Institutional Mall Investors Starts Renovations at 500,000 SF Miracle Mile Shops on Las Vegas Strip
LAS VEGAS — Institutional Mall Investors LLC, a joint venture between Miller Capital Advisory and CalPERS, has started renovations at Miracle Mile Shops, a 500,000-square-foot shopping center on the Las Vegas Strip.
The property is attached to the Planet Hollywood Resort & Casino. The mixed-use project will remain open during construction, which is scheduled for completion in spring of 2023. The redevelopment costs were not disclosed.
New entertainment features will include exterior and interior immersive light, sound and video experiences. Miracle Mile Shops guests will also enjoy new and upgraded restaurants.
“Miracle Mile Shops has been a highly successful shopping and entertainment destination in Las Vegas for over 20 years, attracting locals, visitors and international tourists,” says Robert Buchanan, vice president and general manager of Miracle Mile Shops. “The renovations are coming at the ideal time as our city welcomes the return of domestic and international tourists.”
The revitalized interior will include new flooring, lighting, ceilings, seating and a new sound system. The “rainstorm” attraction, a free daily show that features thunder, lightning, fog and rain, will also be enhanced.
The renovation includes a redesign to Miracle Mile Shops’ exterior entrances on the Las Vegas Strip and Harmon Avenue, featuring LED digital screens and signage as well as modernized landscaping.
Design and construction partners on the renovation project include Cooper Carry, Digital Kitchen, Sensory Interactive and VCC.
The shopping center opened in 2000. Tenants include lululemon athletica; Sephora; Morphe; Quay Australia; H&M; Tipsy Robot, a cocktail bar operated by robots; Garrett Popcorn Shops’ only Las Vegas location; Nacho Daddy; 15,000-square-foot bar and restaurant Cabo Wabo Cantina; and Club Tattoo.
The adjoining Planet Hollywood gives visitors access to 2,500 hotel rooms, as well as Elara by Hilton Grand Vacations featuring 1,201 units and four penthouse floors.
Miller Capital Advisory is an investment advisor based in Illinois with $9.2 billion in investments under management. CalPERS is the largest pension fund in the United States. Institutional Mall Investors’ portfolio spans 21.6 million square feet of retail space and 1.3 million square feet of office space.
— Jeff Shaw