Showcase Mall

Showcase Mall

The mall's facade as seen in 2009
Location Paradise, Nevada, United States
Coordinates 36°06′12″N 115°10′20″W / 36.10342°N 115.17236°W / 36.10342; -115.17236Coordinates: 36°06′12″N 115°10′20″W / 36.10342°N 115.17236°W / 36.10342; -115.17236
Address 3785 Las Vegas Boulevard South
Opening date December 15, 1996 (December 15, 1996)
No. of stores and services 55
No. of anchor tenants 7
Total retail floor area 118,151 sq ft (10,976.6 m2)
No. of floors 4
Parking 680

Showcase Mall is a shopping center on the Las Vegas Strip in Paradise, Nevada. It is known for its landmark facade, featuring a 100-foot (30 m) tall Coca-Cola bottle and a colossal bag of M&M's.[1][2]

History

After the 1989 announcement of plans for the MGM Grand casino and hotel,[3] attorney Bill Unger recognized the investment potential of an adjacent property where he was handling an eviction case.[4] Unger approached his friend, banker Barry Fieldman, for financing, and the two partnered to form Makena Development Corp. in 1992.[4][5] Makena purchased Island Plaza, a small shopping center on the site that would become the southern part of Showcase Mall.[5] They then beat out MGM in an effort to purchase two gas stations to the north of Island Plaza.[4][5]

Forest City Enterprises, a national real estate developer with interests in Las Vegas including the Galleria at Sunset mall, signed on to provide additional funding and expertise to the project,[5] taking a 20% ownership stake.[6]

The first business at the mall, the Official All Star Cafe, opened on December 15, 1996.[7] An eight-screen United Artists Theater opened in March 1997.[8]

Interior of the Grand Canyon Experience gift shop

Island Plaza was demolished in 1999 to make way for the second phase of Showcase Mall,[9] with 43,000 square feet (4,000 m2) of retail space and a $33-million budget.[10] The second phase, south of the original building, opened in 2000, featuring a gift shop with an interior designed to resemble the Grand Canyon.[11][12]

North of the original portion of the mall, a parcel occupied by a Denny's restaurant was earmarked for a third phase of construction. In 2003, Westgate Resorts announced a $180-million plan to build a 54-story tower with over 700 timeshare units on the Denny's site.[13][14] Facing strong opposition from MGM Grand and concerns from county officials about the size of the project,[15] the plan was scaled back to 42 stories,[16] but was ultimately rejected by the Clark County Commission.[17]

In 2005, the developers sold the first phase of the mall for $142 million, to a partnership of San Francisco-based City Center Retail and New York investment firm Angelo Gordon & Co.[18] The buyers also spent $30 million to acquire a leasehold interest in the Denny's site.[19]

The mall's third phase opened in 2009 with 97,400 square feet of space, anchored by a Hard Rock Cafe and a Ross Dress For Less store.[20] The City Center / Angelo Gordon partnership sold this portion of the mall in 2011 to Unilev Capital Corp., a California real estate investment company, for $93.5 million.[20]

In July 2014, City Center and Angelo Gordon sold the original center section of the mall for $145 million to a partnership between the Nakash family (founders of Jordache) and investor Eli Gindi.[21] The Nakashes and Gindi, along with home-curtains manufacturer Elyahu Cohen, then purchased the third, northern section of the mall from Unilev Capital for $139.5 million in January 2015.[22] The Nakashes and Gindi consolidated their control of the mall in December 2015, buying the southern portion from Feldman for $82.9 million.[23]

