TrizecHahn says Vegas mall on track

Wednesday, Feb. 7, 2001 | 11:20 a.m.

TrizecHahn Corp. of Toronto repeated Tuesday that it plans to sell its majority stake in the Desert Passage mall on the Las Vegas Strip, but said that sale may not occur until as late as 2004.

The real estate concern said Desert Passage, together with Los Angeles-area projects Hollywood & Highland and Paseo Colorado, would be sold "between late 2002 and 2004." However, the company's chief executive said the company remains "committed to the success and profitability of our exciting North American development properties."

"Despite our ultimate plans, the company is committed to holding all three North American development projects until they are completed and stabilized so that we can realize their full value," Christopher Mackenzie said.

TrizecHahn also rebuffed talk that the Desert Passage was performing poorly, saying that more than 8 million visitors had been through the mall since its August opening.

"Each (retail) project is meeting or bettering our original projections on a rent-per-square-foot basis and is expected to create substantial value for our shareholders," Mackenzie said.