Growth proceeds in Chinatown Plaza area

Jennifer Robison

Friday, March 22, 2002 | 11:16 a.m.

Three separate projects with Asian themes and retail lineups are in various stages of renovation and building near Chinatown Plaza on Spring Mountain Road in Las Vegas.

The projects' developers say a burgeoning local Asian population, the increasing popularity of Asian culture and the existing lure of Chinatown Plaza have encouraged them to build business parks featuring Asian-style architecture and Asian retailers.

"Most of the Asian commercial activity is along Spring Mountain Road right now," said Sean Chung, the developer of Pacific Asian Plaza, a business park Chung plans to build on Spring Mountain Road between Decatur Boulevard and Lindell Road. "Also, there's a big Asian population increase, so we think it's a good opportunity to build the plaza."

Chung, who said he's built eight local properties, said Pacific Asian Plaza would be under construction in May or June.

He said the two-building, 85,000-square-foot park is 70 percent preleased with tenants such as a supermarket and numerous restaurants, including Chinese, Japanese, Vietnamese and Korean eateries.

Chung said he is currently arranging financing for the $10 million park, which could open as early as the beginning of next year.

In addition to Pacific Asian Plaza, millions of dollars in renovations continue on the Center at Spring Mountain, a property just east of Chinatown Plaza.

Oregon-based Harsch Investment Properties is nearing completion of the first phase of an $8 million makeover at the center, which is on the south side of Spring Mountain Road between Valley View Boulevard and Wynn Road.

Harsch, which acquired the center in 1996, and Chung aren't the only developers capitalizing on brisk growth in the local Asian community.

Just to the west of Chinatown Plaza, Great China Plaza, a two-story shopping and office center, has added five restaurants in recent months, including Tea Planet, the Cafe Noodle and Chinese Barbecue, the Korean Garden Barbecue, the Chinese Food and Tea Bar and Ichiza Japanese Restaurant.

Leasing representatives of Great China Plaza couldn't be reached for comment.

Harsch is modifying the Center at Spring Mountain, which it acquired in 1996, to include an Asian theme around the 385,000-square-foot, three-building business park's perimeter. Work on the portion of the center fronting Spring Mountain Road is scheduled for completion next month; the rear of the property will be finished around July, said a Harsch spokeswoman.

"We looked at a lot of different designs and worked with a lot of different architects," said Margie Campobasso, assistant vice president and director of leasing for Harsch. "Originally, we were only going to give half the center an Asian theme, and the other half was going to have a Western look.

"But in marketing the property, we found everyone wanted to be in the Asian part of the center because they liked the look better. We decided to give the whole property an Asian theme -- this is a theming market. Now we have a waiting list for tenants who want to be on Wynn Road."

Lease rates at the Center at Spring Mountain have risen with that increasing demand, Campobasso said.

Prior to the upgrades, space at the park was leasing for $1.15 to $1.50 per square foot a month.

Harsch is currently leasing space at the center for between $2 and $3 per square foot a month.

Campobasso said tenants are "absolutely willing to pay those rates."

The tenant mix at the center also has changed since Harsch began its renovation.

Campobasso said some tenants have left the center because its new Asian look isn't critical to attracting new customers. However, companies coming to the valley from markets such as Seattle, San Francisco and Los Angeles have been "drawn to the Chinatown area," she said.

Though she said Harsch hasn't marketed the Center at Spring Mountain in those cities, tenants ranging from beauty shops and bakeries to herbal and vitamin shops have signed leases at the property.

Alan Chen, a spokesman for Chinatown Plaza, said the plaza's owners aren't concerned that Asian-themed development around Chinatown Plaza will siphon off business.

"It's like opening a restaurant, and then another restaurant opens right next to you," Chen said. "We will be influenced by the amount of customers our tenants are competing for, but it's a friendly competition. We've been here a while, so we know our potential, and we know their potential. If it's ever necessary to work with them, we'll be happy to."

Chen said he believes there's enough business in town to allow each Asian-themed center to survive.

"We do see a lot of Chinese business in town, and we know the Chinese population is growing," he said. "In looking at the demographics of (Chinatown Plaza), we see a lot of non-Asian (customers) too. This town is a real melting pot -- everybody is incorporating our culture into their lives. We're not only doing Chinese business.

"There will always be businesses expanding. If they don't build a plaza with an Asian theme, there will be another plaza without an Asian theme, and there will be Asian companies in it. With or without (Asian-themed centers), the Asian community will grow, and there will be plenty of tenants."

Chen said Chinatown Plaza's owners aren't planning to remodel the center in response to the renovations and building happening in the area.

"We have a lot of traffic through our heavy season, so we are trying to maintain the plaza," he said. "If we do renovations, it would just be to make the plaza look a little bit livelier."

Chen also said Chinatown Plaza's developers are somewhat pleased to see other property owners using the Chinatown name.

"One way to see it is that they're building onto Chinatown. We're not going to tell (property owners) that they're not in Chinatown. But they aren't in Chinatown Plaza -- that's a corporation name. If they say they are expanding Chinatown, technically, they're right. It is Chinatown, and it is slowly becoming a Chinese neighborhood.

"In some ways, we feel good about them using the Chinatown name, because we did start it."