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5/20/15
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We’ve learned of a 60-acre parcel in Las Vegas that has been listed for sale. The land is located on the northeast corner of Harmon Ave and Koval Lane, within the city’s famed resort corridor between Planet Hollywood Resort & Casino and the Hard Rock Hotel and Casino.
Although there is no asking price for the property, a Vegas pro we spoke to estimated that the current rate for land within Vegas’ “Resort Corridor” is somewhere around $3.5 mil per acre, which would give this offering a value over $200 mil.
The property is the consolidation of three sites that were previously slated for the Las Ramblas Resort, the W Las Vegas and an urban D.R. Horton development. The Las Ramblas Resort, a proposed hotel, resort and casino project owned by a group of investors that included George Clooney and Rande Gerber, called for 11 towers encompassing a 4,400-room luxury hotel, condominium residences, a spa and health club, nightclubs and a casino. The Las Ramblas project was cancelled in 2006. The W Las Vegas, which also did not come to fruition, was a proposed condo-hotel project that was to include 4,000 hotel rooms and residences with a casino and an assortment of shops and restaurants. The planned D. R. Horton development was slated to include 1,000 residential units over a ground-level grocery store and retail strip.
The entire 60.45-acre property was purchased by a large investment firm in 2007. In 2009, this group obtained a special use permit for over 8 msf of development. That use permit is still valid today. In 2014, the site was subsequently foreclosed upon by a consortium of lenders.
John Knott, executive vice president, CBRE Las Vegas, and Michael Parks, first vice president, CBRE Las Vegas, who, together head CBRE Las Vegas’ Global Gaming Group, are representing the owners in the sale of the property.
According to Knott, this is one of the most exciting properties to become available in Las Vegas in many years. “Situated between two iconic properties – Planet Hollywood and Hard Rock – this parcel is ripe for development,” said Knott. “As the global and local economy rebounds and 2014 visitation to Las Vegas topped 41 million tourists, the time is perfect for the right visionary to realize the potential of this incredibly valuable piece of Las Vegas real estate. The possibilities are endless and exciting.”
In addition to proximity to the Las Vegas Strip and a prime resort location, the property is located close to the Las Vegas Convention Center, one of the busiest convention venues in the country. The area will soon be transformed as the Las Vegas Global Business District via a planned 10-year, $2.5 bil expansion and redevelopment initiative that will significantly enhance the Convention Center, add a World Trade Center and improve the entire area via aesthetic enhancements and technology upgrades.
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