When in Las Vegas, you're pretty sure when you see "777" on a slot machine, you're in for a nice payoff. But in this case, Triple Five seems to be breaking the bank instead. It looks as if Triple Five Nevada Development Corp is ready to buy an 18 acre Las Vegas Boulevard site to include the 6-acre site of the former La Concha Motel for $32 million an acre. $32 million - that's a lot of slot machine winnings!
The plan? To build a high rise resort condo development, of course. Triple Five isn't even done yet - they're in accumlulation mode for as much Strip property they can get, including the 12 acres behind the Strip adjacent to the Las Concha site for probably about $14 million an acre. Do you think that's big money? For most of us, it certainly is, but surprisingly, industry experts say 555's getting a great deal - perhaps even a bargain. Especially for one of the last areas along the Strip for a megaresort development.
Today's news, coupled with the Elad Group in May paying $1.2 billion to buy the 35-acre New Frontier site, and MGM Mirage buying the vacant 25.8 parcel by the Sahara for $444 million, Las Vegas Strip real estate continues to skyrocket. Also on Triple Five's list is the acquisition of the land once proposed for the failed Las Vegas high rise condo project, the ICON. Wouldn't that be nice to have a happy ending to that story!
The fact that these properties are slated for development soon once again should prove to the everyday investor that despite all the news stories, Las Vegas is still growing and the prospects for real estate investment in Vegas continue to look attractive for the long term. Each successful project makes the neighboring properties more valuable, including YOUR high rise condo unit, should you decide to follow the big boys' lead.
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