announced in May 2005, as The Village at Queensridge. Work began on the project in 2006, but its opening was delayed numerous times because of poor economic conditions. The property eventually opened in April 2011, and is owned by Great Wash Park LLC.[1]

History

The project was initially announced on May 24, 2005, as The Village at Queensridge, a $500 million mixed-use project to be developed by Peccole Nevada Corporation and the Las Vegas-based Executive Home Builders. The project would be developed near the Las Vegas community of Summerlin on 30 acres (12 ha) of land,[3] at the northeast corner of Rampart Boulevard and Alta Drive,[4] near the Suncoast Hotel and Casino, the Angel Park golf course, and the developers' One Queensridge Place high-rise condominium project.[3]

The project would feature 700,000 sq ft (65,000 m2) of boutique retail stores, movie theaters, restaurants, and executive office space. Restaurant space would take up 125,000 sq ft (11,600 m2) of the project. The property would also include two five-story condominium towers and a 10-story tower with a total of 340 units, priced from the $600,000 range to over $1 million. The condominium towers were expected to begin construction within 90 days, with a projected opening in 2007. Frank Pankratz, president of Executive Home Builders, wanted the project to portray the elegance and quality of the company's other projects throughout the Las Vegas Valley: "We're big into stonework and granite. You can see the fit and finishes here are the same as what we'll be incorporating into our tower, One Queensridge Place."[3]

The project would be accessible from Rampart Boulevard and from Alta Drive, and would include an underground 1,400,000 sq ft (130,000 m2) parking garage with 3,500 parking spaces, to be built in what was once a wash, which created difficult topography for the project that required the excavation of 1.1 million cubic yards of dirt to accommodate the garage. A 12-foot-by-25-foot culvert was to be added underground to divert floodwater from the property. The garage would contain a series of elevators and escalators to help patrons easily navigate the property.[3] In November 2005, IDB Development Corporation joined the project as an investment partner.[4] Because of rising construction costs and design changes of the condominium towers, the project's cost increased to an estimated $750 million in 2006, when grading and infrastructure work began.[5] The culvert cost $5 million,[6] and was nearly complete in September 2006, as the property was being prepared for the next phase of work.[7]

Construction was underway as of August 2007.[8] By September 2007, the project was to include 18 buildings, some as high as 10 stories.[9] As of April 2008, the underground parking garage was under construction,[10] while a foundation had been completed for one of the project's 18 buildings. The parking garage required a 35-foot mass excavation, at a cost of $5 million. Australian company Village Roadshow planned to build the movie theater, which would feature eight screens at a total of 36,000 sq ft (3,300 m2). Approximately 170 construction workers were on the property daily; the number was expected to increase to over 1,000 workers during the project's busiest construction period. The project, at that time, was expected to cost $850 million, and was scheduled to open in spring 2009.[6]

By May 2008, the project had been renamed as Tivoli Village at Queensridge.[11] In August 2008, the project was expected to open in fall 2009. At that time, 70 percent of the project's space had been leased or was in the process of being leased to tenants.[12] In September 2008, the developers announced that construction would continue despite a declining economy.[13] In December 2008, Tivoli Village's developers and tenants reached a consensus that the project's opening be delayed to spring 2010, due to poor economic conditions, although construction was to continue at a slower pace.[5][14] During the 2008 recession, the developers chose to construct Tivoli Village in phases.[15]

In June 2009, Tivoli Village was expected to open in fall 2010.[16] In November 2009, full-scale construction resumed with a planned opening around December 2010.[17][18][19] The first phase of Tivoli Village was initially set to include 200,000 sq ft (19,000 m2) of office space and 500,000 sq ft (46,000 m2) for retail, entertainment, and restaurants; this number was reduced to 140,000 sq ft (13,000 m2) for office space and 230,000 sq ft (21,000 m2) for all other businesses, for a total of 370,000 sq ft (34,000 m2).[19]

In May 2010, Tivoli Village planned to open its 370,000 sq ft (34,000 m2) first phase in March 2011, with 40 to 50 retailers and approximately eight restaurants,[20] including a pizzeria by actor Joe Pesci.[21] It was also announced that the project's 340 condominium units had been placed on indefinite hold.[20] In July 2010, a local law firm signed on as the project's first office tenant.[22] By November 2010, Merrill Lynch had signed up as an office tenant of Tivoli Village, which was nearing completion.[23] In March 2011, the project's soft opening had been delayed to April 28, 2011, while a grand opening was planned for September 2011. Only 15 retailers and three or four restaurants were expected during the soft opening; while the building exteriors were nearly finished, the interiors were not.[24]

