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In business downtown business cubed: container park seeks tenants downtown By Joe Schoenmann staff writer smart Pick 'Em Get With development of downtown's Container Park moving quickly, operators are actively seeking local entrepreneurs interested in leasing space. Doug McPhail, Power Lunch The Numbers operations di- click this rector, said in Those .com interJune the park ested in was getting to submitting an the point "whereBuy high Sell low VEGASINCmag in the next application for rental month we want space at Container Park should visit the to complete ten- website downtownant program- containerpark.com/ ming and selec- Vegas then VEGASinc2021 tion." To that end, Downtown Project, ? ? which is building the?multispaced re? ? tail/restaurant/recreational facility, ! is "reaching out The innovator FortuneCookie aggressively to the community. We want to call on all entrepreneurs and owner/operators. We want to hear their story." Having already received "many submissions" from potential tenants — he wouldn't give a number — McPhail said the operators were still "looking at all of our options and focusing on the community — our focus needs to be on the local." To get an idea of what the "cubes" will look like, one section of the park has been erected at the corner of Seventh Street and Carson Avenue. When finished, McPhail said, the mall will have space for as few as 30 or as many as 38 businesses. The hope, he added, is that the entire project will be open for business by Oct. 26, the first day of the two-day Life Is Beautiful festival, which will encompass 15 blocks in downtown Las Vegas. Already planned for the Container Park are five restaurants and bars, he said. The park still has needs for its other open space, and operators say owners of any kind of small, local retail businesses, from walkup food windows to fashion stores, are welcome to express their interest. "We want to find that perfect mix," McPhail said. Those interested will be asked to submit a video with their application. McPhail said he wanted to get submissions within the "next few weeks," giving enough time to make decisions by the first part of August. LAS VEGAS eli segall back to work: Clients of investment manager Guggenheim Partners recently bought the formerly mothballed Wyndham Desert Blue project. development Construction resumes on off-Strip tower By Eli Segall staff writer A formerly mothballed real estate development near the Strip sold for $117 million. Wyndham Worldwide Corp. sold its partially completed Desert Blue high rise on Twain Avenue just west of Interstate 15 to clients of global investment manager Guggenheim Partners on July 2. The new owners plan to finish construction on the timeshare building over the next 12 to 18 months and keep the Wyndham brand, Guggenheim spokesman Thomas Mulligan said. Construction crews already are back to work. Cranes and other heavy machinery were in use, and workers were scattered throughout the tower. It's unclear how much money Wyndham spent on the project, or how close the company came to completing it, before the tower was mothballed in February 2009. But if newly obtained loans are any indication, the new owners face a hefty bill to finish the job. They recently obtained a $75 million construction loan from Fifth Third Bank and a $97 million construction loan from Guggenheim subsidiary EquiTrust Life Insur8 20130722_VI08_F.indd 8 ance Co., according to records from the Clark County Recorder's Office. Desert Blue sat unfinished and exposed to the elements for more than four years, but at least one local real estate broker said he expected it to be competed eventually. Michael Parks, a member of Newmark Grubb Knight Frank's global gaming group, said the valley's timeshare market remains strong because vacationers still like the allure of Las Vegas. He noted, for instance, that Marriott Vacations Worldwide Corp. is adding a third tower to its Grand Chateau timeshare on Harmon Avenue near Las Vegas Boulevard. The 37-story tower is slated to add 223 new villas. Still, the Wyndham sales price seems high, said Mike Mixer, managing partner of Colliers International's Las Vegas office. That's because, as far as he knows, the property is restricted from having a casino on site. But he too said Las Vegas' timeshare sector is doing well, and the amount paid to Wyndham must reflect the anticipated future sales. "Each developer has their own 'gut check,' and apparently this buyer has seen enough opportunity ahead to invest at this level," said Joshua Smith, a consultant in Colliers' gaming division. Desert Blue is the latest of several abandoned projects earmarked for revival during the past year. Last month, developers bought the unfinished ManhattanWest, an office, retail and residential project on Russell Road near the 215 Beltway, for pennies on the dollar and unveiled plans to complete it under a new name, the Gramercy. In early March, Malaysia's Genting Group bought the failed Echelon resort on the Strip with plans to turn it into the $2 billion, Chinese-themed Resorts World Las Vegas. And in September, developers of the Shops at Summerlin said the stalled retail hub is back on track with Macy's as an anchor tenant. Wyndham Vacation Ownership, based in Orlando, Fla., announced in April 2008 plans for the almost 15acre Desert Blue. The initial phase of construction was set to be completed in early 2010 and consist of a 19-story tower with 281 units, including 50 presidential suites. | 2 2 J U LY 2 0 1 3 Power tweets Overheard Sin City Media Chatter Executive class Read this! NOW SERVING 95 Gate keeper American dream $ Grilled | 7/18/13 2:10:25 PM The Survivor