Without question, the Michelle Sterling Las Vegas real estate team spends more time with clients in the master-planned community of Summerlin than anywhere else in the valley. The last decade has been so successful for Summerlin that it’s hard to believe anything could possibly become an eye-sore in such a meticulously groomed residential environment. But, as they say, nothing is perfect, and the uncompleted and mothballed Shops at Summerlin Centre Mall is a case in point. Located right next door to the billion dollar Red Rock Resort, the steel skeleton that was to form the beginning of a new upscale retail village/mall sits rusting and eerily idle instead. General Growth Properties Inc. (developer of the Summerlin Centre project) is itself struggling to emerge from a long and complicated bankruptcy proceeding (originally filed over a year ago) that effected their vast commercial/retail holdings nationwide.
However, that process received quite a jolt yesterday as Simon Property Group Inc., the nation’s largest shopping mall owner, made a $10 billion hostile bid to acquire General Growth Properties. What could this mean for Summerlin real estate and the future of the Summerlin Centre mall? It’s too soon to know, but Simon Property enjoys a strong financial profile that allows it to continue developing projects even through the economic downturn. Let’s hope that Simon succeeds in their bid for General Growth and sees fit to make our own local issue a completion priority in their plans going forward.