Summerlin Centre real estate developer halts construction progress for at least a year. Construction delays on the Las Vegas Strip, including Echelon resort, are sending a ripple effect throughout the valley. The recent delay involving General Growth Properties’ shopping center, named High Street at Echelon, extends to their retail property in Summerlin.
A minimum of a year delay will be included in construction time lines for GGP’s Summerlin Center development. The mixed use real estate was expected to open next year with anchor tenants Nordstrom and Crate & Barrel.
The shopping center at The Shops At Summerlin Centre is currently over half completed with leases. At the current page of a 2009 opening before delay, the retail occupancy rate would have been 23 percent lower than other shopping centers in Las Vegas they own.
It’s development delay will help keep its current financial obligations up to date. The Grand Canal Shoppes in The Venetian hotel and the Fashion Show mall have billions of dollars in debt maturities within the next year.
At this point, the company expects the current credit market and declining U.S. housing market not to overshadow the long term potential of their real estate development plans in Summerlin.
Retailers have serious concerns of low consumer confidence at Summerlin Center and very cautious about commercial space commitments.
Summerlin Centre commercial real estate developer halts progress for at least a year.