The Rise of BLVD: the Strip's New Highlight
Gindi Capital in partnership with the CHERNG Family Trust havs marked a milestone for BLVD, a retail center in Las Vegas, covering a hefty 400,000 square feet. This marks the completion of a major phase in the center's development.
Purchased in 2019, the site spans 9.5 acres and was bought for a grand total of $172 million. This included a $97 million loan facilitated by JPMorgan Chase. Upon acquisition, the plot comprised a variety of existing structures and a defunct Hawaiian Marketplace.
Key contributors to the project's development include BWA Architects, 5+design, and 3 Egg Studio, who rendered indispensable architectural services. Meanwhile, general contracting is overseen by PENTA Building Corp.
The project, when complete, will feature about 700 feet of street frontage and a massive 110,000-square-foot terrace. The largest standalone retail destination in the Strip, it is expected to be completed by August 2024.
Game-changing Tenants for BLVD
To kick start the retail center, Gindi Capital recently announced the addition of BLVD’s first three tenants who have signed leases covering a total of 65,000 square feet. Adidas will be occupying 25,000 square feet of the complex, and H&M and Puma have each committed to 20,000 square feet.
JLL's Vice Chairman, Michael Hirschfeld, is taking the lead on the property's leasing initiatives. Hirschfeld notes the ongoing search for high-profile brands for the retail hub, which is set to reap the benefits of attracting millions of unique consumers every year.
Making Its Mark in the Heart of Las Vegas
Situated in the heart of The Strip, BLVD at locations 3743-3759 Las Vegas Blvd. will be at a stone's throw distance from the bustling Interstate 15, making it an accessible hub across the Las Vegas metropolitan area. An array of entertainment venues, hotels, and the Harry Reid International Airport all fall within a 3-mile radius of this soon-to-be thriving retail spot.
Retail activity in Las Vegas has been on an upward trajectory, surpassing the previous year's activity as indicated by a recent Marcus & Millichap report. As per predictions, an impressive 700,000 square feet is set to be added to the metro area's retail inventory by year-end, signifying a 0.7 percent year-on-year expansion of stock.