Tuesday, Dec. 23, 2008 | 11:29 a.m.
The developers of Tivoli Village at Queensridge, the $850-million mixed-use project on Rampart Drive at Alta Drive, have announced that the opening date for the center has been rescheduled for spring of 2010.
The 29-acre development near Summerlin, which will offer a mix of retail, restaurant, office space and residential, was slated to open in the fall of 2009.
Patrick Done, executive vice president of Tivoli Village at Queensridge, said the decision was made after talking to the partners in the project and the leaseholders.
“We had some discussions internally and we made a decision to reach out to every retailer, restaurateur and entertainment use that we had an executed lease with and asked them what is the right time to open,” Done said. “Every executed leaseholder but two said 2010 is a preferred date over 2009. You have to listen because at the end of the day if you are 70 percent leased, let’s throw that number out there, but 20 percent of those retailers can’t get capital to open their stores, you are really 50 percent leased.”
Funding for the project, which was financed with cash reserves, remains intact and while the decision to delay will have some financial implications from a carry-cost standpoint, the developers chose to focus on the long-term viability of the project.
Done said the tenant mix, which includes several upscale and first-to-the market retailers and restaurants, is critical to the project. Rather than lose some leaseholders who may not be as well positioned for a 2009 opening date, the partners decided it was more prudent to move things back a few months.
Construction at the site is ongoing.
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