MINIMUM BID: $400,000 PER ACRE Las Vegas Boulevard Land TARGET PRICE: $500,000 PER ACRE
LAS VEGAS, NEVADA 50.09 Acres
50.09 ACRES
PRESENTED BY: Mike Stuart Senior Vice President tel +1 702 836 3739 email [email protected]
LAS VEGAS BOULEVARD - LAND | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 1 Table of Contents
> Executive Summary > property information > offer submittal LAS VEGAS BOULEVARD 50.09 ACRES LAS VEGAS BOULEVARD 50.09 ACRES • Terms • Property Highlights • Physical Description • Property Aerials • Parcel Numbers > Disclaimer • Regional Map • Taxes • Local Map • Zoning • Reports
PRESENTED BY: Mike Stuart Senior Vice President tel +1 702 836 3739 email [email protected]
LAS VEGAS BOULEVARD - LAND | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 2 Investment Offering > Executive Summary
COLLIERS INTERNATIONAL EXECUTIVE SUMMARY
Las Vegas Boulevard - 50.09 Acres
investment Highlights ▲N The 50.09 acre parcel located on the North- west corner of Las Vegas Boulevard and St. Rose Parkway is the first major interchange into the Las Vegas Valley from California. The property is zoned H-1 for a hotel casino and commercial uses.
Las Vegas “Strip” • First major interchange in Las Vegas
• Interstate 15 frontage
Las Vegas Boulevard • Las Vegas Boulevard frontage
• St. Rose Parkway Off-ramp M Resort Southern Highlands • 480 building height
• Across the street from M Resort
St. Rose Parkway • Immediate access to “The Strip”, South- ern Highlands Master Plan, Anthem Country Club, Seven Hills and Green Valley
• Property being offered below market value
Los Angeles
LAS VEGAS BOULEVARD - LAND | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 4 EXECUTIVE SUMMARY
Las Vegas Boulevard - 50.09 Acres
Property Aerials
looking north looking south Las Vegas “Strip”
Las Vegas Blvd. M Resort 15 215 M Resort 880 95 237 93 395
280 680 880 101 237 4 17 St. Rose Pkwy.
87 85 1 9 15 215 880 380 80 580 95 237 93 395 egas Blvd. St. Rose Pkwy. 5 780 980 84 92 24 152 Las V 280 680 880 101 237 4 17 ▲ ▲ 515
N 380 80 580 87 85 1 9
▲ N ▲ N 5 780 980 84 92 24 152 N ▲ 160 93 159 ▲ ▲ 515
N
looking west looking e▲ ast N ▲ N
N ▲ 160 93 159
M Resort Southern Highlands Las Vegas Blvd. 15 215 St. Rose Pkwy. 880 95 St. Rose Pkwy. 237 93 395
280 680 880 101 237 4 17
380 80 580 87 85 1 9
5 780 980 84 92 24 152
▲ Las▲ Vegas515 Blvd. 15 215 880
N 95 237 93 395
▲ N ▲ N 280 680 880 101 237 4 17
N ▲ 160 93 159 LAS VEGAS BOULEVARD - LAND | OFFERING MEMORANDUM 380 80 580 COLLIERS87 INTERNATIONAL85 1 9 P. 5
5 780 980 84 92 24 152 ▲ ▲ 515
N
▲ N ▲ N
N ▲ 160 93 159 95 APEX INDUSTRIAL PARK
KYLE CANYON RD KYLE SPRING SILVERSTONE IRON CANYON MOUNTAIN MOUNTAIN 157 GATEWAY RANCH RANCH GRAND TETON DRIVE PARK HIGHLANDS SEVERENCE LANE ALIANTE 15
PROVIDENCE ELKHORN ROAD 215 93
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WA A RK NTHYEM PA
WA A RK NTHYEM PA LAS VEGAS BOULEVARD - LAND | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 6 Investment Offering > Property Information
COLLIERS INTERNATIONAL PROPERTY INFORMATION
Property Information
Las Vegas “Strip”
2013 future 15 215 880 interchange 95 237 93 395 101 2015 future 280 680 880 237 4 17 Cactus A interchange ve. 380 80 580 87 85 1 9
5 780 980 84 92 24 152 Starr Ave. southern ▲ ▲ 515
highlands N
▲ N ▲ N
N ▲ 160 egas Blvd. 93 159 Las V
15 215 880 50.09 acres St. Rose Pkwy. 95 237 93 395
101 280 680 880 237 4 St.17 Rose Pkwy. 380 80 580 87 85 1 9
152 5 780 980 84 92 24 M Resort ▲ ▲ 515
N
▲ N ▲ N
N ▲ 160 93 159
LAS VEGAS BOULEVARD - LAND | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 8 PROPERTY INFORMATION
Las Vegas Boulevard - 50.09 Acres
Las vegas boulevard - 50.09 acres The 50.09 acre parcel is located on the Northwest corner of Las Vegas Blvd and St. Regional Infrastructure: St. Rose Interchange- recently completed interchange Rose Parkway. Bounded to the west by Interstate 15, the project is the literal “gateway providing regional access to site. NDOT approved half signal on St. Rose, to Las Vegas” and the first major casino-resort travelers will see when entering the Las halfway between I-15 and Las Vegas Boulevard. The site also benefits from Vegas Valley from California on Interstate I-15. the Frank Sinatra frontage road along east side of I-15 adopted in County Transportation Plan. Las Vegas Boulevard will be improved from a Clark Location: East of I-15, West of Las Vegas Blvd, South of Bruner Avenue, North County SID from St. Rose Parkway to Silverado Ranch, including a 6 lane road of St. Rose Parkway with median. The estimated completion is by early 2013.
