Tivoli Village has a new owner; Vegas apartment project planned
Tivoli Village is under new ownership and is set to receive a new adjacent apartment complex.
Real estate firm 3D Investments has completed its $216 million purchase of the suburban Las Vegas shopping and office complex, brokerage firm 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-owner IDB Group USA Investments disclosed the deal.
On the same day, 3D completed its purchase, according to Clark County records, it sold part of the property to Las Vegas apartment developer The Calida Group for $27 million.
Calida has 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 Tivoli workers likely won’t see any major changes right away at the Mediterranean-themed open-air property on the northeast corner of Rampart Boulevard and Alta Drive.
But the new owner is looking to develop more space in Tivoli and attract more tenants to the bubble-era housing project that got its start after the economy collapsed and then spread from years later.
Dan Appello, director of acquisitions at 3D, said Wednesday his purchase included about 8.2 acres of land adjacent to nearby One Queensridge Place condo towers.
Ownership records show he completed the purchase of that land in February, followed by his acquisition of Tivoli last week.
Appello said no “drastic changes” would soon be coming to Tivoli, which includes 370,000 square feet of retail and dining and 300,000 square feet of office space.
But he said 3D, based in Beverly Hills, Calif., wanted to spend the money to attract more tenants and that two vacant lots above the parking lot at the north end of the complex – near the Calida site – would be developed.
He noted that 3D did not draw up plans for these locations or the land next to the condo towers.
Tivoli developers, former Israeli conglomerate IDB Group and Las Vegas-based EHB Cos., paved the way in 2006. The first phase opened in 2011, after the housing bubble burst and the collapse of the wider economy.
The companies, which also joined together to develop One Queensridge Place, reportedly separated around 2013, and IDB held control of Tivoli.
The second phase of Tivoli opened in 2016.
Calida’s new project site is within walking distance of restaurants, retail stores and offices and adjacent to Angel Park Golf Course.
The company has already developed a 359-unit apartment complex just south of Tivoli, next to the Boca Park mall, which opened in the spring of 2021 and is 96% leased, Cohen said.
He noted that when his company was planning this project, they expected to rent studios there for $950 a month.
Now, he says, they rent the 600-square-foot units for over $2,000 a month.
There are only a few areas in the Las Vegas Valley — a heavily suburban region covered in single-family housing developments — where people can have “true walkability” to restaurants, offices and retail stores, Cohen said. .
“And people are willing to pay a premium for it,” he said.