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The construction work to the north of Tivoli Village is hard to miss, but harder to see is the long-term plan for the site and who might be setting up shop within those huge construction frames. While the upscale outdoor/indoor destination is notoriously reluctant to speculate on future upgrades with the media, Racked Vegas has discovered new details about the bold ambitions they hope will wake up their often sleepy retail scene. It will also help prepare their development to compete with the enormous Shops at Summerlin retail juggernaut when it arrives later this year.
After numerous false projections and an estimated $850 million in costs, Tivoli Village first unveiled 210,364 square feet of restaurants and stores in April 2011. The next phase will add another, almost as big, 195,556 square feet of shopping and dining, running north and parallel to Rampart Boulevard.
Four buildings, including leased office space, are part of this next stage, with a long, rectangular focal point building topped with a domed centerpiece designed to continue their current "Old World European" architectural style.
Tivoli Village [Photo: Susan Stapleton]
While negotiations will continue over the next two years for tenants, already signed up are two major names, destined to help entice other companies to reach for their checkbook.
First to commit is RH, previously and better known as Restoration Hardware, with an enormous 53,144-square-foot store. This will become the company's biggest outpost among their more than 70 locations, even larger than their infamous Boston branch housed in the former New England Museum of Natural History. The lifestyle brand retailer offers a vast array of furniture, home goods and hardware to enhance indoor and outdoor decor, with products ranging from ornate hinges all the way up to large weathered zinc fountains.
Second on the roster will be H&M, providing 25,611 square feet of men's and women's clothing options. While not as big as their world's largest location at the Forum Shops at Caesars, it will be larger than their two-story store that debuted in September at Galleria at Sunset. H&M also operates a location at Town Square and at the Miracle Mile Shops.
Early renderings for the Shops at Summerlin project featured images of an imaginary company named G&N, leading to speculation H&M were on their list of prospective vendors.
By now, the vast majority of tenant spaces for the Shops at Summerlin have been allocated, but still to come at Tivoli are hints at who might be filling out the remainder of the new, ornate mall buildings. More than a dozen retailers are envisaged occupying 5,000-square-foot stores, areas larger than spaces existing tenants like Ethan Allen currently occupy.
Tivoli Village [Photo: Susan Stapleton]
Tivoli Village sees themselves as hosts to high-end boutique, retailers and restaurants. That ambition also extends to their other major and unannounced plan for the site. Still penciled for a debut at the end of 2015, the owners want to build a 145-room luxury boutique concept hotel next to the Angel Park Golf Club. The hotel estimates they would be attracting an average $148 per night hotel room rate.
The hotel will include a 3,000-square-foot lobby and an earmarked 15,000 square feet for a restaurant, lounge and bar. With an eye to business travelers, 10,000 square feet of meeting and banquet space will also be factored in.
A final phase of the Tivoli expansion is a complex of 340 residential condos.That pricey plan would require the mall owners to sell the concept to a willing developer. If that ever happens, the homes will materialize in late 2016 at the earliest.
Despite the very busy construction work, even the optimistic Tivoli owners expect October 2015 to be a sensible estimate for completion. Exactly one year after the Shops at Summerlin plans to be open for business.
· All Tivoli Village Coverage [Racked Vegas]
· All Storecasting [Racked Vegas]