Tivoli Village opened on April 28, 2011,[25][26][27] with 15 retailers and three restaurants,[26] only about half of the first phase's retailers.[28] Tivoli Village was expected to ultimately include 30 or 40 retail stores,[26] after the completion of its first phase in the winter.[28] Leases had been finalized for 72 percent of the property's retail space and 55 percent of its office space.[26] Tivoli Village was built at a cost of $700 million, and was the first new, large-scale retail project to open in Las Vegas since Town Square in 2007.[25] With Tivoli Village, the developers wanted to create a "city within a city."[25] Tivoli Village was designed to resemble a 1400s European village,[24] and was named after Italy's Tivoli Fountains. The project contained 225,000 sq ft (20,900 m2) of retail space and 145,000 sq ft (13,500 m2) of office space. The project's condo units were still in consideration at that time.[26]

Expansions

Work had begun on the project's second phase in May 2010, which would bring the project's total square-footage to 700,000 upon its completion in 2012.[20] In December 2010, the second phase – with 300,000 sq ft (28,000 m2) of entertainment and retail space, as well as a movie theater – was scheduled to open by late 2012. A third phase would add approximately 300,000 sq ft (28,000 m2) of retail and office space. A potential fourth phase would consist of 342 condominium units located in three buildings.[29]

At the time of Tivoli Village's opening in April 2011, its second phase was expected to be finished by the end of 2012, and would double the project's size. A third phase, expected to be finished by the end of 2013, would add another 300,000 sq ft (28,000 m2).[26] In January 2012, the second phase was expected to be finished by December 2013. A third phase consisting of residential development was no longer considered at that time.[30]

Construction on the second phase began in October 2013, with a projected opening in spring 2015. The second phase would include an underground garage and would add 270,000 sq ft (25,000 m2), with 200,000 sq ft (19,000 m2) consisting of retailers and restaurants and 70,000 sq ft (6,500 m2) consisting of office space. Phase three, planned for the northern side of the project, was set to include approximately 300 condominiums in multiple six-story buildings.[15]

In April 2014, the second phase was 45 percent complete and expected to open by December 2015. That month, discussions were held with potential operators for a seven-story, 150-room boutique hotel that could be part of the third phase, which was to start construction in 2015 and be completed by the following year. The third phase would also include 20,000 sq ft (1,900 m2) of retail space and 300 condominium units located in three five-story buildings, with sales prices exceeding $400,000. Both phases were estimated to cost a combined total of $600 million.[31] By November 2014, the second phase's cost had increased by approximately $200 million, to more than $500 million. The second phase was expected to open in winter 2015 or spring 2016.[32]

By January 2015, Executive Home Builders was no longer a part of the project's future development. IDB had also relinquished half of Tivoli's financing because of major investment losses. However, phase two continued construction and was on track to open in late 2015 or early 2016. Plans for a 138-room hotel remained intact at that time. Tivoli Village was ultimately expected to extend to its northern border with Angel Park Golf Course with phase three of construction, which had a possible opening date of 2017. The project's condominiums would be part of the third phase.[33]


References

  1. ↑ 1.0 1.1 Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ 3.0 3.1 3.2 3.3 Lua error in package.lua at line 80: module 'strict' not found.
  4. ↑ 4.0 4.1 Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ 5.0 5.1 Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ 6.0 6.1 Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  11. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  12. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  14. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  15. ↑ 15.0 15.1 Lua error in package.lua at line 80: module 'strict' not found.
  16. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  17. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  18. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  19. ↑ 19.0 19.1 Lua error in package.lua at line 80: module 'strict' not found.
  20. ↑ 20.0 20.1 20.2 Lua error in package.lua at line 80: module 'strict' not found.
  21. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  22. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  23. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  24. ↑ 24.0 24.1 Lua error in package.lua at line 80: module 'strict' not found.
  25. ↑ 25.0 25.1 25.2 Lua error in package.lua at line 80: module 'strict' not found.
  26. ↑ 26.0 26.1 26.2 26.3 26.4 26.5 Lua error in package.lua at line 80: module 'strict' not found.
  27. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  28. ↑ 28.0 28.1 Lua error in package.lua at line 80: module 'strict' not found.
  29. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  30. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  31. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  32. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  33. ↑ Lua error in package.lua at line 80: module 'strict' not found.

External links

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