Echelon Las Vegas Mega Resort $500 Million Retail Project JV With GGP
Echelon Las Vegas retail project plans by General Growth Properties Inc. and Las Vegas Boyd Gaming Corp. The 300,000 square foot, $500 million, retail plans will be part of the $4 billion, Echelon real estate. The implosion of the Stardust Casino to make way for the Las Vegas mega resort several months ago. This partnership was announced at the ICSC annual spring meeting in Las Vegas, Nevada. The joint venture plans are for General Growth to contribute $100 million and Boyd to offer the real estate and above air rights for development.
Boyd Gaming has developed a fantastic international team and brand for the Echelon Resort. These operators include Shangri-La Hotels, the leading luxury hotel brand in Asia; Morgans Hotel Group, which is developing the Mondrian and Delano hotels in a joint venture with Boyd Gaming; and AEG Live, and entertainment producer.
Boyd Gaming has partnered with General Growth for the mall owner’s experience and tenant relationships. They will develop cafes, shops, restaurants and upscale boutiques. The partnership will be critical in creating an anchor within the Echelon Las Vegas master plan.
Echelon Place real estate will be a complex of entertainment venues, casinos, hotels, and luxury shopping that has a scheduled 2010 open. In addition to the shopping
that is being developed with General Growth, the master plan includes 5,300 rooms in four hotels, a 140,000-sf casino, spas, convention space and theaters.
LVI Services, demolition specialist, imploded the 48 year old Stardust casino two towers on the Las Vegas Strip. Boyd Gaming has LVI remove 27 structures on the 63 acres of land for the future Echelon Place.
General Growth has four retail centers in Las Vegas as part of its portfolio of more than 200 shopping centers around the US. These include the Grand Canal Shoppes at the Venetian and the Fashion Show Mall, and GGP will soon manage the Shoppes at the Palazzo, opening in early 2008. In 2009, it will open Summerlin Centre, a Summerlin mixed-use development featuring 1.2 million sf of retail in the master-planned community. Source: Globe St.
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Echelon Las Vegas Mega resort $500 million retail project joint venture with GGP.