Las Vegas Hotel Property Prime Redevelopment Opportunity Close to the Strip
LAS VEGAS HOTEL PROPERTY PRIME REDEVELOPMENT OPPORTUNITY CLOSE TO THE STRIP
• 150 ROOMS • PRIME LOCATION 2-3 MINUTES FROM THE LAS VEGAS STRIP • PRIME REDEVELOPMENT OPPORTUNITY Confidentiality & Disclosure
SUN COMMERCIAL REAL ESTATE, INC. (the “Broker”) has been retained on an exclusive basis to market the property described herein (the “Property”). Broker has been authorized by the Seller of the Property (the “Seller”) to prepare and distribute the enclosed information (the “Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate.
The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma.
Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto.
PROPERTY WALK-THROUGHS ARE TO BE CONDUCTED BY APPOINTMENT ONLY. ACCESS IS LIMITED AND SECURED. CONTACT BROKER FOR ADDITIONAL INFORMATION.
Anders Graciano Cathy Jones, CPA, SIOR, CCIM Senior Associate CEO 702.968.7336 702.968.7320 [email protected] [email protected]
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 2 Table of Contents
Contacts
Property Highlights Section 1
Property Summary & Investment Highlights Property Overview Surrounding Aerial Aerial Map
Property Description Section 2 Anders Graciano Senior Associate Property Matrix P (702) 968-7336 Site Plan [email protected] Property Photos Assessor Parcel Map
Las Vegas Overview Section 3
Cathy Jones, CPA, SIOR, CCIM CEO P (702) 968-7320 [email protected] Property walk-throughs are to be conducted by appointment only. ACCESS IS LIMITED AND SECURED. Contact Broker for additional information.
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 3 Property Summary & Investment Highlights
PROPERTY SUMMARY
Fortune Hotel Las Vegas, superbly located 8 minutes from the new Las Vegas Raiders Stadium, 5 minutes from McCarran International Airport, 5 minutes from The Convention Center, 2-3 minutes from The Las Vegas Strip and right behind the Hard Rock Hotel & Casino, which in late 2018 will turn into a Virgin Hotel by Richard Branson. Previously approved plans for the site included expansion of the gaming enterprise district for a new resort hotel, 794 rooms, 261 feet total building height (26 stories), 100,462 SF gaming area, ±48,130 SF public space (restaurants, retail sales, spa area and other accessory use), ± 39,117 SF convention center facilities and ± 36,479 SF back-of-house area. All previously approved plans and special-use permits are subject to re-approval as they expired in June 2018.
INVESTMENT HIGHLIGHTS • Location: Situated in the heart of Las Vegas • Highly attractive non-gaming property: 2-3 minutes from the Las Vegas Strip
• Easy access: The Las Vegas Strip, McCarran International Airport, the Convention Center, T-Mobile Arena and the new Las Vegas Raiders Stadium • Independently Owned and Managed: Unencumbered by management • Franchise Affiliation: None (Former Ramada) • Asking Price: $17,950,000.00
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 4 Property Overview
SUMMARY
The 150-guest room Fortune Hotel Las Vegas is located in the heart of Las Vegas, one block East of the Las Vegas Strip. The extraordinary well located hotel is less than 1 mile from McCarran International Airport, 1 mile from The Strip, less than 2 miles from the Las Vegas Convention Center, 2 miles from T-Mobile Arena and the Golden Knights, and 3 miles from the Las Vegas Raiders Stadium.
AMENITIES INCLUDE:
BUSINESS CENTER The Business Center provides access to phone service, complimentary printing service, express mail, fax, and photo copying service. The entire hotel offers free WiFi.
MEETING ROOM The hotel offers access to 2 versatile on site meeting rooms. The lower level meeting room seats 50, and the upper level meeting room seats 90.
BOARDROOM The hotel also offers access to a 10 seat boardroom on the upper level.
FOOD & BEVERAGE Complimentary hot breakfast is provided to guests each morning. Within walking distance of the hotel include Dunkin’ Donuts, Ferraro’s Italian Restaurant, Capriotti’s Sandwich Shop, Hofbrauhaus, and much more.
OUTDOOR POOL The courtyard features an outdoor pool with lounging chairs for guests.
FITNESS CENTER The courtyard also features a fitness center.
