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Montecito Cos. recently broke ground on the second phase of a $48 million, 207,765-square-foot retail center in northwest Las Vegas. The project , Montecito Marketplace, is located at the southeast corner of Durango Drive and Elkhorn Road. TWC Construction is the general contractor.
"Over 186,000 people live within a fivemile radius of Montecito Marketplace," said Michael Townsend, the company's chief operating officer. "This is the only community retail center at a double section line in the area, with traffic counts of 52,000 vehicles a day."
The 19.2-acre complex debuted in November, 2005 with a 65,000-square-foot Smith's Food & Drug. Another 39,904 square feet worth of shops and restaurants came online this summer, including Sammy's Wood Fired Pizza, Starbucks, FedEx Kinko's, Pizza Hut PortA-Subs, Al Phillips Dry Cleaners, Tan Factory and Just for Kids Dentistry The six building first phase is 100 percent leased. Burke & Associates was the general contractor.
Phase II meanwhile, will consist of seven buildings with inline stores, retail pads and anchor space. ROI Real Estate's Daniel Adamson is leading the leasing team. Asking rents range from from $3.10 to $3.50 per square foot triple-net with divisibility from 1,200 to 30,000 square feet.
Major second phase tenants include Chili's Restaurant, which signed a 6,000-square-foot: ground lease. TJ...