Size: 50.09 acres Minimum Bid: $400,000 per acre Expectation: $500,000 per acre Parcel #s: 191-08-510-003 Reports: Zoning: H-1 – Resort and Apartment District (same zoning as Bellagio, City Las Vegas Boulevard from St. Rose to Silverado – Improvement Plans Center, MGM, Circus Circus, Wynn, etc). Most permissive zoning Infrastructure Improvements category for retail, high density residential, hotel, casino etc uses. Phase 1 Environment Assessment – July 2007 Geotechnical Exploration Report – March 2006 Master Plan: CT – Commercial Tourist (same Master Plan designation as Bellagio, Construction Plans – entrance Improvements along St. Rose Parkway City Center, MGM, Circus Circus, Wynn, etc). Most permissive land Traffic Impact Study use category for retail, high density residential, hotel, casino, etc uses. Technical Memorandum Schematic Design Documents - Southern Highlands Casino Resort & Spa Land Use Approvals: Various Architecture Drawings, Rendering, Exhibits Building Height: 480 feet Approved Retail: 750,000 sq. ft. Approved Rooms: 2,730 Approved Units: 1,200
Taxes: $203,727.95
Utilities: Water: Along Bruner and along Las Vegas Boulevard 50.09 acres Sewer: 2 miles to north at Cactus with an approved design Power: Keane Substation – Available capacity with conduit in place.
LAS VEGAS BOULEVARD - LAND | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 9 Investment Offering > Offer Submittals
COLLIERS INTERNATIONAL OFFER SUBMITTALS
Offer Submittals & Terms
offer submittals Colliers International (“Colliers”) has been retained by Olympia Group, LLC and related entities for the disposition of certain land and real property assets and improve- ments (hereafter “Property or Properties”). The Property is being offered below market value “AS IS / WHERE IS”.
To qualify for review of this bid, bidders must follow the provisions, requirements, terms, and conditions as outlined below.
The offers should be addressed to the attention of: Colliers International Michael Stuart RE: Las Vegas Boulevard 3960 Howard Hughes Pkwy, #150 Las Vegas, NV 89169 702-735-5700 [email protected]
TAKING OFFERS IMMEDIATELY terms • All offers shall be submitted with the following terms: • Minimum price of $400,000 per acre • Earnest money deposit shall be equal to 2% of total purchase price • Feasibility no longer than 30 days from opening of escrow • At the end of the feasibility period, deposit shall be increased to 10% of the purchase price and shall be considered non-refundable. • Close of escrow shall be 60 days from the opening of escrow • Buyer must provide source of equity and capacity to close escrow • Buyer and Seller to split closing costs as is customary in the marketplace for the subject product type • Principles Only. Buyer shall pay any Buyer’s Broker’s fee
A Bid Form will be provided for all offers per request
LAS VEGAS BOULEVARD - LAND | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 11 Disclaimer
Colliers International has been engaged as exclusive representative to Olympia Group connection with the selection of a bidder or the disposition of the Property. Submission of a (“Seller”) and related companies, in connection with Seller’s solicitation of offers for the bid by a bidder in response to this offering constitutes an undertaking by the bidder to hold purchase of a portfolio of assets described in the Offering Memorandum. This Confidential harmless and indemnify and defend Seller and Colliers International from and against any and Offering Memorandum shall govern said solicitation and potential sale, as it may be modified all expenses, damages or liability (including, without limiting the foregoing, attorneys’ fees and or supplemented and the definitive purchase agreement(s) governing the sale of the Assets disbursements) arising out of any claim for such fees, commissions or other compensation (“Purchase Agreement(s)”). Prospective purchasers are advised that as part of the solicita- made in connection with such bidder’s response to this offering, selection or non-selection tion process, Seller will be evaluating a number of factors including the current financial there under or execution (or non-execution) of a Purchase and Sale Agreement. While the qualifications of prospective purchasers. Seller and Colliers International have no reason to believe that the information provided Prospective purchasers are further advised that the Seller expressly reserves the right in its herein, or in any other Information provided, contains any material inaccuracies or omissions, sole and absolute discretion