Las Vegas Blvd. & Garces Proudly Presented By: Schifano & Associates
Las Vegas Blvd. & Garces
Proudly Presented By:
Schifano & Associates
Property Highlights
• Las Vegas Blvd & Garces
• LVB Frontage
• .72 +/- acres
• APN 139-34-311-140, 141, 142, 143
• C-2 Suitable for high-rise condominiums
• Minutes away from Gaming District
• Located in the heart of the Downtown Las Vegas Redevelopment Corridor
Exclusively Offered at $6,500,000
Downtown Las Vegas is currently undergoing major revitalization and
has quickly become the destination for Urban Development. Once seen
as debilitated, downtown is now being recognized as opportunity,
promise and the jewel of the city. With more than 3,300 acres designated
for redevelopment, the City of Las Vegas has put together an aggressive
plan to revitalize downtown into a unified, pedestrian-friendly destination.
The city has adopted “The Centennial Plan” to establish fundamental
planning, development and land use guidelines to insure an urban
design to transform downtown into a cultural, commercial, and residential
mecca.
To attract developers to downtown, the city has set minimal restrictions
on new developments. It has been made clear that issues such as
height, density, setbacks, and parking requirements are all negotiable.
The city has even created a “fast track” team to provide developers with
a well-organized, understandable and expedient process to get projects
underway quickly and
efficiently. The efforts set forth by the city have generated great
dividends.
Downtown Overview
Downtown is already feeling an increase in traffic stemming from tourists, residents and business people
taking advantage of the new employment and residential opportunities, accessibility, and the unique urban
lifestyle.
As part of the strategy to redevelop the urban core of downtown, the City has designated distinct
districts within its Redevelopment Corridor
The Art District is being established as a live/work
environment that is integrated with unique amenities such as
galleries, artistic shops, boutiques, studios, coffee houses and
lounges. With several residential loft projects being developed
around the area, the Art District Corridor will
soon become a dynamic, rich, urban environment,
comparable to Soho in New York City.
The Office District has also gone through a tremendous
amount of growth in the past few years. The Lloyd George
Federal Court House, newly renovated Federal Building, the
City Center Place, which consists of 100,000 sq. ft. of Class A
offices, and the new Regional Justice Center soon to be open,
have become the anchors for the revitalizing of the downtown
business and financial corridor.
The Casino District is the home of the historic downtown casinos. With Barrick Gaming making several acquisitions and
other major casinos, such as Golden Nugget, Fitzgerald, the Lady Luck and the Four Queens, all recently sold,
expansions and renovations will most likely reposition Downtown Las Vegas as a major force in the gaming market. The
centerpiece of this gaming corridor is
The Fremont Street Experience. The 1,500-foot long, 90-foot high space frame is a must-see attraction that
draws in over 25,000 spectators nightly - over 9 million per year.
The Entertainment District was established to create an area specifically for non-gaming entertainment. The vision is to
attract a pedestrian - friendly collection of blues and jazz nightclubs, comedy clubs, restaurants and bars. This will
rehabilitate the old commercial center into a vibrant entertainment district like Bourbon Street in New Orleans or the Gas
Lamp District in San Diego “Our downtown area is becoming the core of our city with the emergence of new high quality
office buildings, parks, plazas, street lined with trees and arcades, restaurants catering to both business and evening
activity patrons, hotels, the “historic” casinos, entertainment, shopping, museums, and perhaps most importantly
residential communities and neighborhoods; the Downtown Las Vegas will generate economic vitality and make it a safe
and pleasant place to live, work and play.” – Mayor Goodman.
News
Construction of the Chinese-themed Resorts World should start in earnest sometime in the last three months of this year, with
site activity beginning to ramp up this summer. The resort is expected to be finished in early 2019.
Resorts World was previously expected to open in 2018. Gerald Gardner, the project’s general counsel, said Genting officials
have been focused on improving and refining their plans. He has said previously that issues with the Chinese economy and
Malaysian currency impacted the timeline. “This is an extremely deliberative and thorough company when it comes to evaluating
markets, when it comes to getting it right in terms of design and construction,” Gardner said today. When it opens, Resorts World
plans to offer a hotel with more than 3,000 rooms, a 150,000-square-foot casino and a nightclub, among other features. One
element highlighted today by Gardner was a “celestial sphere” feature in the front entrance atrium that will be able to display
selfies from guests. The area will also include a Chinese garden, Gardner said. Gardner, a former chief of staff to Gov. Brian
Sandoval, said Resorts World intends to attract a large number of Chinese customers but indicated it should be well positioned
toward domestic patrons as well.
The resort will create about 5,000 direct construction jobs and will have some 3,000 employees when it opens, Gardner said.
Resorts World is being built on the site where the Stardust stood until it was imploded. Boyd Gaming Corp. started to develop a
new resort there called Echelon but abandoned the project amid the recession.
