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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.

Weststate Holdings is listing the property for sale with the starting price at $441 million, or $7 million per acre, which more than doubles its cost in just 60 days ago. The money will go toward paying off The Edge Group’s recent purchase of the “Las Ramblas” site, say sources.

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Red Rock Station Casino Las Vegas, Resort & Spa’s “Adventure Spa,” started by Las Vegas David Bert outdoorsman and he says it’s the fulfillment of a 10 year dream.

As the eco-tourism and wellness center at the new Red Rock Casino Station Casinos’ resort in Summerlin, the spa offers a wide range of outdoor activities at the Red Rock National Recreation Area and on the Colorado River below Hoover Dam, including conventional services such as massage and exercise.

Bert credits Red Rock Casino Las Vegas President and General Manager Scott Kreeger with the idea of creating an adventure spa. Kreeger said he got the idea when he was staying at a similar outdoor recreation spot in Utah. “I saw that it was a very successful spa, and what we had in Red Rock was just as good.” Red Rock Casino-Resort guests can now bike or hike in the Red Rock National Recreation Area.

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Project City Center Las Vegas $7 billion real estate, a mixed-use urban village, by MGM Mirage started pouring the 10,000 cubic yards of concrete foundation just after midnight Sunday to start, Project City Center, largest privately financed construction project in the United States. This is taking place between the Bellagio Hotel and Monte Carlo.

One million cubic yards of dirt were removed from this very expensive Las Vegas commercial real estate to pave the way for the concrete pour and construction work for the new Project CityCenter.

MGM Mirage Resorts President Robert Baldwin, who is overseeing the 18 million-square-foot, mixed-use urban village, Las Vegas Project City Center, said the pour is one of the largest in Las Vegas history and marks the first stage of construction on the project.

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Las Vegas Mayor Goodman touts downtown Las Vegas real estate investment opportunities. Some of the downtown Las Vegas condo projects include Juhl Las Vegas, Streamline Condos and Evolution Lofts Las Vegas.
The risks and rewards of urban investment are much debated in the real estate investment industry today, and a dozen mayors representing cities from coast to coast weighed in on opportunities and the role of government in development at ICSC’s annual Las Vegas convention.

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