Edge Resorts is continuing their strong play in the Las Vegas high rise condo market by acquiring the 25-acre Las Ramblas project on Harmon Avenue for $202 million. Centra and Related bought the land for $75 million and stand to make a nice profit of $127 million on the deal.
The new project will be known as "Edge East" and will be developed as a complementary addition to the "W" Las Vegas hotel as a boutique hotel district with a central casino.
What that means for high rise condo unit buyers is that entire $20 billion dollars of development along the Harmon corridor will make Starwood Worldwide and Edge Resorts a major player in the Las Vegas high rise market. If you've already bought into the "W" Residences (like this blog told you to!), you've now bought into a 50-acre project that will rival the likes of Project CityCenter. And if you bought in when I told you to, you probably got a great deal on your unit as well.
It's way too early to know what the mix of condo-hotel units at Edge East will be, or what prices they'll go for, but it's a safe bet to say with the backbone of Edge Resorts and the resources they bring to the table, you'd be wise to at least get on an interest list for this project - or even better, snag a unit at the "W", which is looking more and more like a winner with each passing day.
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