Tivoli Village has new landlord; apartment project planned
Tivoli Village is under new ownership and slated to get an adjacent new apartment complex.
Real estate firm 3D Investments has completed its $216 million purchase of the suburban Las Vegas retail and office complex, brokerage Cushman & Wakefield announced this week, saying it represented the sellers in the deal.
3D had confirmed in January that it was buying the property after then-landlord IDB Group USA Investments unveiled the transaction.
The same day 3D closed its purchase, Clark County records indicate, it sold a portion of the property to Las Vegas apartment developer The Calida Group for $27 million.
Calida acquired just over 8 acres of land and aims to break ground next year on a five-story, 300-unit complex, co-founder Eric Cohen said Wednesday.
Diners, shoppers and workers at Tivoli aren’t likely to see major changes right away at the open-air, Mediterranean-themed property at the northeast corner of Rampart Boulevard and Alta Drive.
But the new landlord is looking to develop more space at Tivoli and draw more tenants to the bubble-era real estate project that debuted after the economy crashed and then expanded years later.
Dan Appello, director of acquisitions at 3D, said Wednesday that its purchase included about 8.2 acres of land next to the One Queensridge Place condo towers nearby.
Property records indicate it closed the purchase of that plot in February, followed by its acquisition of Tivoli last week.
Appello said no “drastic changes” are coming soon to Tivoli, which features 370,000 square feet of retail and restaurants and 300,000 square feet of office space.
But he said that Beverly Hills, California-based 3D wants to spend money to lure more tenants and that two vacant plots above the parking garage at the north end of the complex — near Calida’s site — will be developed.
He noted that 3D does not have set plans for those spots or the land next to the condo towers.
Tivoli’s developers, former Israeli conglomerate IDB Group and Las Vegas-based EHB Cos., broke ground in 2006. The first phase opened in 2011, after the real estate bubble burst and the broader economy tanked.
The firms, which also teamed up to develop One Queensridge Place, reportedly split around 2013, and IDB held control of Tivoli.
Tivoli’s second phase opened in 2016.
Calida’s new project site is walking distance from restaurants, retail shops and offices and next to Angel Park golf course.
The company already developed a 359-unit apartment complex just south of Tivoli, next to the Boca Park retail center, that opened in spring 2021 and is 96 percent leased, Cohen said.
He noted that when his firm was planning that project, they expected to rent studio apartments there for $950 per month.
Now, he said, they are leasing the 600-square-foot units for more than $2,000 per month.
There are only a few areas in the Las Vegas Valley — a heavily suburban region blanketed with single-family housing tracts — where people can have “true walkability” to eateries, office space and retail stores, Cohen said.
“And people are willing to pay a premium for that,” he said.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.