Genting is using partially built Echelon structures to build Resorts World.
By J.D. Morris (contact) Vegas Inc.
Resorts World Las Vegas took a big step forward today when Nevada
gaming officials gave a key regulatory approval to the $4 billion
project. The Nevada Gaming Commission unanimously signed off on
a series of applications from Genting Group, the Malaysian company
that’s developing the resort on the north end of the Las Vegas Strip.
The approvals given to Genting, which received the blessing of the
Gaming Control Board two weeks ago, included findings of suitability
for various executives and corporate entities. They mark the most
significant public progress on the project since it held an elaborate
ceremonial groundbreaking a year ago.
A deal is on the table for an entrepreneur to acquire the mothballed Fontainebleau casino project on the Strip, and it could be sold
by the end of the summer, according to a brokerage firm handling its sale. “There’s still some work that has to be done, but there’s
a real deal on the table for sure and they have started their due diligence,” said John Knott, executive vice president of CBRE Las
Vegas, which listed the property in November for billionaire corporate raider Carl Icahn. “We’re hopeful it gets done and have
something to announce soon. These are real players who have spent a lot of time on the deal, and if their efforts go for naught, it’s
very expensive.”
Knott wouldn’t say much about the potential buyer and where they’re from, except to say it’s a entrepreneur who has a “presence”
in the gaming industry. There’s also financial entity involved which Knott called “impeccable.”
The potential buyer has been interested in the property since it was listed in November, Knott said. Reports in January suggested
a deal may happen within 60 days, but it’s taken longer.
“The buyer who’s taking the lead on this is an entrepreneur but to be able to be successful, we required him to go through certain
hurdles to demonstrate they have the financial capacity,” Knott said. “That means a money partner supporting them and that has
evolved in the last two months. He has a capital partner. He has a gaming partner, and he has a hotel partner.”
Icahn bought the property out of bankruptcy in January 2010 for $150 million and listed it for $650 million. Knott said the proposed
sale is for “around the full price.”
The initial plans for the project called for 3,875 hotel rooms and condominiums. Construction on the 730-foot building began in 2007, with an
estimated completion price of $3 billion. Its original developers, Fontainebleau Resorts of Miami, spent $2 billion and two years on the project
before the economy crashed. When the global banking crisis hit in 2008, Bank of America and JP Morgan Chase canceled $770 million in loans
in April 2009. With the project 70 percent complete, the developers filed for Chapter 11 bankruptcy two months later. Knott said he expects the
project to go forward in a similar fashion to its design. He’s suggested it could cost about $1.2 billion to finish the project, and it would take two
years to finish the tower.
When it went on the market, CBRE said it marketed the property to both existing gaming companies and investors from Asia and other countries.
CBRE said it has shown the property to a couple of dozen people interested in it, but Knott said it’s a difficult proposition for people to meet the
asking price and have the capital to finish the construction. There’s not a lot of ready capital for development in Las Vegas unless it’s a company
like MGM Resorts, he said “Why we don’t have a deal done is a question mark mostly because we didn’t have a large gaming company that says
we want to have that asset,” Knott said. “People are saying until we have the supply sided figured out of what we need, we’re not going to take on
new development. You have to compete with the Forum Shops and the rest of the things out there.”
John DeCree, director and head of North America research for Union Gaming, said he hasn’t heard a lot about a potential sale, except there
hasn’t been interest from gaming companies in Las Vegas, especially for that price. “I would believe it coming from them,” DeCree said of CBRE.
“Someone has to be interested in that parcel on the Strip. It’s a hefty price tag, and I am not sure if it will fetch $650 million. I wonder if someone
is interested at a lower price point. If Carl Icahn would let it go for lower given that it’s been on the market for a while, that might be the case.”
DeCree said he thought less $500 million would be the right price for the property but that more could be paid if they had the right plan for
development. It will take another $1 billion plus to make it an attractive resort given how competitive the Strip has become, he said.
“If you are thinking a $500 million price tag and a billion-plus to finish it, that’s still a hefty investment,” DeCree said. “Resorts World is looking to
put a couple of billion dollars into the ground right up the street. Steve Wynn is talking about a $1.5 billion investment in the Paradise Park project.
It’s been a stale project for so long that it would be great to see something come of it. The Strip can support a little more supply given where the
visitation trend is going, but it’s an expensive proposition for folks to come in.”
By BUCK WARGOSPECIAL TO THE REVIEW-JOURNAL
By RICHARD N. VELOTTA
LAS VEGAS REVIEW-JOURNAL
The 3,000-room Monte Carlo will undergo a two-year, $450 million makeover that will create a new luxury brand for MGM Resorts International
and bring the NoMad Hotel concept to the Strip. MGM and the New York-based Sydell Group announced Friday that work on the
transformation of the property, which will become known as Park MGM, would begin this year and be completed by the end of 2018.
