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The Strip Las Vegas Blvd – Ready to “see the world” in less than an hour? Along five miles of America’s only “Night Scenic Byway,” those visiting Las Vegas will find themselves transported around the world, thanks to whimsically themed resorts that include an Egyptian pyramid, a medieval castle, the New York skyline (admittedly, the artistic part of the license taken), a Roman temple, the Eiffel Tower and a constantly erupting volcano.
America’s first and only “Nighttime Scenic Byway,” the Las Vegas Strip is home to some of the wildest scenery on Earth, illuminated by millions of lights, incredibly groundbreaking architecture, and truly unparalleled people watching.
The Strip Las Vegas Blvd
Powered by the towering STRAT at the north end and the “Welcome to Fabulous Las Vegas” sign at the south – with many famous and glittering casinos such as Caesar’s Palace and the Bellagio along the way – the drive along Las Vegas Boulevard is promising. Sights, sounds and miles of glorious sensory overload in a way that no other place can. More than 40 million people visit Las Vegas each year, and when you take your first requisite drive down this iconic road, you’ll get an introduction to exactly why.
How Long Is Las Vegas Strip
If you need a break from the glitz, the Las Vegas Arts District, which is recommended to be visited on the first Friday night of every month, includes 18 blocks of art galleries, antique shops, trendy boutiques
And cafes. Not much further afield, you can escape the full sensory experience and get close to nature at Lake Mead National Recreation Area in Boulder City, along with prominent low desert rock formations at Black Canyon, Seven Spring Mountains National Recreation Area. Magic Mountains, Red Rock Mall and much more. To read about even more scenic avenues across the Silver State, click here. New York developers bet Las Vegas shift toward strip-facing stores, Eli Gindy’s latest project bets on elevation from sports arenas and the southern portion of the Gaming District
More than ever, new retail spaces added from the Las Vegas Strip are bursting onto the street.
Shops on Las Vegas Boulevard, the famously bustling 4-mile long corridor in the US gambling capital, have traditionally been located inside air-conditioned casino hotels or inside a handful of enclosed malls. But two new projects, one under construction and the other recently opened, are bringing a new type of so-called turn-around retail to the street for the recreation corridor of Nevada City.
Las Vegas Casinos Strip Gambling Hi Res Stock Photography And Images
“The rarity is door-to-street retail” on the Strip, Frank Volk, senior vice president at CBRE, told the News.
But now New York developer Eli Gindy, whose family founded and owns off-price fashion chain Century 21, has the biggest bet on street-facing retail in Las Vegas with a property called BLVD. Gindy, who refers to the strip as “Times Square West,” has begun work on a new project at 3743 S Las Vegas Blvd. The 300,000-square-foot project is planned with two floors of retail space topped by a 100,000-square-foot rooftop dining and social area.
There’s also new, smaller-scale street-level retail that recently opened, Project 63 at Harmon Boulevard and Las Vegas Boulevard. This approximately 186,000 square foot complex is located right next to Simon Property Group’s prestigious The Shops at Crystals, an enclosed mall developed by Torino Cos. of Las Vegas and Flag Luxury Properties of New York.
New York entrepreneur Eli Gindy, whose family founded the off-price fashion chain Century 21, is betting big on Las Vegas retail. (Getty Images)
Las Vegas Boulevard The Strip Day Timela…
Those new retail projects at the southern end of the strip reflect the change the area has seen in recent years. Las Vegas is evolving beyond a gambling and entertainment mecca and becoming a sports hub as well, with relatively new professional venues – such as T-Mobile Arena, home of hockey for the Golden Knights, and Allegiant Stadium, home of the football Pirates – already open and enticing potential. Customers for nearby stores.
And more stadiums are expected to be added in the southern part of the city. The Oakland Athletics baseball team plans to move to Las Vegas from California and build a stadium on the site of the Tropicana Hotel. The city is also scheduled to host a Formula 1 race in November, which could become an annual event. The Super Bowl is scheduled to take place at Allegiant Stadium in February.
But all that extra development can also mean more competition, making it harder for the numbers to work out profitably.
