Friday, February 2, 2007
Las Vegas Off-Strip Site to be Offered at Sealed BidCHICAGO, IL, February 6, 2007 - NRC Realty & Capital Advisors, LLC, a national leader in the structured sale of commercial real estate and financial and real estate advisory services announced the Sealed Bid Sale of a three +/- acre development site on Tropicana Boulevard at I-15, just off the Las Vegas strip.
The property is located in a special Casino District near the southern end of the Las Vegas strip and is one block walking distance to the MGM Grand, Tropicana, New York New York and Excalibur hotels. The property is zoned for a 41 story high-rise hotel with 560 rooms, 31,000 square foot casino and 100,000 square feet for restaurants and shops.
"This off-Strip property is uniquely situated on a desirable three acre island and is ideal for a variety of mixed use redevelopments," said Hope Mineo, Managing Director of NRC. "Very few contiguous development parcels of this size are available in the growing Las Vegas market," Mineo said, noting that tourism, convention business and residential growth have all increased in recent years in Las Vegas (See chart).
The property is zoned H-1 (Limited Resort and Apartment District) and is located in a MUD-1 Sub district. The 6-story Golden Palm Hotel and Casino is currently on the site.
The H-1 zoning district is a special zoning district established to allow for the development of gaming enterprises, compatible commercial, and mixed commercial and residential uses. NRC expects spirited bidding from developers, hedge fund operators, speculators, hotel chains and REITs both nationally and internationally Mineo said.
NRC will hold a How-To-Bid Seminar© in Las Vegas on Friday, March 16th for interested brokers and buyers to have their questions answered about the project and the sale. Sealed bids are due on Thursday, April 5, 2007.
NRC has prepared an information package about the property that is available from NRC customer service at 800-747-3342 ext. 711 or by visiting the NRC web site at nrc.com/711.
NRC Realty Advisors specializes in the accelerated sale of commercial real estate. With a concentration in single tenant retail and development land on a nationwide basis, NRC provides comprehensive real estate and financial advisory services. Since 1989, NRC has sold more than 10,000 properties. In 2006 NRC sold properties in 31 states with sales of over $300 million. Clients include globally-recognized market leaders in a variety of industries, including petroleum (BP, Shell, Sunoco), fi