Will Las Vegas Strip Development Ever End?
Posted by Luxury Realty Group - August 31st, 2007
Categories: High Rise Condos
There are a lot of factors when pondering this question. First, let’s define what “the strip” is: The Las Vegas Strip is a contiguous 4.17-mile stretch of Las Vegas Blvd. bounded on the south by Mandalay Bay and on the north by Sahara. That’s the official definition. An interesting side note is that none of the official strip lies within Las Vegas city limits (which starts north of Sahara Ave.)
The Las Vegas strip can’t grow much further southward as LAS International Airport widens to skirt LV Blvd. one quarter mile south of Mandalay Bay. There are a few developable parcels in that area, and none of them are wide enough for a major resort.
The Las Vegas strip could feasibly breach the Las Vegas city limit line at Sahara and move northward, filling in the areas around the Stratosphere. Issues there are with the established neighborhood which is very near the east side of LV Blvd.
Within the confines of the strip, most of the undeveloped land is under development or in the throws of development. You can see all this on the Las Vegas Map on my site. There are some areas, owned by small business, across from the Echelon project, which will surely be assembled and developed in the future. With land exceeding $30 million an acre, I doubt a Ross Dress-for-Less, a Starbucks and a privately owned liquor store will survive.
Much of the current development is replacing previously existing resorts. Echelon replaces Stardust, Fontainebleau replaces El Rancho, CityCenter replaces Boardwalk (and uses the rest of the land where the Dunes golf course was), Encore at Wynn replaces the Desert Inn, and The Plaza will soon replace the doomed New Frontier, which is scheduled to be imploded on 11/13/07 at 2 a.m. This will be the ninth major strip resort to be demolished.
The next wave of destruction (2010-2015) will most likely replace resorts that are long in the tooth like Bally’s, Tropicana, Riviera, Imperial Palace, Circus Circus and Sahara. These hotels have old, failing infrastructure and small rooms. They probably won’t survive the future high-end market.
So, what happens once all the blocks are filled in with super-resorts and condo developments? Well, by then (say 2017-2025), properties like Excalibur, Flamingo, Mirage and New York New York (which all have small rooms) will, be well aged (by Vegas standards) and ready for the wrecking ball – and the cycle continues.
Will we ever hear news of Bellagio’s or Wynn’s impending implosion? Hey, it’s Vegas baby and anything goes…literally.
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