Allot has been said about our High Rise Condo market here in Las Vegas over the last couple of years such as it’s just a fad, the bottom has fallen out of the market and some have even gone as far to compared Las Vegas’s High Rise Condo market to the disastrous Miami vertical scene. But the one thing that is undeniable is that there is and will be a vertical life style like no other in the world here in Las Vegas. Several big name developments are nearing completion such as MGM’s City Center, The Cosmopolitan & Panorama Tower 3 which is generating a world wide buzz for the Las Vegas High Rise Condo market. It is exciting to see Las Vegas High Rise Condo’s receiving the attention they deserve. One of The Cosmopolitan Towers has top out in the last few weeks along with The Mandarin Orient Hotel & Residence at MGM’s City Center & Panorama Tower 3 which elevates the excitement about Las Vegas High Rise Condos to new heights. Now that some of these amazing structures are completely top out visitors & residence of Las Vegas are beginning to see the NEW Las Vegas that has been in the works for a few years and recognizing the immense opportunity it brings with it.
Another topic I would like to talk about today is the sale of MGM’s Treasure Island for $775 million . MGM sold Treasure Island to Phil Ruffin who was the previous owner of The New Frontier. Phil Ruffin set a record for the sale of his New Frontier when The Elad group purchased it for the highest price per square foot in 2007 which totaled $1.2 billion. Phil Ruffin also has partnered with Donald Trump on his Las Vegas venture Trump International Hotel Tower providing the land to build on as his part of the deal which also has a twin sister tower on the drawing board. The purchase of Treasure Island has sparked many conversation about what future plans for the property might be but currently nothing is going to change beside the owner of the property. The Elad group has secured an extension of it’s purchase loan for the New Frontier that will help them weather the current economic conditions so that the delayed development planed for that land, The Plaza, will still be able to get completed when things turn back around. The Elad Groups planed Plaza is said to be a standard setting development for the world famous Las Vegas strip but until the construction begins MGM’s City Center will hold that title. Many things have already happened this year in our local High Rise Condo market that will certainly shake things up in a good way. Below you can find some news clips of the Treasure Island deals and the Plaza’s current standings.
Plaza News
Treasure Island Sale
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