Las Vegas real estate market report

Finally it has been announced that Stockbridge Real Estate Funds and SBE Entertainment Group LLC have an agreement with Gordon Gaming Corp. to purchase one of the last of the original remaining casinos on the Las Vegas Strip. The Sale also includes the 17+ acre parcel of vacant land across the street from the Sahara. This will probably mean that this parcel will finally be developed and spur further new real estate growth for the north end of Las Vegas Blvd. Other real estate development that is planned in the area:

Directly south of the Sahara on the old “Wet & Wild Water Park” site developers are moving forward with plans to build the tallest building in the Western Hemisphere. This will be a hotel/condo and casino called the “Las Vegas Tower”.

Next door, to the south, the old El Rancho casino site is being developed by Turnberry into a modern condo/hotel casino called the Fontainebleau at a cost of $1.5 billion on part of this 25 acre site.

Across the street form the Sahara on the west side of Las Vegas Blvd. is the parcel of vacant land that is apart of the Sahara sale. To the south of it is the Hilton time share tower that was finished in 2004.

Next door to the south of that is Sky Las Vegas which is completing finish work of its new residential high-rise luxury tower.

To the South of Sky Las Vegas is the Maxim hotel/condo, casino which has site approval on a parcel between Circus Circus and Sky Las Vegas. Maxim is planning a $1.2 billion dollar structure with opening around 2010.

To the South of Circus Circus on the old Stardust Casino site, demolition has started in order to develop Echelon Place. This complex will have 5,300 rooms and cost over $4 billion dollars.

To the Northwest of the Sahara is a two tower residential condominium project that is under construction called Allure.

In other important developments, the Las Vegas monorail expansion to the airport has been approved by Clark County. This monorail terminates at the back of the Sahara Casino. This will allow airport passengers to skip the cabs and traffic and get to their hotels on the strip much faster and cheaper! The expansion is expected to be completed in 2011.

The Riviera is being purchased and rumors include a major renovation plans as a nostalgic restoration to keep the old Vegas theme alive.

To the South of Riviera on the old “La Concha hotel” site Conrad Las Vegas / Waldorf Astoria Residences are planned as a single tower structure to be built by Hilton. This site has already been mostly cleared. The La Concha lobby which was designed by the famous architect Paul Revere Williams in 1961 was donated and moved to the site of the Las Vegas neon museum to be preserved for future generations.

The Stratospher on the north end of the strip has several acres to its north and accross Las Vegas Blvd. It has not anounced any expansion to date but stay tuned.

What does all this mean to all us little guys? It means that over the next 5 years the OLD north strip is about to become the NEW and improved North strip and the values of anything that you can purchase now will most likely sore in value as these developments are completed and more are planned.

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.

This entry was posted on Monday, March 5th, 2007 at 5:31 am and is filed under Las Vegas real estate news. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.