Bumper to bumper traffic on the Strip, a full Valet, no parking available in the garage... no, I'm not talking about a Saturday night in Las Vegas. I'm referring to the scene at the Bellagio yesterday for the Ivana Las Vegas preview, where over 1,500 real estate agents converged to get the latest sales information regarding the proposed 923-foot, 943 unit supertower.
Like Doanld Trump's Trump Internation high rise condo hotel, the Ivana will certainly be breathtaking. And like Trump, it'll also be extremely expensive. According to the figures given out at the educational forum, if you took the price structure on all the units and averaged them out, Ivana will be selling at approximately $1,320 per square foot. That's a lot of money to spend for the priviledge of living in the tallest building in Vegas. Then again, some agents in attendance that I spoke with say that's still a bargain.
But let's get back to an issue that no high rise condo hotel project seems to be addressing in all their fancy brochures and slick advertising. Traffic. No one talks about it - no one seems to care. But when you get a chance, take a ride to Sahara and Las Vegas Boulevard (the site for the Ivana project) at about 5pm to 5:30pm (or anytime for that matter) and see how fast you move - any day, it doesn't matter. Now try adding the cars 943 units will produce!
It doesn't take a psychic to predict major problems ahead unless someone starts figuring this out. Even at 1:30pm on a Tuesday afternoon, traffic was completely snarled at Las Vegas Boulevard in front of the Bellagio for the conference. And that's today, 2005! Just for a conference! Can you imagine what disarray is in store traffic-wise after all these high rises are built?
Who's going to want to live somewhere where a 10-minute drive takes an hour to get to? It almost makes the off-strip properties, such as the Palms, Residences, Curve, Turnberry, and even the downtown projects look more and more attractive.
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