Here's a quick formula on how to make a ton of money: Buy 12 acres on Tropicana Avenue just west of the strip and wait 20 years. Then get your entitlements in place for a mixed-use condo development and watch your land value soar from $6 million to about $30 million almost overnight. That's what the Falcon Group, developers of the $650 million Pinnacle high rise condo project, did on the site of the old Falconi Honda and Acura dealership.
With no debt service on the land, getting construction financing was easy for the 410-foot, 36 story towers, which will have 1,095 condo units starting from the high $300Ks. The final site development plans are still being reviewed by the county, and although no contractor has yet to be hired, construction plans are currently being drawn up.
If you're interested in being placed on an interest list that's forming, let me know. In the meantime, go out there and buy yourself 12 acres of land - you'll thank me in 2025.
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