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Shopping Centers Today -> December 2003
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ROUSE TO START VEGAS-AREA MALL
BY IAN RITTER
The Las Vegas area is getting another major retail development. The Rouse Co. announced in October that it would start construction next year on Summerlin Town Center, a 1.3 million-square-foot mall in the city’s western foothills, about 12 miles from the Strip. The company aims to be done by the fall of 2006.
The center will be part of Rouse’s Summerlin master-planned community, which included nearly 70,000 residents as of July. Rouse projects that Summerlin will eventually house about 160,000 residents.
The Howard Hughes Corp. began building the 22,500-acre master-planned community in 1990; Rouse acquired Hughes in 1996 and now expects to finish the project in 2020.
The company declined to discuss details with SCT, but according to its Web site, the anchors will be Dillard’s, Robinsons-May and as many as six other department stores. Morgan Stanley real estate analyst Matthew Ostrower estimates that the project will cost about $160 million.
Meanwhile, Rouse’s other Las Vegas project, the $1 billion Fashion Show mall expansion, continues apace. At press time the 129,615-square-foot addition was 87 percent leased, with 35 new stores set to open by Thanksgiving. The company also bought an 80,000-square-foot space from The May Department Stores Co. that was originally planned for a Lord & Taylor. The expansion, slated for completion next year, will bring Fashion Show to about 1.9 million square feet.
Also in the Rouse pipeline are two large open-air centers scheduled to open elsewhere in 2005: the 1.3 million-square-foot Shops at La Cantera, San Antonio, with Dillard’s, Foley’s, Neiman Marcus and Nordstrom as anchors, and the 1.1 million-square-foot Kendall Town Center, Miami, which is to have four anchors, including a Dillard’s.
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