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5. FORUM SHOPS AT CAESARS PALACE Forum Shops at Caesars Palace, originally constructed in 1992 and expanded in phases during 1997 and 2004, was the first major specialty retail development on Las Vegas Boulevard. Forum Shops has a prominent position on the Strip, situated on the west side of Las Vegas Boulevard, north of Flamingo Road, between Caesars Palace and The Mirage, and is configured with a highly “themed” retail and entertainment environment. The property is 99% leased, attracting an estimated 22 million visitors per year and is generally considered the most dominant retail center on the Strip with 150 specialty tenants that include Anthropologie, Jimmy Choo, Coach, Louis Vuitton, Montblanc, John Varvatos, Victoria’s Secret, Versace, Bvlgari, Cartier, De Beers, Harry Winston, Tiffany & Co., Abercrombie & Fitch, Armani Exchange, Brooks Brothers, Zegna and Cheesecake Factory. Tenant sales at Forum Shops at Ceasars Palace are approximately $1,000 to $1,200 per square foot with average rents ranging from $100 to $125 per square foot. 6.THE GRAND CANAL SHOPPES Opened in 1999, the Grand Canal Shoppes at the Venetian was fully leased after three months. Fashioned after the Forum Shops, the property is heavily themed with a canal flowing through the middle of the concourse area. The property consists of 536,890 square feet including mezzanine spaces with current rents ranging from $85 to $110 per square foot. Average tenant sales range from $900 to $950 per square foot, and as a result of the project’s immediate success, a second phase connected via pedestrian bridge to the Palazzo Resort was recently developed and dubbed Shoppes at Palazzo. The project is currently 94% leased and includes key tenants; Ann Taylor, Banana Republic, bebe, Coffee Bean and Tea Leaf, Cache, Sephora and Valentino. 7.THE SHOPPES AT PALAZZO Delivered in 2007 with a Grand Opening in January 2008, the 363,714-square-foot Shoppes at Palazzo is situated within the Palazzo Resort and is an expansion of the highly successful Grand Canal Shoppes. The Shoppes at Palazzo is a three-story enclosed specialty center themed, decorative characteristics intended to capture with heavily the essence of Italy. The center is anchored by Las Vegas’ first Barneys New York and features many premier including Jimmy Choo, Burberry, Van Cleef & Arpels and Piaget. Upscale restaurants include Emeril Lagasse’s Table 10, Wolfgang Puck’s Cut and Shimon Bokovza’s Sushi Samba. The center is currently 89% occupied with tenant sales ranging from $900 to $925 per square foot and rents ranging from $80 to $100 per square foot. luxury brands 8. FASHION SHOW MALL Fashion Show Mall, originally developed in 1981, was expanded in two phases during 2002 and 2003 to its current size of 1.9 million square feet. The property has a significant presence along the Strip, with a 600-foot canopy structure shading the outdoor plaza area fronting Las Vegas Boulevard. The project includes seven department store anchors’ including Nordstrom, Bloomingdale’s, Macy’s and Neiman Marcus, as well as 250 specialty stores and restaurants. Fashion Show Mall reports tenant sales ranging from $802 to $983 per square foot and average rents ranging from $80 to $88 per square foot. HOUSE_OVERSIGHT_018800