Vegas Grand luxury condos now controlled financially by Lehman Bros. A local Las Vegas commercial real estate company is now marketing the development. Vegas Grand is located near Swenson Street and Flamingo.
About a year ago, the land for Vegas Grand in Las Vegas, Nevada was appraised for $72.5 million, or about $4.55 million an acre with the cost of construction is approximately $78 million.
Del American, based in Orlando, Florida, originally developed the 212 unit condo building. Bella Venezia I, is the first building close to completion. The 16 acres of real estate is zoned R-5 apartment residential. Another 782 condominiums and some mixed use are approved for the rest of the development.
UNLV is growing and gaining more college students. The proximity to the university, Las Vegas Convention Center and the Strip is a commodity. A real estate developer could purchase the site for $6.5 million an acre with an offer up until June 12.
The current credit market crunch has all but changed the intended use of the condominium project. Some current uses these units could be used for are a time share, Las Vegas hotel or apartments.
The development has had several years worth of construction for infrastructure, utilities, flood control and roadways with a cost of $100 million in capital investment.
Vegas Grand Las Vegas condos now controlled financially by Lehman Bros.
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