Neonopolis countdown: Two years

Erin Neff

Friday, Nov. 27, 1998 | 11:01 a.m.

Monday's close of escrow on the planned $99 million Neonopolis entertainment complex downtown signals the last legal hurdle to development of the structure many say is the crucial element for a city renaissance.

Exactly two years from today, the planned 264,000-square-foot center, anchored by Mann Theatres' 16 screens, will open to the public with the hopes for a downtown rebirth riding on the shoulders of its shops, restaurants and underground parking.

"This area used to be where people who lived in Las Vegas used to shop and go to the movies and socialize," said Mark Paris, president and chief executive officer of this decade's other major downtown redevelopment, the Fremont Street Experience.

"The Fremont Street Experience went a long way to start the program to bring businesses and people downtown," Paris said. "As a result of the Neonopolis, you'll see other businesses coming downtown."

Prudential Insurance Co. of America, backing the project with $60.8 million, recently formed World Entertainment Centers LLC to develop Neonopolis.

The city of Las Vegas has issued $32 million in redevelopment bonds for the project. WEC will show evidence of between $8 and $9 million in financing capabilities at Monday's close of escrow.

The first dirt turning at the corner of Fremont and Fourth streets will be for the $14 million parking structure. After that is completed, the complex will be built above the two-level parking deck.

Rob Snowden, executive vice president for WEC, said he welcomes "all the people who pooh-poohed this" to the grand opening Nov. 20, 2000.

"After 2 1/2 years, it's hard to believe that we're over halfway there," Snowden said. "Now we just have to build it."

Although officials are mum about prospective tenants in the new complex, Paris has given tours of the Experience to interested investors.

"They just see all of the excitement and all of the people and say, 'These are going to be my customers,' " Paris said.

Once Neonopolis is finished, Paris predicts more businesses will choose to locate downtown.

"People will want to congregate here," Paris said. "There will be places for them to eat lunch and go after work. And eventually I think it could spur residential development downtown."