Despite this, Gindi has been grabbing retail properties in the southern part of the Strip for years, investing hundreds of millions of dollars. As such, he has been instrumental in reshaping and reimagining this area. BLVD’s marketing brochure notes that the property is just an eight-minute walk from T-Mobile Arena.
Changes In The Cards For Iconic Las Vegas Strip After Big Hotel Casino Deals
“What was sort of the fringes of the strip has now become the center of the strip,” Michael Hirschfeld, vice chairman of JLL who handles leasing for BLVD, told the News. “To say it’s the center of the new Vegas is a fair statement.”
Gindi is not the only one rolling the dice on the southern end of the strip. Houston billionaire Tillman Pertitta paid $270 million last year for the 6.2-acre property directly north of Guindy’s BLVD site. Fertitta proposed a 43-story resort hotel, The Post Oak, with 2,420 guest rooms, a casino, spa, convention center and concert space with seating for 2,500 people.
And while BLVD and Project 63 are looking for traditional retail tenants, they are also actively looking for the new breed of tenants that provide customer experiences with interactive features. For example, the Museum of Illusions, part of a network of magic places, is a tenant of Project 63, which Volk represents. And in the wake of the pandemic, outdoor patios and rooftop dining options are becoming all the rage on the Strip, despite the Nevada sun and heat. BLVD will feature a large outdoor third floor, while Ocean Prime, a $20 million restaurant that debuted in June at Project 63, features a 2,500-square-foot rooftop terrace.
The brokers marketing these projects, Hirschfeld and Wolk, are bullish about the project’s chances of attracting buyers and diners, saying in part that Las Vegas tourism has rebounded and the gaming center has proven resilient to COVID-19. The city now attracts 42 million visitors a year, and the BLVD location sees about 75,000 pedestrians daily.
Resorts And Casinos Along The Busy Las Vegas Boulevard, Also Called The Strip, In Las Vegas, Nevada Editorial Photo
But Las Vegas is a very competitive market when it comes to retail and dining, with a huge selection of high-end shops and top-notch restaurants to choose from, and that’s what BLVD and 63 are up against, according to Minjia Yan, principal at Millennium Commercial Properties in Las Vegas. Some visitors may prefer the convenience of shopping and eating at their casino hotels instead of venturing out onto the Strip, Yan told the News.
Las Vegas is also full of failed or bankrupt real estate developments, Yan said. Project 63 was built on the site of a hotel and condo project, The Harmon, that never opened.
Even if a retail center attracts a lot of customers, its financial model in terms of costs and other factors must work, Yan added.
“With 43 million people coming every year, there’s always something for everyone,” Yan said. “The traffic is there. You don’t need anything else to prove that it’s a busy city, a busy strip. I think it just comes down to the price of the land, the revenue model” for a project.
New York New York Hotel With Roller …
Gindy is a risk-taker with an eclectic career and a diverse real estate portfolio. He was involved in his family’s business, Century 21, and turned it into what he called a “germanto” — New York slang for someone involved in the Manhattan fashion industry — for two decades. He was also Co-founded his current company, Gindi Capital, and invested in real estate throughout the country.
In 2013, he and the Nakash family, founders of Giordache jeans, bought the Miami Beach, Florida, mansion of fashion designer Gianni Versace, who was shot to death on the steps of the house in 1997. They paid $41 million to outbid Donald Trump for the property, which now operates as a boutique hotel and restaurant.
Gindi declined to be interviewed by the News. But at this year’s ICSC conference in May in Las Vegas, he talked about how and why he started investing in retail real estate on the Strip in a podcast with James Cook, director of retail research for JLL Americas. The name of that particular podcast was “This is Times Square 1970,” reflecting Gindy’s belief that investing in retail property on the Strip presents an opportunity similar to that which existed before the transformation of that once-blighted Manhattan neighborhood.
On a 2013 visit to Las Vegas with his business partner, Joe Nakash, Jindy went to the Showcase Mall, which not only had tenants like M&M’s and Coca-Cola, but also tattoo parlors and margarita stands, and “the dumbest stores for you.” Ever seen in your life,” Gindy said on the podcast. He said he wasn’t deterred because he saw so many people walking around.
Tipsy Taco Bell Cantina Flagship To The Strip
Gindy Capital paid $59.5 million for the Smith & Wollensky restaurant site
