BluefoxToday blog

More high-rise condos for the Strip?

That's a distinct possibility. The location would be the New Frontier that was just sold for a whopping $33 million per acre. The new owner, El Ad Properties, owns multiple New York City buildings and has announced plans to raze the existing hotel and casino and build a copy of the Plaza Hotel in New York on the site. That is their strategy right now.

But take note that the purchase includes 36 acres of land on the Strip. Yes, prime location. And a lot of dirt to play with. El Ad has experience in high-rise condominiums and I'm placing a moderate bet on them eventually building a residential tower or two there. It would only follow the current and so far successful trend in town. A hotel alone just isn't enough in this competitive environment. Take a look at MGM Mirage's City Center and you get the idea.

Whatever the new owner decides to do, it'll help further transform the north end of the Strip from a somewhat tired locale into a vibrant resort destination. A lot of upscale development has already taken place up there, like the Turnberry Place, and more is under way, like the Trump Towers and the Echelon Place. The future of that stretch of the famed artery is bright.

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 0 commentsEsko Kiuru • May 16 2007 11:14AM
More high-rise condos for the Strip?
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