W Las Vegas luxury high rise condominium casino project ready for development on the 50 acres of land located on Harmon in Las Vegas real estate has been canceled. This is the second Las Vegas resort planned for that site to be canceled.
W Las Vegas condos were initially started in 2005 when they purchased 22 acres of land for $108 million from D.R. Horton. This Las Vegas high rise resorts would have been a mixed use $2.5 billion real estate project with 3,000 luxury hotel-condo units, a 75,000-square-foot casino, 10 restaurants and nightclubs, 300,000 square feet of convention space, a spa and a Fred Segal store.
About a year ago the developer added 25 acres from its canceled project neighbor Las Ramblas. George Clooney, Related Las Vegas and Rande Gerber sold the land to the Edge Group for $202 million.
Edge Group had previously owned the Bourbon Street hotel in 2004 before Harrah’s Entertainment Inc. purchased it.
Edge officials had said for the past months that the luxury high rise resort was on track and last year Starwood invested $10 million. There have been rumors that Starwood had pulled the plug.
The company hired Credit Suisse, a financial consulting firm, to find a partner for Starwood and Edge Resorts. The purchase of land and rising Las Vegas construction costs required a third party for stability.
That company hasn’t stated their future plans of selling the assets and land.
The land could be sold for about $12 million an acre for a complete sale or $17 - $20 million an acre for separated parcels.
All W Las Vegas residences reservation deposits have been returned. The company had held 750 units’ reservations, but no hard contracts.
PermalinkTags: w las vegas, w las vegas residences, w las vegas condo, las vegas real estate, hard rock hotel las vegas, las vegas condos, investment las vegas real estate, las vegas high rise | EMail This Post | Print This Post |