LAS VEGAS- Town Square, a 1.5 million-sf super regional lifestyle center south of Mandalay Bay is on track to open its 976,000-sf first phase later this year, according to the developers, Turnberry Associates and Centra Properties. The development includes 1.15 million sf of retail space and 352,000 sf of office space in 22 buildings. A total of 17 buildings are under construction and six have been topped off.
Turnberry’s new senior director of leasing George Radu tells GlobeSt.com that the company has in hand fully executed leases and LOIs for 83% of the retail in the project. Most of the retail spaces that remain to be leased are pad sites that were always intended to be constructed as part of the second phase, he says. As for the office portion of the project, Radu says the Las Vegas Chamber of Commerce has signed on for 28,000 sf but was unable for provide preleasing totals and they could not otherwise be obtained Wednesday.
Most of the retail leasing was accomplished by a team that included in-house Turnberry people and Frank Volk, the locally based executive with New York City-based Robert K. Futterman and Assoc. With most of the retail already leased, Turnberry late last year decided to lease out the remainder on its own. RKF is now handling leasing for both the Cosmopolitan Resort under construction adjacent to the Bellagio and the expansion of the Tropicana Resort, which changed hands in January.
Turnberry’s Town Square development is in an open-air, main street-themed design that will have 150 retail shops and at least one dozen restaurants. Amenities include a 9,000-sf children’s park at the heart of the development that will include a hedge maze, a 25-foot tall tree house, a staging area for children’s performances and an interactive, two-level miniature replica of the center.
Anchor retail tenants include Rave Motion Pictures, Robb & Stucky, Borders and 24-Hour Fitness. Fry’s Electronics adjacent to the site was acquired by Turnberry and Centra and will be incorporated as a Town Square anchor. Restaurants opening their first store in Las Vegas at Town Square will include Tommy Bahama’s Tropical Café and Emporium, Yard House, The Grape and Texas de Brazil. Bar Louie, Brio and Claim Jumper also will open restaurants within Town Square.
Town Square is located at the south end of The Strip, at the junction of I-15 and the 215 Beltway. Las Vegas-based Marnell Corrao Associates and Baltimore-based Development Design Group Inc. are the architects of record for Town Square.