Posted: Aug 22, 2021, 11:17 p.m.
Last updated on: Aug 22, 2021, 11:17 a.m.
A four-story retail space on two acres will soon be added to the Las Vegas Strip. The 228,278-square-foot project received approval from the Clark County Commission last week.
The OK for Project63, as it is now called, was given on Wednesday for Brett Torino’s Business Development. It will include 21 places. More than half of these spaces are already rented, the Las Vegas Review reported.
Torino, a local developer, and New York-based Flag Luxury Group bought the property for around $ 80 million in June, on Journal noted. The property was previously owned by MGM Resorts International and Dubai World.
Turin told the Journal that at $ 40 million an acre, the acquisition could set a record for vacant commercial property on the Strip. Construction can begin in two months. It is expected to be completed by October 2022, according to the report.
Another business opportunity is to place LED screens outside the building to sell ads. The developers plan to have two outdoor LED screens, each between 5,000 and 6,000 square feet.
Luxury stores nearby
The complex will be located at the intersection of Las Vegas Boulevard and Harmon Avenue. This places it next to The Shops at Crystals located at CityCenter. Among the mall’s luxury boutiques are Dior, Cartier and Gucci.
The location of the shopping complex was once the intended site for the Harmon Hotel. But the hotel project ended up failing after many setbacks.
In 2012, Torino and Flag Luxury opened a commercial project on the other side of the Strip, the Journal noted. Called Hawaiian Marketplace, this development includes a Walgreens, daiquiri bar, tattoo shop, and more.
The Strip already has many restaurants and retail spaces. But Turin told the Journal there are a lot of pedestrians at the location of the complex.
North of the resort is New Resorts World
Additionally, north of the retail site, Resorts World Las Vegas opened in June. Without providing details, executives at Las Vegas’ $ 4.3 billion Resorts World said earlier this summer they had room at the 88-acre site to expand.
Resorts World sits at the northwest end of the Strip, where the now demolished Stardust Casino once stood.
Torino is also confident in Las Vegas’ future, even with the impact of COVID-19.
“All of our tenants stayed open on the Strip, but of course we had to help them and we wanted to do whatever we could for them,” Torino said in an interview in June. “But they are coming back in force.”