The design of Park MGM, a 2,700-room luxury property, will build on the property’s history, incorporating European design influences while
retaining a branding connection to The Park, the company said.
MGM in April unveiled The Park, an outdoor dining and entertainment district that abuts Toshiba Plaza and the T-Mobile Arena. The NoMad
Las Vegas will be an independently operated hotel with 292 rooms and suites, a dedicated drop-off lobby and swimming pool as well as
separate gaming, dining and drinking experiences. The Sydell Group introduced NoMad in New York as well as The Line in Los Angeles,
Freehand in Miami and Chicago and Saguaro in Scottsdale, Arizona, and Palm Springs, California.
MGM Resorts Chairman and CEO Jim Murren said in an interview Friday the time was right to invest in upgrading the Monte Carlo, which opened in
1996. “Fortunately, Las Vegas is on a roll here and the market’s doing much better, all the properties are doing well and becoming increasingly
popular as a destination,” Murren said. “All of us want to continue to build on that whole maxim.”
Murren said the company has been in talks with Sydell for three years, but it wasn’t until last year that officials decided to go forward with the plan to
upgrade and rebrand the property. “What this does is bring a new dimension to entertainment in a form of hospitality that does not exist here with a
group that has been an expert in doing that in key markets like New York, London and Chicago,” Murren said. “It really rounds out the neighborhood
of entertainment that we have created with CityCenter, T-Mobile (Arena) and The Park and the upgrades to New York-New York.
‘STEM-TO-STERN REIMAGINING’
“I’m more excited about this than many projects we’ve worked on because it really is a holistic reimagining of an entire resort, not just a room-remodel
project or adding a couple of new restaurants here and there or putting down new carpet in the casino.
“This is a top-to-bottom, stem-to-stern type of reimagining with incredible talent that is not here, and that’s really why Las Vegas is doing so well
because people continue to search for these one-of-a-kind moments and what they’ve never seen before.” Murren said the Monte Carlo won’t close
during the project and that workers will move floor by floor during the course of construction. Some public areas will be closed as work progresses.
Murren said he doesn’t expect the final name change to occur until work is close to completion and changes can be made to websites and room-
booking search engines.
The arrival of NoMad also brings some new dining concepts to the Strip. Chef Daniel Humm and restaurateur Will Guidara will bring Eataly, an Italian
marketplace with cafes, to-go counters and full-service restaurants providing products from Italian and local producers.
“We are very excited to bring the first Eataly to the southwestern United States,” Nicola Farinetti, CEO of Eataly USA, said in the statement
announcing plans. “Las Vegas will be an entirely new scene for us,” he said. “We look forward to adding our Italian food, drink and culture to the
energetic mix of this iconic American city, thanks to our collaboration with Sydell and MGM Resorts.”
“The collaboration between MGM Resorts and Sydell felt very natural for both NoMad in Las Vegas and Park MGM,” Andrew Zobler, founder and
CEO of Sydell, said in a statement. “MGM is the pre-eminent operator of casino resorts and has extensive expertise leveraging unique guest
experiences across properties with great scale. Sydell Group has a growing collection of brands focused on authentic offerings, a residential feel and
the ability to connect with like-minded collaborators at the forefront of design and food and beverage,” Zobler said. “Together, we have been able to
meld these approaches into a property that will have real soul.” Hornbuckle said the partnership provides an opportunity to expand the Park MGM
brand to other cities. Sydell officials characterize Park MGM’s design as “casually elegant” and that “clean lines will define the architecture of each
space, combined with classically inspired European furnishings and a robust art program, which is core to both companies’ design philosophies.”
TWO BRANDS, ONE HOTEL
The concept of placing two hotel brands in one building has been successfully implemented by MGM, most notably at Mandalay Bay on the south
Strip. There, the Four Seasons operates on five of the 43 floors of the Mandalay Bay tower. Also, a separate 45-story hotel tower formerly known as
The Hotel now operates as the Delano Las Vegas.
The 32-story Monte Carlo opened June 21, 1996, a month and a half after the Stratosphere hotel-casino. One of the distinctions of the property was
the elimination of the “00” pocket on Monte Carlo roulette wheels, giving players a slight advantage with a 37-pocket wheel, as used in the French
European version of the game, compared with the 38-pocket wheels used in the United States.
The property was closed for less than a month starting on Jan. 25, 2008, following a three-alarm fire on the top six floors of the building. County fire
inspectors attributed the blaze to flying molten metal and inadequate safety measures by construction workers. Welders working atop the hotel were
using a hand-held torch to cut corrugated steel for a rooftop walkway when the hot metal, called slag, triggered the fast-moving fire, burning
flammable foam that was used in the exterior design.
Maria Schifano
Broker/Owner
Schifano & Associates
10120 S Eastern Ave., Suite 227
Henderson, NV 89052
Office: 702-492-4928
Direct: 702.300.1144
Fax: 702.946.1316
www.schifanorealestate.com
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