The new casino is across Boulder Highway from the BoulderCrossroads Shopping Center, anchored by a new Wal-Mart Supercenter.The new center brings more than 260,000 sf of retail space to thearea, including a Chili's restaurant, a RadioShack, T-Mobile andGameStop.

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Other infill ventures along Boulder Highway have opened orchanged hands in the past year, with more in the pipeline. Theyinclude Sam's Town Hotel and Gaming Hall's $20 million Sports Bookexpansion, Century Theatres' new 18-screen theater complex and twonew Fresh & Easy Neighborhood Markets.

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The developments are generating investment sales as well.Boulder MarketPlace, at Boulder Highway and Russell, was completedin late 2007 and recently sold for $27.8 million. AIM sold the 670-unit CanyonPointe apartments on Harmon adjacent to the Eastside Canneryfor $44 million.

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Eastside Cannery expects its new casino to attract locals aswell as visitors to Las Vegas, according to William Wortman,co-owner and a principal of Cannery Casino Resorts. A population ofmore than 160,000 already lives within a three-mile radius of theEastside Cannery, and more homes are coming. D.R. Horton iscompleting the last phase of its Nevada Ranch subdivision withinhalf a mile of the casino, and the second phase of the 21-acre DuckCreek apartments is under construction on Boulder Highway east ofRussell.

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According to CB Richard Ellis, the vacancy rate for retail spacein the east submarket is 2.47%, compared to the citywide retailvacancy rate of 5.82%. Despite market qualms, the average retaillease rate is $2.45 per sf per month, compared to $2.21citywide.

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