Coldwell Banker Premier Realty

IKEA’s Meatballs Are Coming to Town


and other developments
Posted: July 22, 2014 by John McClelland

IKEA’s Meatballs Are Coming to Town

 

By: Michael Sadler

 

Late 2015 early 2016 IKEA, world-renowned furniture retailer, will finally erect a store of its own in Las Vegas. This proposed IKEA store will be located on the Bruce Woodbury 215 Beltway near the Durango and Sunset exit. The closest one to Las Vegas is currently in West Covina, CA. The demand has been so great for an IKEA in Las Vegas, that there are companies that will go to California to pick up the furniture for you. In fact, IKEA was near the top of the list of a recent pole asking locals what they would like to see come to Las Vegas.

 

SDSW, LLC, is the current owner of the land the IKEA store will sit on, and it will cost IKEA International $20 million to acquire the land from them. This IKEA store is also reported to employ about 300 full time and part time employees.

 

 

New Developments On the Strip

 

For the most of us that are locals to Las Vegas, we hardly go on the strip frequently enough to really notice any changes unless you keep your eyes keenly peeled. I for one had no idea about the newly finished MGM owned Cromwell boutique hotel until I read about Giada De Laurentiis’ new establishment there – which I have heard nothing but good things about since it opened several weeks ago.

 

On Labor Day of this year, the SLS is slated to open as well. The SLS Las Vegas is actually the former Sahara, but you couldn’t really tell that because the owners of the SLS have put in serious money to completely gut and remodel the entire property to where there is essentially no trace of the Sahara’s looks and Rat Pack history. SLS Las Vegas is jointly owned by private equity firm Stockbridge Capital Group and SBE Group. SBE Group owns other SLS properties in Miami and Los Angeles. The project is reported to cost about $415 million.

 

Hearing about the openings of the Cromwell and SLS Las Vegas got me interested in thinking about the possibility of other developments that are currently in development/recently finished on the strip. Other than the Cromwell just being newly opened, the Linq adjacent to the Quad (the former Imperial Palace for home gamers), has also opened in the last few months. Obviously the Linq’s largest attraction is its observation wheel called the High Roller – wonder why it’s called that? Aside from that, the Linq also has shopping, fine dining restaurants, as well as Las Vegas’ very own Brooklyn Bowl. The Brooklyn Bowl is a New York-based company that puts a restaurant, concert venue, and bowling alley under one roof.

 

Another project that is currently under development is the unnamed arena located behind the New York, New York Casino. This arena is slated to open summer of 2016 and is jointly owned by AEG and MGM. When completed, the stadium will have no permanent tenants tied to the stadium. Instead AEG-MGM hope to target award shoes, boxing, MMA, and concerts in the 20,000-seat arena. With that being said, the stadium will be built to accommodate a NHL or NBA team if they choose to relocate here to Las Vegas.

 

The last project that is currently underway on the strip is Resorts World Las Vegas. Resorts World, a Malaysian-based gaming company bought the skeleton and land of Boyd Gaming’s Echelon Place in March of 2013. Resorts World is supposed to have 6,583 hotel rooms once completed in 2016 and will sport an Asian theme. Resorts World is located on the north end of the strip, near the Fashion Show Mall.3

 

 

 

 

 

 

 

 

 

 

 

1.      1. Source of cost and employment figures:

http://www.lasvegassun.com/news/2014/jul/14/ikea-announcing-plans-open-las-vegas-area-store/

2.  Source of cost figures:

http://www.reviewjournal.com/business/sls-las-vegas-formerly-sahara-will-open-labor-day-weekend

3. http://www.reviewjournal.com/business/aeg-mgm-arena-project-break-ground-may-1

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