Little by little more plans are being announced regarding new commercial and residential real estate projects to be built throughout Southern Nevada. These are for the most part the first steps in the long process but show that a few developers are coming out of hibernation to prepare for the moment when they can actually start going vertical. They are anxious to get cracking as soon as the market conditions allow it.
Triple Five Nevada is among the front runners in this. Its plan calls for a good-sized mall to go in the Centennial Hills area in the northwest corner of the valley. The project was actually supposed to break ground this fall but for well-known reasons it has been delayed at least until early summer. Should it take off then it could open by the end of 2010. Besides the standard mall configuration of big-box retailers, restaurants and smaller stores in multiple buildings, the preliminary draft also includes two condominium towers.
The residential component makes the project intriguing. The city is nowadays awash in condos that aren't moving well at all. How long it takes to absorb the existing inventory is tough to estimate but bringing more condominiums on the market in the near future might be a bit premature. If the price points are in the middle and lower end of the scale they could have a reasonable chance. For the reason of a saturated market Triple Five Nevada is in fact thinking about adding a hotel to the project and that way reduce the condominium segment. This might make the most sense right now.
When the development was first announced some time ago it was called the Great Mall of Las Vegas. Lately, though, it has carried the name Streets of Montecito. Either name appears to be fine for good many northwest residents as long as they get their own mall fairly soon.