Wet N Wild Las Vegas Water Park Has Option for Purchase
Wet N Wild Las Vegas real estate site moved closer to its fate today. Archon Corporation, owner of the site, south of the Sahara Hotel & Casino Las Vegas, announced it had contracted an option agreement to sell 27 acres of Las Vegas Strip real estate to Christopher Milam. A real estate developer from Austin, Texas, Milam will pay $450 million (or $16.98 million an acre) for the closed remnants of the Wet n Wild Las Vegas amusment park, which closed in September 2004.
$16.98 million an acre for Las Vegas commercial land represents a new high for North Strip real estate. Nearby acreage cobbled together by Concord Wilshire for a Maxim Magazine Las Vegas branded casino averaged $9.6 million an acre and the former site of the Westward Ho was recently revalued at $12 million per acre.
North of Wet n Wild Las Vegas, Sahara Hotel CEO Al Hummel is rumored to be seeking as much as $20 million per acre for their 55-acre parcel. It’s a great piece of Las Vegas Strip real estate with the potential growth from nearby Turnberry Place, Sky Las Vegas, Hilton’s timeshare towers and several forthcoming developments, including Boyd Gaming’s Echelon Place Las Vegas. This real estate is in the middle of all of this high growth.Purchasing Wet ‘n Wild would give Milam 950 feet of Las Vegas Strip frontage and 850 feet on Paradise Road, with 26.5 acres in between. He plans a $3.75 billion to $4 billion mega resort and said he’s lined up three prestigious design firms: the Paul Steelman Group, for the casino; RTKL, to design the retail component; and the Chicago branch of Skidmore, Owings and Merrill for the hotel tower.The terms of Milam’s Wet N Wild Las Vegas option-to-buy deal call for a $5 million upfront payment, due last Tuesday, followed by $40 million more on Sept. 22. Milam forfeits the entire $45 million if he’s unable to consummate the purchase agreement by April 2008. Financing hasn’t been formalized.
Source: LV Business Press
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Wet N Wild Las Vegas water park has option for purchase for $450 million by Christopher Milam.