Notable tenants

References

  1. ↑ Jennifer Shubinski (February 28, 2005). "Expansion planned by new Showcase mall owner". Las Vegas Sun. Retrieved 2015-07-18.
  2. ↑ Hubble Smith (September 30, 2011). "Portion of Showcase mall sold for $93.5 million". Las Vegas Review-Journal. Retrieved 2015-07-18.
  3. ↑ Jefferson, David J. (October 4, 1989). "MGM Grand expands its plan to build Las Vegas studio theme park and hotel". Wall Street Journal.  – via Factiva (subscription required)
  4. 1 2 3 "It's the real thing: Coke in Las Vegas". Las Vegas Sun. July 7, 1997 – via NewsBank.
  5. 1 2 3 4 Tim Willert (April 23, 1997). "Developers show off glitzy Showcase". Las Vegas Review-Journal – via NewsBank.
  6. ↑ Dave Berns (September 23, 1997). "Partners with panache". Las Vegas Review-Journal – via NewsBank.
  7. ↑ Monica Caruso (December 14, 1996). "Showcase hopes to be real thing". Las Vegas Review-Journal – via NewsBank.
  8. ↑ Carol Cling (March 7, 1997). "Strip gets its first multiplex with UA's Showcase 8". Las Vegas Review-Journal – via NewsBank.
  9. ↑ Jeff Scheid (November 13, 1999). "Tumbling down". Las Vegas Review-Journal – via NewsBank.
  10. ↑ "$33 million expansion to feature replica of Grand Canyon". Las Vegas Sun. September 27, 1999. Retrieved 2015-07-20.
  11. ↑ "Showcase expansion tenant is revealed". Las Vegas Sun. July 26, 1999. Retrieved 2015-07-18.
  12. 1 2 3 Phil Levine (May 22, 2000). "Strip retail centers tout expansion plans". Las Vegas Sun. Retrieved 2015-07-18.
  13. ↑ "Strip project planned". Las Vegas Sun. January 10, 2003. Retrieved 2015-07-21.
  14. ↑ Hubble Smith (July 3, 2003). "County orders traffic study for time share tower". Las Vegas Review-Journal – via NewsBank.
  15. ↑ Hubble Smith (April 10, 2003). "Westgate trims time-share plans". Las Vegas Review-Journal – via NewsBank.
  16. ↑ "Scaled-down plan approved". Las Vegas Sun. May 13, 2003 – via NewsBank.
  17. ↑ Hubble Smith (September 4, 2003). "Panel denies high-rise project". Las Vegas Review-Journal – via NewsBank.
  18. ↑ Chris Jones (February 22, 2005). "Gaming Wire". Las Vegas Review-Journal – via NewsBank.
  19. ↑ Jennifer Shubinski (February 28, 2005). "Expansion planned by new Showcase mall owner". Las Vegas Sun. Retrieved 2015-07-20.
  20. 1 2 Hubble Smith (September 30, 2011). "A portion of the tourist-oriented Showcase mall on the Strip". Las Vegas Review-Journal. Retrieved 2015-07-18.
  21. ↑ Eli Segall (July 2, 2014). "Sale of Showcase Mall a rarity among Las Vegas Strip properties". Vegas Inc. Retrieved 2015-07-18.
  22. ↑ Eli Segall (January 15, 2015). "For $140 million, another portion of mall on Las Vegas Strip changes hands". Vegas Inc. Retrieved 2015-07-18.
  23. ↑ Eli Segall (December 9, 2015). "Final part of Showcase Mall on Strip sold for $83 million". Vegas Inc. Retrieved 2015-12-09.
  24. ↑ Jennifer Shubinski (May 25, 2004). "Adidas attraction set for Strip". Las Vegas Sun. Retrieved 2015-07-22.
  25. ↑ "Adidas Performance Center store opens". Las Vegas Sun. July 23, 2004. Retrieved 2015-07-22.
  26. ↑ Matthew Crowley (September 27, 1999). "The grand illusion". Las Vegas Review-Journal – via NewsBank.
  27. ↑ Liz Benston (September 9, 2003). "Wendy's has high hopes for new Strip locations". Las Vegas Sun. Retrieved 2015-07-26.
  28. ↑ George Connor (May 16, 2003). "Strip retail projects evolving with times". Las Vegas Business Press – via NewsBank.
  29. 1 2 Amanda Finnegan (September 5, 2009). "Hard Rock opens second cafe in Las Vegas". Las Vegas Sun. Retrieved 2015-07-22.
  30. ↑ Amanda Finnegan (June 25, 2010). "M&M's World store on Strip set for expansion". Las Vegas Sun. Retrieved 2015-07-22.
  31. ↑ John Gurzinski (October 9, 1997). "M&M heaven". Las Vegas Review-Journal – via NewsBank.
  32. ↑ Carol Cling (March 7, 1997). "Strip gets its first multiplex with UA's Showcase 8". Las Vegas Review-Journal – via NewsBank.
  33. ↑ Carol Cling (July 6, 1997). "Museum in a bottle". Las Vegas Review-Journal – via NewsBank.
  34. ↑ Richard N. Velotta; Phil Levine (February 25, 2000). "Coke, a symbol for LV, to close much of Strip attraction". Las Vegas Sun – via NewsBank.
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