Las Vegas Shopping Center Tops Out

BLVD will be the largest standalone retail destination on The Strip. Image courtesy of JLL

Gindi Capital and partner CHERNG Family Trust have topped out BLVD, a 400,000-square-foot retail center in Las Vegas.

The developer acquired the 9.5-acre site in 2019 for $172 million, with the help of a $97 million loan provided by JPMorgan Chase. At the time of the sale, the lot comprised several existing buildings and a closed Hawaiian Marketplace.

BWA Architects, 5+design and 3 Egg Studio provided architectural services for the project, while PENTA Building Corp. serves as general contractor. The three-story building is set to have approximately 700 feet of street frontage and include a 110,000-square-foot terrace. The largest standalone retail destination on The Strip is slated for completion by August 2024.

READ ALSO: Why Prime Urban Retail Corridors Are Thriving

Gindi also announced BLVD’s first three tenants, which signed leases totaling 65,000 square feet. Adidas committed to 25,000 square feet at the property, while H&M and Puma will occupy 20,000 square feet each.

JLL’s Vice Chairman Michael Hirschfeld leads the leasing efforts at BLVD. In prepared statements, Hirschfeld said that the partnership continues to seek premier brands for the retail destination, which will benefit from millions of new and unique consumers each year.

A future sought-after retail destination

Located at 3743-3759 Las Vegas Blvd., in the heart of The Strip, the property is close to Interstate 15, which provides easy access across the Las Vegas metropolitan area. Harry Reid International Airport and an abundance of entertainment venues and hotels are within a 3-mile radius of the retail destination.

Retail activity in Las Vegas continues to exceed last year’s figures, according to a recent Marcus & Millichap report. Some 700,000 square feet are expected to enter the metro’s inventory by the end of the year, marking a 0.7 percent stock expansion year-over-year.