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.
The company last month bought 25 acres of Las Vegas land along the north side of Harmon Avenue, between Koval Lane and Paradise Road, for $202 million, or $8.080 million per acre, from Centra Properties. The commercial property previously served as the planned location of The Related Company’s $3 billion, 4,000-unit Las Ramblas hotel-casino-condominium project, which was recently canceled. Centra had spent $75 million, or $3 million per acre, acquiring the site in March 2005. Its recent sale represents a 62.8 percent premium over its original purchase price.
Edge Group is now planning to build a Las Vegas hotel tower at the site, called “Edge East.” The new project is located adjacent to the company’s $2.5 billion W Las Vegas Hotel, Casino and Residences, which is being jointly developed with Starwood Hotels and Resorts.
“Edge East will be a master-planned complex that will feature lifestyle elements that are uniquely aligned with the W Las Vegas project currently being developed.”
The Las Vegas luxury real estate project plans call for two, 50-story glass towers with a combined 4,000 hotel and condo-hotel units. W Las Vegas Residences run from 500 square feet to 3,000 square feet, with prices starting at $650,000. W Las Vegas will also feature 20 restaurants, bars and lounges, as well as 100,000 square feet of shops and a 75,000-square-foot casino. The 24.5-acre site development is scheduled to open in 2009. Source: LV Business Press
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W Las Vegas Condos Hotel and Resort, is selling recently acquired land on the Las Vegas Strip by the Edge Group to raise money for W Las Vegas Residences.