The Plaza Las Vegas, Nears Final Approval
Posted by - January 5th, 2008
Categories: High Rise Condos
The Plaza has jumped another hurdle on its way to final approval. This exclusive resort, and Las Vegas luxury high-rise condo project on the Strip is poised to redefine the term luxury, in Las Vegas. The Clark County planning commission recently gave the go ahead for this massive project. At over 175,000 sq. ft., the Plaza’s casino will be the largest in Nevada, and dwarf the likes of the Wynn casino just across Las Vegas Blvd. (110,000 sq. ft.). Here is the initial rendering…
The massive 7 tower project will include 4,100 hotel rooms, and 2,600 luxury condos. The towers will be as high as 670′. Site grading is underway. Grand opening is scheduled for 2012.
The Plaza
(photo courtesy Vegas Today and Tomorrow.com)
Joint venture spends big on land
The Elad group along with Property and Building Corp. are partners is this project featuring stunning French renaissance architecture. They paid a jaw dropping $1.2 Billion, or 34 million per acre for the site. This is a record for the Las Vegas resort corridor. One only need to look at a project just up the Strip to see what has happened to the price of land here in recent years.
Sky Las Vegas, a beautiful 45 story luxury high rise condo, a short walk north, was completed in early 2007. The developers paid 4 million an acre for the land under the beautiful blue glass tower. Since the developers purchase this land we have seen a virtual land grab as it became apparent that the 4 mile stretch of desert know as the Strip, was running out of vacant parcels. In fact the land surrounding SKY was purchased in 2007 by MGM Mirage. Expect news soon on development plans for a 40 acre chunk of this parcel which extends north from SKY to Sahara Blvd.
SKY Las Vegas
The future looks bright for those in place
The cost, and shortage of land in the resort corridor, will make if very difficult for other stand alone residential luxury high-rise condos to be built in the future. The residential condo product attached to projects like The Plaza, are sure to priced significantly higher than what is currently available in towers like SKY. Pricing at MGM Mirage CityCenter is a good indicator of where resort corridor residential condo pricing is heading. At CityCenter, $1000 a sq. ft. is entry level. Quality penthouse units at CityCenter are priced at over $2500 a sq. ft.!
At Luxury Realty Group we have exclusive rights to the only 3 story luxury penthouse currently available in Las Vegas. It occupies the top 3 stories on the northwest corner of SKY Las Vegas. At over 5000 sq. ft. it represents a rare opportunity to own a world class luxury penthouse overlooking the Las Vegas Strip. It is priced at 1/2 the cost of similar penthouse units in CityCenter.
Contact Tom or Amy of the Garcia Group for more information. Also check out our forecast for the Las Vegas luxury hire-rise market in 2008. Call or E-mail and Let us share with you the best opportunities available in the Las Vegas resort corridor. (702)360-6645. www.VegasLuxuryLiving.com
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