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11/12/15
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Fontainebleau Las Vegas, a partially completed hotel casino project on the Las Vegas Strip, has been listed for sale. The project represents an original investment in land and improvements of more than $2 bil.
The development is situated on 22.65 acres on the east side of Las Vegas Blvd, south of Sahara Ave. The structure, at 730 feet, stands as the tallest hotel tower on the Strip.
John Knott and Michael Parks of CBRE Las Vegas’ Global Gaming Group have the listing.
The impressive project was originally planned to contain 2,882 hotel rooms and suites, 933 condominiums, 300k sf of retail, 543k sf of meeting space, 155k sf of gaming space and a 3,200-seat theatre. The project’s structure provides for flexibility relative to its completion and can be reconfigured to meet a new investor’s vision, according to Knott.
“A Las Vegas Boulevard address, coupled with adjacency to the planned expansion of the Convention Center District by the Las Vegas Convention and Visitors Authority (LVCVA), along with the tower’s iconic height, combine to make this one of the most exciting development opportunities in Las Vegas in many years,” said Knott. “The structure has been well-maintained and is ready for immediate development to bring to fruition the vision of its next owner. This is an unparalleled asset with significant potential on one of the most landmark streets in the world. Opportunities like this are few and far between.”
The property is located adjacent to the former Riviera Hotel & Casino site that is now owned by the LVCVA and is part of a planned 10-year, $2.5 bil expansion and redevelopment initiative that will add significant convention and meeting space, a World Trade Center and improve the area via aesthetic enhancements and technology upgrades. The goal of the initiative is to ensure Las Vegas remains the world’s number one tradeshow destination for decades to come.
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