The Plaza Hotel Las Vegas gets final approval from County Commission (new land pics inside)
Posted by Luxury Realty Group - March 20th, 2008
Categories: High Rise Condos
The implosion of the Frontier Hotel was a celebrated event for the Las Vegas Strip. And now, things just got that much better. On March 19th, 2008, The Plaza Hotel Las Vegas received final approval from the County Commission. The approval gives ELAD Properties the green light for what is being billed as the most luxurious hotel and luxury condominium development in Las Vegas Strip history.
The Special Use Permit which was approved for ELAD gives the commercial real estate and development company, based out of New York, all required entitlements to move forward with the project. Renderings of the development show it as an ultra-luxury, mixed-use mega resort which could cost upwards of $6 billion to build.
Echelon land, The Plaza Hotel land, and Encore at Wynn (Notice D.I.)
Call and ask me why Desert Inn Road is so important - 702-205-1818
The developers paid approx. $34 million an acre for the parcel in which The Plaza will sit on. These costs are expected to be reflected in the pricing for residential luxury high-rise condominiums.
While the U.S. media refuses to acknowledge that very few luxury condominiums exist on the core Strip (or Resort Corridor), new records continue to be set. Recently, the three most expensive price-per-square-foot residential properties (single family home and/or condo) were sold by Aaron Auxier of Luxury Realty Group (yours truly). The three units, which were sold in The Harmon Hotel, Spa & Residences at MGM MIRAGE CityCenter, included penthouses with prices up to just over $2,400 a square foot.
You can see some of CityCenter’s latest penthouse pricing and inventory here
Trump International Hotel and Tower could use a $6 billion neighbor
While property values continue to be hit by the overall challenged US economy, the Las Vegas Strip continues to lend credible evidence that it’s strength is fueled by strong international demand and a shortage of land. As of 2008, only 409 high-rise condominiums exist on the Strip, these properties exist at Sky Las Vegas.
Other luxury condo projects which have or are expected to raise new pricing bars are the Residences at Mandarin Oriental and just over 400 units at the upcoming Palazzo luxury condo tower by developer Sands Corp.
Echelon land, The Plaza Hotel land, Palazzo luxury condo development (far left)
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As one of Las Vegas’ premiere boutique luxury real estate brokerages, our clients have consistently received privileged access to several high-end Strip projects. From global CEOs to those in the entertainment business, those looking for discreet access to exorbitant real estate trust our integrity and experience.
Aaron Auxier (see bio) has earned the nickname “Hollywood’s Connection to Vegas” for his Los Angeles entertainment background and Las Vegas connections. He is responsible for selling some of the most glamorous penthouse and luxury high-rise condominium properties in the history of Las Vegas.
Aaron Auxier, REALTOR®, ABR 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, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
Copyright © 2008 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 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.