The hotel offers FREE parking and FREE Airport Shuttle
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 5 Surrounding Aerial
E DESERT INN ROAD
TREASURE ISLAND PALAZZO MIRAGE VENETIAN SUBJECT THE LINQ/HIGHROLLER PROPERTY CAESARS RIO PALACE FLAMINGO E FLAMINGO ROAD PALMS BELLAGIO PARIS BALLY’S PARADISE ROAD Vegas Golden COSMOPOLITAN Knights PLANET HOLLYWOOD ARIA
NEW YORK MGM GRAND NEW YORK E TROPICANA AVENUE
TROPICANA EXCALIBUR
LUXOR S LAS VEGAS BOULEVARD
MANDALAY BAY Site of Raiders Stadium
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 6 Aerial Map - Looking Northwest
CAESARS PALACE MIRAGE BELLAGIO
PARIS VENETIAN & PALAZZO WYNN/ENCORE BALLY’S THE LINQ/HIGHROLLER LAS VEGAS GLOBAL BUSINESS DISTRICT
SUBJECT FLAMINGO ROAD PROPERTY
HARD ROCK
HARMON AVENUE
PARADISE ROAD
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 7 Property Description
Property Matrix Ownership Interest: Fee Simple Franchise Affiliation: None (former Ramada) Management Co.: Offered free of any management encumbrance (independently managed) Address: 325 E. Flamingo Road, Las Vegas, Nevada 89169 Site Size: ±5.68 Acres Number of Rooms: 150 suites Building Area: ±127,167 Square Feet Building Description: 3 (Three), 3-story buildings; interior corridors Year Built: 1991
Parking Spaces: ±85 spaces Food & Beverage: Breakfast Lounge & Bar Meeting Facilities: ±1,000 SF of Meeting Space in Main Building Guest Amenities: Outdoor swimming pool and Fitness Center Zoning: The property is zoned H-1 and is located in the AE- 60 zone in the MUD-1 Overlay District. MUD-1 allows for the most intense urban form, designed to allow highly concentrated and intense development with high-rise buildings with heights exceeding 200 feet or more and densities exceeding 50 dwelling units per acre. With approval of a Special Use Permit the height of the structure on this property can be built to a maximum of 261 feet.
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 8 Property Description (con’t)
Room Description
ROOM TYPES
Standard Queen 72 Rooms Standard King 53 Rooms Jacuzzi Suite 9 Rooms Pet Queen 7 Rooms Executive Suite 4 Rooms ADA accessible 3 Rooms Parlor Suite 2 Rooms
TOTAL 150 Rooms
The standard King, Queen, Pet Queen and ADA room all offer TV, Phone, Refridgerator, Free WiFi and bathroom with a bathtub. The Jacuzzi Suite offers, in addition to above, a separate room with a sofa and TV, Bar area with Microwave & 2 bar stools and a Jacuzzi and Shower in the bathroom. The Executive Suite offers, in addition to above minus the jacuzzi, a small meeting table.
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 9 Property Description (con’t)
Site Plan
E. FLAMINGO RD. TUSCANY CASINO DR. TUSCANY
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 10 Property Description (con’t)
Property Photos
The ±5.68 acres, with only the current structure built on around half that, offers a prime redevelopment opportunity with previous plans for site development approved by Clark County Department of Comprehensive Planning and Land Use Planning. The approved plans for the site included expansion of the gaming enterprise district for a new resort hotel, 794 rooms, 261 feet total building height (26 stories), ±100,462 SF gaming area, ±48,130 SF public space (restaurants, retail sales, spa area and other accessory use), ±39,117 SF convention center facilities and ±36,479 SF back-of-house area.
All previously approved plans and special-use permits are subject to re-approval as they expired in June 2018.
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 11 Property Description (con’t)
This map is for assessment use only and does NOT represent a survey. ASSESSOR'S PARCELS - CLARK CO., NV. SEC. MAP
