400 KSF Retail Center Coming to Las Vegas Strip

BLVD rendering. Image courtesy of 5+design

Gindi Capital has started construction on BLVD, a retail development on the Las Vegas Strip. The 9.5-acre site, which incorporates several existing buildings, and a closed Hawaiian Marketplace, was purchased in 2019 for $172 million. The sale involved a $97 million loan from JPMorgan Chase, according to CommercialEdge. Architectural services are provided by 5+design and 3 Egg Studio, along with BWA Architects.

The property is slated to comprise 400,000 square feet of retail space and have 700 feet of street frontage. It will also include a 110,000-square-foot terrace meant for events. Plans aim for a diverse range of indoor and outdoor tenants to offer shopping and entertainment options. The two-story building will rise 54 feet.

Located at 3743-3759 Las Vegas Boulevard, the property will be in the heart of the Strip. It will also be close to Interstate 15, roughly 7 miles south of the metro’s downtown.

Although the retail market has slowed down significantly, it has mostly stayed resilient in spite of economic uncertainty and rising interest rates. Nationwide, the first quarter of 2023 represented the 10th consecutive one for positive absorption for the asset type, according to CBRE. Development, however, nearly ground to a halt. Deliveries in the first quarter registered a record low of 5.1 million square feet across the whole U.S., the same source shows.