Dreams were big pre-recession, but when the money dried up so did construction, leaving empty lots and skeletons of commercial behemoths like a post-apocalyptic movie set. As the economy creeps forward, some major projects are stirring.
The Shops at Summerlin
The mega-mall in suburban paradise stopped construction in 2008, but the Howard Hughes Corporation (spun off previous owner General Growth Properties) says the “urban center” and its 125-plus shops and restaurants will likely open late this year or early next. According to the website, the mix of retail and entertainment, office and residential space “… begins the creation of Downtown Summerlin.”
Bought and sold twice since the crash, the Vantage luxury condo project covers 10 acres of Henderson at the corner of Gibson and Paseo Verde. Its 110 modern units belong to John Goodman (the property-management mogul—not the actor), whose Pinnacle Family of Companies made the buy this summer and is polishing up the complex, meaning all those prime views of the Strip won’t go to waste.
Formerly ManhattanWest, this 20-acre mixed-use development on Russell Road just west of the Beltway reportedly sold for pennies on the dollar in June 2012. Keeping the New York theme, California-based Krausz Companies envisions the property as a place to play and live, with stylish apartments and a lively retail center where food trucks and farmers’ markets will be welcome. Finishing it is supposed to cost about $30 million, some of which will hopefully go to landscaping the dirt expanse. –Erin Ryan
Vegas INC business writer Eli Segall contributed to this story.