Wet N Wild Las Vegas Water Park Has Option for Purchase
Wet N Wild Las Vegas real estate site moved closer to its fate today. Archon Corporation, owner of the site, south of the Sahara Hotel & Casino Las Vegas, announced it had contracted an option agreement to sell 27 acres of Las Vegas Strip real estate to Christopher Milam. A real estate developer from Austin, Texas, Milam will pay $450 million (or $16.98 million an acre) for the closed remnants of the Wet n Wild Las Vegas amusment park, which closed in September 2004.
$16.98 million an acre for Las Vegas commercial land represents a new high for North Strip real estate. Nearby acreage cobbled together by Concord Wilshire for a Maxim Magazine Las Vegas branded casino averaged $9.6 million an acre and the former site of the Westward Ho was recently revalued at $12 million per acre.
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Las Vegas Downtown Fremont Street is in revitalization as key components to the rundown downtown Las Vegas area is being transformed into entertainment venues.
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To raise money for its “W Las Vegas Hotel and Resort” and “Edge East” real estate developments Edge Group is selling 63 acres on the South Strip, across from Mandalay Bay. Weststate Holdings, both company and investors, bought the land less than two months ago for $201.7 million, or $3.2 million per acre. The Las Vegas land borders the west side of I-15, between Russell Road and Hacienda Avenue. Edge Group has decided to cash out.










