McCarran Marketplace Las Vegas shopping center, will now debut by year’s end. The 80-acre site bound by Eastern Avenue and Russell Road, Patrick Lane and Surrey Street, is located on county-owned Las Vegas land, adjacent to the McCarran airport. Marnell Properties has a 50-year ground lease to develop the site.
The $40 million shopping complex will be co-anchored by a 203,000-square-foot Wal-Mart Superstore and a 170,000-square-foot Lowe’s Home Improvement Center, with PetSmart, Office Depot and Ross as junior anchors combining for 90,000 square feet.
Yet Wal-Mart’s presence in McCarran Marketplace Las Vegas, as is often the case, drew critical attention from local residents who picketed the site in mid-2004. But the project underwent a redesign, and construction resumed six months later. The Las Vegas real estate development added an eight-acre public soccer park at Surrey Street and Russell Road. The $3.5 million facility will be turned over to the county free of charge upon completion. Las Vegas shopping at McCarran Marketplace in Las Vegas, as a result, is now viewed as a welcome addition to the community.
“The project is situated in a mature neighborhood that has been historically underserved,” said John Restrepo, principal of Restrepo Consulting Group, a Las Vegas real estate research firm. “The eastern submarket has seen a lack of major retail investment in recent years.”
Approximately 387,420 people live within a five-mile radius of Las Vegas McCarran Marketplace shopping center, earning $60,021 per household annually. An average 70,100 cars drive past the site each day. Despite this, most of today’s retail projects are taking shape along the Beltway in Summerlin and Green Valley.
McCarran Marketplace real estate combines big-box national retailers with single- and multi-tenant pads, junior anchor space and inline shops. The project will offer space divisible down to 1,200 square feet. Lease rates range from $2.75 per square foot to $3.50 per square foot. NAI Horizon’s Dave Johnson, Philip Baca and Michael Shouhed are the leasing agents.
The steel-and-glass structures have cantilevered overhangs for shaded walkways and outdoor bistro-style dining. The initial six buildings, totaling 500,000 square feet, are expected to finish construction in December, opening in the first quarter of 2007. The dual field park is anticipated to come online early next year as well. The remaining 100,000 square feet of Las Vegas real estate will be built-out in phases.
McCarran Marketplace Las Vegas commercial real estate will have about 50 stores and 3,000 parking spaces upon its completion in the fourth quarter of 2007.
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McCarran Marketplace Las Vegas shopping center has expected year end debut.