More than a decade after premiering a hit residency on the Strip, Boyz II Men are back with four shows at the Chelsea at the Cosmopolitan.
Three years after trying to sell a chunk of the Strip, a group of investors has put the property back on the market — and they’re asking $300 million more this time.
Spectrum Group Management and partners are trying to sell 16 acres — largely comprising retail buildings and parking lots — at the southeast corner of Las Vegas Boulevard and Harmon Avenue, across from CityCenter.
The asking price? A cool $800 million, according to listing broker John Knott of CBRE Group.
Real estate has been selling on Las Vegas Boulevard in recent years, though not at a rapid clip, and land sales have been especially slow, with no one paying close to the $50 million an acre that Spectrum wants.
But, the seller contends, this is the last developable site in the heart of the tourist-choked, casino-packed boulevard, and prospective buyers are looking at it.
“We’ve already had some meetings with people who don’t think we’re crazy,” Knott said.
Three years after trying to sell a chunk of the Strip, a group of investors has put the property back on the market — and they’re asking $300 million more this time.
Spectrum Group Management and partners are trying to sell 16 acres — largely comprising retail buildings and parking lots — at the southeast corner of Las Vegas Boulevard and Harmon Avenue, across from CityCenter.
The asking price? A cool $800 million, according to listing broker John Knott of CBRE Group.
Real estate has been selling on Las Vegas Boulevard in recent years, though not at a rapid clip, and land sales have been especially slow, with no one paying close to the $50 million an acre that Spectrum wants.
But, the seller contends, this is the last developable site in the heart of the tourist-choked, casino-packed boulevard, and prospective buyers are looking at it.
“We’ve already had some meetings with people who don’t think we’re crazy,” Knott said.
But will anyone pay $800 million? The long-mothballed Fontainebleau hotel on the north Strip sold last year for $600 million, and months later, Wynn Resorts reached a deal to acquire 38 acres of land next to Fashion Show mall for $336 million.
Years ago, a multibillion-dollar Elvis-themed resort reportedly was planned for the site. But in 2010, after the economy crashed, New York-based Spectrum acquired the property out of bankruptcy, managing partner Jeff Schaffer confirmed Tuesday.
He said the property generates “a lot of cash flow,” and that a buyer could leave some buildings in place but bulldoze others for a new project. He also said he wasn’t worried by the slow pace of land sales on the Strip, saying the property is in a “premier location” in the center of Las Vegas Boulevard.
Still, Schaffer acknowledged he was seeking a hefty price.
“I guess we’ll find out what people are willing to pay,” he said.
More than a decade after premiering a hit residency on the Strip, Boyz II Men are back with four shows at the Chelsea at the Cosmopolitan.
Lost Spirits Distillery at Area15 achieved innovation, but ran in the red too l...
Most Americans might be used to hotels missing a 13th floor, but why do some ca...
Families are the focus at Tahiti Village. The all-suites resort has the space, activities, and great dining options to offer something for everyone.
Ely Duck Creek Lodge gives guests the opportunity to enjoy the beauty of the area in a comfortable and spacious house.
While sections of libraries are filled with all kinds of books about strategies on what games and slots are best to play, the Nevada Gaming Control Board comes out with a report annually showing which games won the most for casinos.
Coast2Coast Fitness is a veteran-owned, private neighborhood gym with a Fitness Center and a new Performance Training Center where people experience a wide range of activities and achieve their personal goals in a comfortable environment.
Desert Kids Dental provides children with a kid-friendly experience that eases their fears and even allows for their visit to be fun, ensuring they will want to keep returning.
Usher is playing his fourth Las Vegas venue in November.
Corporations are changing the Strip’s skyline with large hotel advertising during Super Bowl 58 week that may be seen by broadcast viewers during Sunday’s game.
