Goodman expects movie tenant for Neonopolis

Erin Neff

Friday, Feb. 11, 2000 | 11:18 a.m.

A new city guide to Las Vegas construction projects harkens back to the days when the future was so bright for Neonopolis that those gathered for its official groundbreaking were asked to wear shades.

The first "work in progress now" listed in the city's newsletter mentions Neonopolis with its original size and completion date -- both long ago altered by the project's difficulties.

Months have passed since the scaled-back project lost its anchor tenant and the 264,000 square feet that the newsletter touts.

Work did not begin in January as the newsletter mailed this week to city residents states, and the $99 million entertainment center downtown will be lucky to open in November 2001 -- not this November as reported.

However, Las Vegas Mayor Oscar Goodman said Thursday he is confident those leasing the project will sign an anchor tenant within 45 days. A movie theater operator is needed to anchor the complex since Mann Theatres pulled out last year when its parent company declared bankruptcy.

"She indicated that hopefully within 45 days, we'll have a letter of intent," Goodman said, referring to his meetings with Joyce Storm, leasing agent for project financier Prudential Insurance Co.

Even if a tenant is signed within 45 days, the project risks cutting its city-mandated time line very closely.

"We're going to be looking at some serious time constraints," Goodman said.

Under terms of the development agreement that World Entertainment Centers has with the city's Redevelopment Agency, the city would build a two-story underground parking garage. World Entertainment has 90 days from the completion of the garage to start building the rest of the three-story complex.

Stacey Lied, vice president of development for the City Centre Development Corp., said she expects the garage to be completed within two to three weeks.

Granite Construction already completed work but has been asked to fix several items before a structural engineer will sign off on the project. When that happens, a third-party engineer will look over the work because of the complexity of the subterranean garage.

That triggers the 90-day deadline to begin the remaining construction. If that deadline is not met, the city has the option to cancel the agreement.

In other downtown news, Goodman said he recently met with a developer interested in a 5-acre parcel on the Union Pacific Railroad site. That parcel was originally going to be developed by Opus West Corp., but that company pulled out late last year.

Goodman said the other company, which he would not name, is interested in building an office tower on the site with no request for city assistance purchasing the land.

"They're just looking for some tax relief on the back end," Goodman said.