30 Billion in 3 miles but 60 Billion is Possible.
Posted by Luxury Realty Group - June 17th, 2007
Categories: High Rise Condos
As of June 2007 the Vegas Strip has around 30 billion in construction happening or starting soon. For the purpose of this article we will highlight projects that recently finished, are under construction or very likely to begin before 2010. With 30 billion already a sure thing can we hit 60 by 2010?
Luxurious Las Vegas Strip high rise living such as the Palazzo luxury condos at Venetian, Mandarin Oriental at CityCenter and The Plaza Hotel and condominiums out of New York are changing not only the face of the city but also the price per square foot trends.
Hotels are now heading into the mega resort direction with world class malls, celebrity chef restaurants, high end spas, convention space and residential components.
Construction costs have soared and developers are buying up as much dirt as possible due to a land shortage in Clark County. Read more about the land shortage at this Las Vegas luxury condominium update discussing the impact that the tortoise and vertical growth have on each other.
Does anyone quite yet realize how much is going on?
A recent San Diego publication mentioned how downtown San Diego had seen an “unprecedented” one billion dollars worth of growth around Petco Park. To put things into perspective….
- That is just 1/30th of what is happening on the Strip alone
- It could easily become 1/60th over the next 5 years counting the proposed or rumored projects at bottom of this article
- 1/80th if you factor the 20 billion in renovation in downtown Vegas.
- Or just 1/8th of 1 mega resort if The Plaza Hotel indeed hits the 8 billion dollar mark which is quite possible.
Learn more about upcoming Vegas projects at VegasTodayAndTomorrow.com
Let’s count up the 30+ billion between Tropicana and Sahara (roughly 3 miles)
Tropicana Condo Hotel Expansion
Status…Planning
Est. Completion TBD
2 Billion
MGM MIRAGE CityCenter
Status…Under Construction
Est. Completion November 2009
7.4 Billion
Signature at MGM Grand
Status…All completed and open
Est. Completion Completed Spring 2007
400 Million
Planet Hollywood Towers
Status…Under Construction
Est. Completion Late 2009
750 Million
Cosmopolitan Resort Casino
Status…Under Construction
Est. Completion 2009
1.8 Billion
Caesars Expansion
Status…Planning
Est. Completion TBD
1 Billion
Palazzo Luxury Condos and Hotel (VIP Interest List)
Status…Under Construction
Est. Completion Hotel 2008, Condominiums 2010
2.2 Billion
Encore Expansion at Wynn
Status…Under Construction
Est. Completion Late 2008 Early 2009
1.8 Billion
The Plaza Hotel and Residences (VIP Interest List)
Status…Frontier implosion early 2008
Est. Completion 2011
6-8 Billion
Trump International Hotel and Tower
Status…Under Construction
Est. Completion T1 2008 T2 2010
1 Billion
Echelon Place
Status…Under Construction
Est. Completion 2011
4 Billion
Fontainebleau Las Vegas (VIP Interest List)
Status…Under Construction
Est. Completion Late 2009
3 Billion
Sky Las Vegas
Status…Open
Est. Completion was Spring 2007
350 Million
Allure
Status…Nearing completion
Est. Completion September 2007
250 Million
Total Estimated Cost…32 Billion
We have left out quite a few projects that are pending approval, rumored, as well as some remodel projects. Those not included are The Place at Mandalay Bay, MetroFlag Resort, Bally’s Expansion, Harrah’s Expansion, Riviera Project, Las Vegas Tower, Sahara Expansion, the 108 acre MGM land and The Stratosphere Expansion. This could easily add another 30 billion to the mix. Don’t forget the 20 billion downtown.
The impact Las Vegas Strip high rise living is having on The Entertainment Capitol of the World
Most of the construction stats above are attributed to hotels and casinos. There are not as many residential condominiums getting built as the media would lead you to believe. Why? It is much too hard to get vertical condo buildings built these days with the cost of land and construction rising not to mention debt service and soft costs (permits, studies, zoning etc)
Many of my clients are purchasing high-rise properties as vacation homes that are easy to lock and leave and very close to amenity. In addition they are requesting units with a balcony and views of LV Boulevard. Some are looking to live full time in the property as a primary residence.
Does Las Vegas Strip high rise living catch your interest? Looking to make an investment?
Aaron Auxier, REALTOR® can be reached at 702-205-1818.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
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Copyright © 2007 Aaron Auxier. All Rights Reserved.
Disclaimer: All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often times considered time sensitive.
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All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive. See DISCLAIMER.
Copyright © 2008 Luxury Realty Group LLC. All rights reserved.