LAS VEGAS - (PRESS RELEASE) -- To a prospective retailer, factors such as location, traffic counts, and brand exposure play into any potential leasing decision. In real estate terms, when those factors amount to a location next to Bellagio, traffic counts reaching 45 million visitors a year, and over 1,500 linear feet of frontage, you have The Cosmopolitan Resort & Casino, a $2 billion mixed-use, luxury condo-hotel-resort-retail destination.
Combine that with the appointment of Robert K. Futterman & Associates, LLC (RKF), the nation's leading independent real estate firm specializing in retail leasing, as the exclusive broker and the 300,000 sq. ft. of retail and restaurant space inside The Cosmopolitan is in high demand.
"RKF is a recognized leader in retail real estate brokerage," said Ian Bruce Eichner, chairman and chief executive officer of 3700 Associates, LLC, the developer of The Cosmopolitan. "Having brokered a number of high profile tenant deals in Las Vegas, their knowledge of our market is unmatched. They are at the leading edge of spotting trends and identifying leasing opportunities. We've brought them in to put together a retail mix that is a lofty, unique, fashion forward mix that RKF has historically proven it can pull off."
"The Cosmopolitan's location places retailers in the heart of the excitement that makes Las Vegas famous," said Frank Volk, executive vice president at Robert K. Futterman. "It is a significant piece of real estate fronting Las Vegas Boulevard and adjacent to Bellagio. The opportunities to have exposure to 45 million visitors inside a vertically integrated mixed-use property is attractive to any retailer."
The Cosmopolitan's focus on retail stems from Eichner's Manhattan roots, where retail opens onto Park Avenue. Here, he has worked painstakingly with designers to create a glass-walled retail space stretching over 1,500 feet of frontage to capture the attention of tourists and visitors alike.
"The transparent design beckons visitors, shoppers, and diners to experience The Cosmopolitan in a fully integrated and vertical fashion. We're placing retail at the front door -- a new design paradigm which allows restaurants and shops direct exposure to 45 million people a year," Eichner said.
"The Cosmopolitan represents a new era for Las Vegas retail," said Volk. "Their non-traditional approach of placing stores and restaurants at the threshold of the development creates numerous signage and exposure opportunities. It is a unique piece of real estate that provides for an individual, hand-selected retail mix of fashion forward, bridge-type tenants inside an exclusive, limited-sized space," Volk added.
Volk noted that unlike other retail opportunities, The Cosmopolitan offers internal traffic generators integrated vertically inside The Cosmopolitan including:
* 3,000 hotel and condo-hotel rooms managed by the Grand Hyatt
* a 75,000-square-foot casino
* a 1,800-seat theater
* 150,000 square feet of meeting rooms managed by the Grand Hyatt
* a 3,800-space underground parking garage
* a five-acre Cosmo Beach Club
"Rather than being sequestered behind walls or obscured by themed attractions, stores can captivate onlookers with floor-to-ceiling window displays," said Jim Reding, director of retail for 3700 Associates, LLC. "Passers-by will have the unique experience of being able to look directly into shops to see the latest fashions on one of the world's most highly trafficked avenues," said Reding.
"With a prime location on the Strip, over 1,500 linear feet of frontage, and a vertical integration of resort attractions provides The Cosmopolitan with all of the attributes to be the most successful retail center, in terms of sales per square foot, in the world," said Reding.
Thus far, The Cosmopolitan has received tremendous demand for leasing within its "built-to-the-sidewalk" space totaling 300,000 sq. ft. Featured on three separate levels overlooking Las Vegas Boulevard, the retail space is divided between 140,000 sq. ft. of retail space featuring 45 to 50 retail stores and boutique tenants, and 160,000 sq. ft. featuring twelve restaurants, lounges and a nightclub.
http://www.casinocitytimes.com/news/article.cfm?contentID=158038

Written by: No Author