Tourists list eating as their top vacation activity, and the family theme restaurant T-Rex is expected to provide a showy centerpiece at the 148-acre destination development, The Legends at Sparks Marina.
Behind the scenes, the innovative financial structure that creates a partnership between the developer and the creator of T-Rex and other theme restaurants is bringing the flashy restaurant to life.
Steve Schussler, restaurateur and chairman of Schussler Creative Inc., developed T-Rex and other concept chains such as Rainforest Cafe, Sorcerer's Kitchen, Winter Wonderland, Musical Gardens and Hot Dog Hall of Fame.
He lets his inner child take control, building restaurant decor, such the animatronic dinosaurs that will populate T-Rex, at his warehouse in Minnesota and shipping them to restaurants on four continents.
But a financial structure in which RED Development is a silent partner with Schussler Creative is equally important.
Dan Lowe, managing partner at RED, says, "We believe this business model is a first and will change the way business is conducted in the real estate development, retail, restaurant, and entertainment attraction venues, as well as lifestyle retail centers and shopping destinations."
RED's financial resources, he says, provide Schussler with the backing he needs to unveil concepts at a faster pace and a larger scale than Schussler Creative could undertake on its own.
In return, Lowe says, "RED gets to place amazing concepts in our developments and in those of other developers."
The project by RED Development LLC is a toy box of activity casino, retail, restaurants and an indoor sports complex. But the marina provides a key element of the development.
"My phone has been ringing off the hook with Las Vegas asking, 'Why aren't you coming here?'" says Schussler.
The answer, he says, is the marina and the setting it provides for his new ventures.
But how will The Legends affect local business owners?
Existing retail and restaurant owners in Sparks will benefit from the center as it boosts consumer traffic, says Len Stevens, executive director of the Sparks Chamber of Commerce, because they will benefit from the increased traffic.
RED's Legends in Kansas City draws 12 to 15 million visitors yearly. Built in an economically ravaged part of the city, a synergy of new building started to develop around it, says Claflin.
But in Sparks, there's not much room for other developers to cozy up to the cornucopia of retail customers.
Surrounding acreage, says Armando Ornelas, Sparks redevelopment manager, includes approximately 36 acres to the north, with 26 and 10 acres on the east and west sides of Marina Gateway Drive, respectively, held by four owners. (The Redevelopment Agency owns 10.2 acres but West Haven Development Group has this parcel under contract). West Haven plans approximately 550 medium-density residential units and some retail on 20 of the 26 acres east of Marina Gateway Drive.
RED says its leasing won't empty out other retail centers.
"We won't poach tenants from other landlords," says Dave Claflin, RED's vice president for marketing. The developer will build additional shells for lease and tenants as many as 100 will hire out their custom improvement work.
Hiring of 5,000 to 8,000 workers, meanwhile, will start now and run for the next 18 months, says Claflin. Scheels, with 248,000 square feet of retail sporting goods sales space, will hire first, he says, while Legends will hire marketing and management help later this year.
Meanwhile, city road crews will jump up the infrastructure, says Ornelas, to build a double left turn lane on Sparks Boulevard to ease access to the mega complex.
Construction crews break ground on the center next summer; RED's Legends is scheduled to open autumn 2008. The company estimates the cost at $400 million and says it will generate about $600 million in annual sales.
