W Las Vegas real estate by Edge Group is close to selling 50 acres of land west of the Hard Rock las Vegas to a real estate developer from New York. The sale price should be $16 million an acre or more than $600 million. This is record for near Strip land and double from last year’s value.
The Edge development is on a 1.2 mile portion located between the Strip and Paradise Road. Project CityCenter Las Vegas is at one end of the the Strip and Harmon while the Hard Rock Las Vegas, Morgans Hotel Group plans to expand, is at the other end of Harmon.
The total land for sale in Las Vegas, Nevada include 25 acres of land to develop W Las Vegas Residences and 25 acres of Ramblas property. The Las Vegas commercial real estate developments are scheduled to have a 6,600 unit condo hotel, casino, shopping, and restaurants. This would be similar to the current MGM Mirage Project CityCenter Las Vegas and Echelon Place.
This Harmon Corridor is ready for commercial real estate development.
The Edge Group paid $8 million an acre or $202 million for the Ramblas real estate in June 2006. The land per acre value on the Las Vegas Strip in early 2006 was about $20 million per acre. The current offer is valued at about $39 million an acre.
The price points for Las Vegas condo hotel units will have to be higher due to the increase in land prices.
W Las Vegas high rise condominium developer wanted to control the experience by buying up the adjacent Ramblas land.
The planned Las Vegas master plan at the Las Ramblas site would include a central Las Vegas casino and retail hub surrounded by several hotel brands which connect to the hub, quite possibly to the Hard Rock Las Vegas, too. Source: Globe St.
W Las Vegas Residences real estate selling 50 acres for $600 million to New York developer.
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