Genting, James Packer investing nearby
Development firm Triple Five, which paid $33 million an acre for land on the northern Las Vegas Strip back in 2007, is trying to sell it for $16 million an acre, or just about half-price, reported Vegasinc.com.
The company bought 5.4 acres in October 2007, and hopes it can capitalize on renewed interest on the Strip’s north end. The grand opening of the SLS Las Vegas last month has heightened hopes that property values will increase in the vicinity. Malaysia’s Genting Group is also on the scene, spending billions turning the abandoned Echelon project into an 87-acre Resorts World megaresort. Most recently, Australian billionaire James Packer and former Wynn Resorts executive Andrew Pascal announced plans to build a resort on the former New Frontier site.
“There will be a high level of interest in that property,” real estate broker Michael Parks, of CBRE Group. “It’s just hard to tell what people would be willing to pay.”
Triple Five, which owns the gigantic Mall of America in Minnesota, spent about $280 million buying land near the Riviera in the past 10 years. Its planned Las Vegas Revolution was to have included an observation wheel, a hotel, a casino and restaurants. That plan went south when the economy went bust.
“We’ll just sit there until somebody makes us an offer,” said James Grindstaff, vice president of planning and development.
