Crews work on the first phase of the Centennial Gateway, a 400,000-square-foot retail center being built at U.S. Highway 95 and Ann Road. Photo by Gary Thompson.

Las Vegas-based retail developer Territory Inc. has begun work on the first phase of Centennial Gateway, a $40 million, 400,000-square-foot retail center at U.S. Highway 95 and Ann Road.

The project is a joint venture between Territory, the Milton Schwartz family (owner of Yellow-Checker taxi cabs) and Olympia Development. It's next to Centennial Center, a 900,000-square-foot "power center" anchored by Wal-Mart, Sam's Club and Home Depot.

Territory Chief Executive Officer Terri Sturm said the project will bring momentum to Centennial Hills and is attracting national tenants.

The first phase has taken on a major furniture component with Lane Home Furnishings, Ashley Furniture and La-Z-Boy leasing more than 75,000 square feet, Sturm said. Other tenants include In-N-Out Burger and Krispy Kreme Doughnuts.

The first phase, scheduled for completion in the fall, also includes a 30,000-square-foot, two-story office building for Territory and a four-story Holiday Inn Express.

Burke & Associates has been contracted to do the infrastructure work; Perkowitz + Ruth is the architect.

Besides Centennial Center and Centennial Gateway, Territory developed Eastern Beltway and Eastgate shopping centers in Henderson and Southern Highlands Marketplace in partnership with Olympia. Sturm said she's ready to start the 75,000-square-foot second phase of Southern Highlands Marketplace, which will be anchored by Ace Hardware.

She also has a 40-acre infill parcel at Craig Road and Jones Boulevard that will be anchored by a Lowe's home improvement store. A small portion of the land will have a residential component.

"You have to be creative these days to make it work with these land prices," Sturm said.

Territory recently bought land on Ann Road east of Decatur Boulevard for future retail development.

ENGINEERING OFFICE: Centra Properties plans to break ground in April on an $8 million build-to-suit regional office for Las Vegas engineering firm GC Wallace at Centra Point, a premium office park at Interstate 215 and Durango Drive.

Construction of the 50,000-square-foot office is expected to be completed in December. Howard F. Thompson and Associates is the architect and Centra Construction is the general contractor.

The new office has been designed specifically to meet the needs of GC Wallace with future growth in mind, said James Duddlesten, president and chief operating officer of the firm.

It's the eighth building at Centra Point and will bring the total office space to more than 400,000 square feet.

CRACKED EGG: Michael Townsend, president of Plise Cos., a commercial developer and investment management company in Las Vegas, negotiated a 60-month lease of 2,727 square feet for The Cracked Egg restaurant in the Rainbow Sunset Pavilion, 6435 S. Rainbow Blvd. The transaction is valued at $421,120.

BANK BRANCH: TWC Construction has been awarded a $1.4 million contract to build a new 6,000-square-foot branch for Nevada State Bank at Durango Drive and Badura Avenue, serving residents of Rhodes Ranch.

OFFICE PROJECT: Colliers International recently negotiated the sale of Patrick Commons, a 26,800-square-foot office development at Patrick Lane and Edmond Street, to Quinn Development.

Quinn broke ground on the project in January with completion expected in the third quarter. The office park will have three freestanding buildings for lease or sale.

Later this year, Quinn plans to break ground on Cameron Commons, a 35,000-square-foot industrial project. Brian Riffel, Pat Marsh and Ben Jensen of Colliers are marketing the project.