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Partners Capital and CAST have finalized design plans to convert an aging 100,000-square-foot office complex at 2500 – 2550 Paseo Verde Parkway in Las Vegas’ Green Valley Ranch neighborhood into an artisanal food-driven open air lifestyle retail center.
The $30 million adaptive reuse development, dubbed The Cliff, will offer a differentiated shopping experience from that of other retail centers in the Las Vegas metro with a curated collection of casual and fine dining craft-food restaurants, boutique shops and health and wellness uses, according to Partners Capital Principal Mark Blumenthal.
“Las Vegas is in the midst of a culinary renaissance and The Cliff has been designed specifically to be an extraordinary gathering place offering next level food culture and bespoke retail uses for the local community,” said Blumenthal.
Plans show that the majority of the 25 retail spaces, which will range in size from 1,800-square feet to 17,000-square feet, will open up to a central bar and 26,000-square covered outdoor dining lounge, with landscaped communal meeting spaces, live performance area, fire pits, kiosks and public art installations. Ownership has also received approval of a tavern gaming license that would allow slot machines and small games of chance at one or more of the center’s pubs.
The Cliff is expected to draw from the more than 300,000 people who live and work within a three-mile radius of the property, according to the Las Vegas office of Cast, which has been engaged to handle leasing. Other demand drivers include its visibility to over 177,000 cars off of Highway 215 and the approximately 54,000 automobiles that pass by the property each day as they exit off the freeway at St. Rose Parkway.
“This location is what restaurants and retailers dream of,” said CAST’s Chris Clifford who leads the development and leasing team along with Principals, Steve Neiger and Brett Rather. “Not only is Green Valley Ranch one of the most sought out destinations for businesses in the City of Henderson, but the neighborhood is also characterized by younger households with some of the highest average incomes in Nevada.”
The Partners Capital-led joint venture acquired the property off market in August of 2023 for $17.25 million.
“We are removing older surplus office space and replacing it with what we envision will be a popular amenity unlike any other in the Las Vegas Valley for the Green Valley Ranch neighborhood, evidenced by the tremendous support we have received from the city, local constituents and potential tenants,” added Partners Capital, Bobby Khorshidi.
Pending final approval from the city, construction is expected to begin in October with occupancy in the Q2 2025.
Project architect is AO Architects (https://www.aoarchitects.com) whose local design credits include The Silverton Ranch Hotel renovation Ramsay’s Kitchen at the Harrah’s Las Vegas. Other notable projects include the 2nd and PCH (Long Beach, CA) and the Pointe (El Segundo, CA).
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About Partners Capital
Partners Capital is a privately-owned and vertically integrated real estate investment company headquartered in Los Angeles, California. Since its inception in 2011, the company has developed a track record of identifying, acquiring, and maximizing value across all major asset classes. The firm co-invests with institutions, high-net-worth individuals, and family offices to deliver superior risk adjusted returns. With a keen understanding of market trends and a rigorous investment approach, we seek out properties with untapped potential, employing our expertise to enhance their value and generate attractive returns for our investors. For more information about Partners Capital, please visit www.partcap.com.
About CAST
CAST (formerly CNR Retail) is a five-time winner of the coveted Retail Broker of the Year award at the NAIOP Southern Nevada Spotlight Awards (2018, 2019, 2021, 2023, and 2024), the commercial real estate industry’s largest awards ceremony in the state. Bringing together 50+years of industry knowledge, CAST specializes in high-density mixed-use development and redevelopment projects and curating custom entertainment, retail, and culinary experiences. The team (Chris Clifford, Steve Neiger, Brett Rather) has transacted over $500 million in the last ten years, which includes career-defining transactions on the world-famous Las Vegas Strip, from procuring flagship locations for brands like Harley Davidson and Ariat to block-busting investment sales of some of the most famous corners of Las Vegas Boulevard. For more information on CAST Nevada please visit https://cast-cap.com/NV-team.