Colliers looks at valley development

Colliers International recently held a quarterly meeting where staff discussed trends in the valley concerning development.

At that meeting, the organization unveiled plans for a 300,000-square-foot project Class A office park on the north side of the Beltway and Durango Drive. That project fronts Interstate 215 to the south and Sunset Road to the north. It will be built at a cost of $55 million.

The 21-acre site will be called Centra, and current plans call for six two- and three-story buildings ranging from 41,000 to 60,000 square feet. Stewart Title of Nevada will be relocating its offices there, taking 20,000 square feet, and Vestin Group has signed on for approximately 40,000 square feet.

The first phase of the project should open in February 2004.

Across from Centra's complex will be the University of Nevada, Las Vegas'research and technology center, a 115-acre project.

Other projects are in the works. Scot Marker, senior sales associate for Colliers Nevada LLC retail division, gave the following specifics.

The southeast corner of Tropicana Avenue and Fort Apache Road will be the site of a new Lowe's and Super Wal-Mart to be completed late 2003. On the southwest corner, a Raley's was planned but will not open. The 66,000-square-foot building there will remain vacant for now.

The Kmart at Rainbow and Spring Mountain closed last month. The landlord has expressed interest in releasing the space and is beginning his marketing efforts. The property includes 10,000 square feet of available space in the elbow area, usually the hardest part of a center to sell, but Marker received inquiries about subleasing it.

"I'd call Kmart and say, 'I've got a live one, let's do it,' but I couldn't get them to call me back," Marker said. "But then, we all know the situation with Kmart. They probably have a lot more on their plates than a 10,000-square-foot sublease."

Near Rainbow Boulevard and the Beltway, Plise Developers intend to construct medical office buildings.

At Warm Springs Road and Durango, there will be a shopping center anchored by a Vons and Target.

Tropicana Avenue and Russell Road will see an Albertson's-anchored shopping center, and Tropicana Avenue and Hualapai Way is slated to have a Vons.

The fate of the southeast corner of Grand Canyon Drive and Fort Apache Road is still unknown. Kmart entertained the idea of positioning a store in the project, however when they started closing stores it just was not feasible to go further.

Asked how long it would be before the area west of Interstate-15 between Tropicana Avenue and Blue Diamond Road would be saturated, Marker said 10 years.


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