to evaluate the terms and conditions of any offer and to reject neither the Seller, Colliers International, nor their affiliates, nor any of their respective officers, for any reason, or no reason, any offer without providing a reason therefore. Further, Seller directors, shareholders, owners, employees, contractors, representatives, counsel, advisors, reserves the right to terminate the solicitation process at any time prior to final execution of or agents make any representations or warranties, express or implied, as to the accuracy the Purchase Agreement(s) and to negotiate with any prospective purchaser individually or or completeness of the Information, including, without limitation, any financial projections, simultaneously with other prospective purchasers. appraisals and Information as to engineering or environmental matters, or as to the future performance of the Assets. Without limiting the foregoing, prospective purchasers should This offering does not constitute a solicitation or an offer for the purchase of the Property or realize that any financial projections are estimates only, and are based on assumptions and any portions thereof, nor a solicitation or offer to sell the Property or any portions thereof. factors that may change in the future. Accordingly, any such projections, as well as any such Colliers International and Seller shall not incur any obligation or liability on account of this appraisals, should not and may not be relied upon. Prospective purchasers should make their offering or any submission made in connection with this offering or any other reason. own projections, conduct their own appraisals and form their own conclusions without reliance Condition of the Property upon the material contained herein or any other Information and should conduct their own due Bids are invited for the Property on an “As Is, Where Is” basis, without representations or diligence, including engineering and environmental inspections, to determine the condition of warranties of any kind, nature or description by Seller and Colliers International. the Assets and the existence of any potentially hazardous material located at the property sites Permits and Approvals or used in the construction or maintenance of the building(s) at such sites. Bidders should consult with local zoning and land use authorities regarding permitted uses and The information furnished has been obtained from sources we deem reliable and is submitted development of the Property. The Property will be conveyed subject to all local zoning and land subject to errors, omissions and changes. Although Colliers International has no reason to use laws, regulations, ordinances, and procedures. doubt its accuracy, we do not guarantee it. The recipient prior to any purchase, exchange or Contingencies execution of legal documents should verify all information. All bids should be submitted with a reasonable contingency period not to exceed 30 days. Acquisition of the Assets described herein involves a high degree of risk and is suitable only for Expenses persons and entities of substantial financial means who have no need for liquidity and who can Seller shall not be liable for any costs or expenses incurred by any bidder in responding to hold the Assets indefinitely and bear the partial or entire loss of the value of such Assets. this offering, in connection with the Property or under any other circumstances. All costs and BY ACCEPTING THIS COPY OF THIS CONFIDENTIAL OFFERING MEMORANDUM, THE expenses incurred by each bidder in connection with this offering or the Property will be borne RECIPIENT (1) AGREES NOT TO COPY, DISTRIBUTE, DISCUSS OR OTHERWISE DISCLOSE by the bidder, including, without limiting the foregoing, all costs and expenses in connection THIS CONFIDENTIAL OFFERING MEMORANDUM OR THE CONTENTS HEREOF OR ANY with: surveys, reports, studies, research and other due diligence work, preparation of each bid, OTHER RELATED INFORMATION PROVIDED BY SELLER, OR BY COLLIERS INTERNATIONAL, and advice and representation of legal counsel. TO ANY PERSON, OTHER THAN EMPLOYEES OR AGENTS OF RECIPIENT EVALUATING THIS Brokers INVESTMENT OPPORTUNITY ON BEHALF OF RECIPIENT, WITHOUT THE PRIOR WRITTEN Bids shall be accepted from principles only. Buyer shall pay any Buyer’s Broker’s fee. No CONSENT OF SELLER, AND (2) CONFIRMS THAT IT IS A “QUALIFIED PURCHASER”. finder’s fees or other compensation will be payable by Seller or Colliers International in
LAS VEGAS BOULEVARD - LAND | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 12