What's the latest on the mall out at Primm? Is it completely dead?
Yes indeed. It's not just dead. It is, as you surmise, completely dead. Vacant. Shuttered. All that's left is the burial.
The Primm Mall was originally known as the Fashion Outlets of Las Vegas. It opened in Primm, 40 miles southwest of the city, in 1998 at a cost of $75 million to great fanfare, part of an effort to create a destination for travelers between Los Angeles and Las Vegas. Designed as an outlet center, it boasted more than 100 stores with such popular brands as Nike, Tommy Hilfiger, and Gap. And it started out like gangbusters; only three years later, it was among the top-five outlet centers in the U.S., based on sales per square foot.
Over the years, however, the mall faced numerous economic challenges, including two foreclosures, and changed ownership and management many times.
It was 99% leased as late as 2007 and was appraised at nearly $30 million in 2019 before the pandemic. However, it went downhill very fast and in 2021, Kohan Retail Investment Group, a mall investment company based in Great Neck, New York, bought the hulk at a bankruptcy auction for $1.5 million.
By then, most of the outlets had abandoned the mall, now called Prizm. Michael Kors hung on until earlier this year and from what we understand, Sanithrift, "a sanitized thrift store," was the last retail shop open at the mall until it closed recently.
What happens now? Probably nothing, at least for the foreseeable future. Ideas for the building have been bandied about, from industrial space to an indoor theme park, along with mothballing it until the new airport opens nearby in 2037. But for now, the mall is a cadaver, resting in anything but peace.
|
O2bnVegas
Aug-10-2024
|
|
Jeff B.
Aug-10-2024
|
|
Reno Faoro
Aug-10-2024
|
|
Jeffrey Small
Aug-10-2024
|
|
Bernard Berg
Aug-10-2024
|
|
Gary
Aug-10-2024
|
|
David Sabo
Aug-10-2024
|
|
AL
Aug-11-2024
|
|
Dave
Aug-13-2024
|