BOOK T21S R61E 21 N 2 NE 4 162-21-5 Michele W. Shafe - Assessor No liability is assumed for the accuracy of the data deliniated herein. 8 4 8 4 Assessor Parcel Map PARCEL BOUNDARY CONDOMINIUM UNIT 001 ROAD PARCEL NUMBER 6 5 4 3 2 1 Information on roads and other non-assessed parcels may be obtained 138 139 140 5 1 5 1 from the Road Document Listing in the Assessor's Office. SUB BOUNDARY AIR SPACE PCL 001 PARCEL NUMER 7 8 9 10 11 12 PM/LD BOUNDARY ACREAGE 18 17 16 15 14 13 RIGHT OF WAY PCL 1.00 6 2 ROAD EASEMENT 2 6 163 162 161 19 20 21 22 23 24 This map is compiled from official records, including surveys and deeds, MATCH / LEADER LINE SUB-SURFACE PCL 202 PARCEL SUB/SEQ NUMBER but only containsThis map the is informationfor assessment required use only for andassessment. does NOT representSee the a survey. ASSESSOR'S PARCELS - CLARK CO., NV. 30 29 28 27 26 25 7 3 7 3 SEC. HISTORIC LOT LINE PB 24-45 PLAT RECORDING NUMBER MAP BOOK NOTES T21S R61E 21 N 2 NE 4 162-21-5 recorded documents for more detailed legal information. Michele W. Shafe - Assessor 176 177 178 31 32 33 34 35 36 No liability is assumed for the accuracy of the data deliniated herein. HISTORIC SUB BOUNDARY 5 BLOCK NUMBER 8 48 4 8 4 8 4 USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL HISTORICPARCEL PM/LD BOUNDARY BOUNDARY CONDOMINIUM UNIT 001 ROAD PARCEL NUMBER 6 5 4 3 2 1 Information on roads and other non-assessed parcels may be obtained MAP LEGEND 5 LOT NUMBER 138 139 140 5 1 5 1 SECTIONSUB BOUNDARY LINE PARCEL NUMER 121110987 5 1 5 1 0 100 from200 the Road Document400 Listing in the Assessor's600 Office. 800 AIR SPACE PCL 001GL5 GOV. LOT NUMBER Scale: 1" = 200' Rev: 12/11/2015 PM/LD BOUNDARY ACREAGE 18 17 16 15 1314 RIGHT OF WAY PCL 1.00 6 2 ROAD EASEMENT 162 161 2 6 40 163 19 23222120 24 803 This map is compiled from official records, including surveys and deeds, MATCH / LEADER LINE SUB-SURFACE PCL PARCEL SUB/SEQ NUMBER LEASE 813 202 42.53 30 29 28 27 26 25 7 3 7 3 003 but only contains the information required for assessment. See the HISTORIC LOT LINE PB 24-45 PLAT RECORDING NUMBER 012
NOTES PB 86-76 001 31 3635343332 020 021
35 151
recorded documents for more detailed legal information. 176 177 178 151 35 HISTORIC SUB BOUNDARY BLOCK108.63 NUMBER 1.51 8 4 0.17 105.82 0.8 4 8 0.84 40 USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL HISTORIC PM/LDPT1 BOUNDARY 5 PT1 126.59
MAP LEGEND 220 80 5 LOT NUMBER PT1
293.64 41.94 PT1 80 4 20 SECTION LINE 211.18 5 51 1PT1 LEASE 1 422.80 PT1 0 100 200 400 600 800. 337 GL5 GOV. LOT NUMBER Scale: 1" = 200' Rev: 12/11/2015 6 232.06
94.46 007 3 541.7 242.92 72.58
160 006 PM 107-85
4
03.02 .18 541.7 4 1 0.19 005 242.92 > 40 1 72.58 1.89 . 003 LEASE 6 803 101 127
001 LEASE 127 3 501 0.9 813 004 102.9 002 42.53 R=00334 PB0.98 86-76 012 003
88.74 001 126.99 020 021 004 16.86 40 35 619.23 R=30 LEASE 1.56 151
151
35
R=30 126.99 306.65 LEASE 108.63 1.51 0.94 63.72 R=25 40 0.17 PT1 PT1 315.57 R=25 105.82 0.8 0.84 0.67 33 34.5 002 PT1 PT1 130.08 R=25PT1 LEASE PT 162- 220 513.1 502 LEASE 126.59 80 PT1
293.64 41.94 PT1 80 4 20 211.18 324.34 PT1 LEASE 40 40 LEASE 1 PT1 422.80 38.08 . 337 174.29 22-101-002 6 003 232.06
94.46 007 3 541.7 242.92 72.58
160 006 PM 107-85 541.7 4 103.02 0.19 005 242.92 > 1 005 72.58 1.89 . 003
40 007
6 101.18
127 006001 50 LEASE 127 FLAMINGO RD 3 501 0.9 102.94 002 R=34 008 0.98 004 003 40
40 88.74 010 126.99 004 40 40 3 619.23 16.86 R=30 LEASE 1.56 3 012 40 R=30 126.99 1.7 021 011 306.65 LEASE PB 8-18 50 0.94 63.72 R=25 6 1 PT1 PT1 315.57 R=25 0.67 33 PT1 R=25 34.5 PLATINUM002 .76 150 112.94 52.82 022 510 130.08 LEASE 009 PT 162- 139.40 94.03 513.1 502 LEASE 40 30.77 54.5 75.22 013 324.34 LEASE 40 40 023 249.36 208.39 174.29 38.08 22-101-002 001 RESORT R=54 60003 323.57 014 010
045 L=147.27 60.61 170 CONDOMINIUMS 005
100
0.58 79.53 40
007 109.75 006 50 PB 129-18 008 FLAMINGO RD
5 40 010 40 40 3 70.88 3 012 40 1. 021 011 PB 8-18 50 160 76 1 FLAMINGO 20 PLATINUM .76 150 112.94 E. FLAMINGO52.82 RD. 022 510 009 139.40 94.03 75.22 30.77 54.590.28 246 40
511 173.2 249.36 013 DR. 023 See001 Condo ListRESORT Page PARKR=54 60 208.39 323.57 014 010
003 045 L=147.27
90
90 60.61
170 CONDOMINIUMS 72.67
100 NO 1 60.25 0.58 79.53 6 0.33 100 109.75 033 40 PB 129-18 5 160 "A" 70.88 PM 86-6 PM 96-27 30 150 160 FLAMINGO 20
90.28 246
511 173.2 004 See Condo List Page PARK
100 003
100
90 90 94.78
0.34 72.67
NO 1 6 60.25 40 0.33 100 001 012 014 033 568.97 004 150 160 576.06
PM 86-6 550 "A" TUSCANY CASINO 3.4 2.28 PM 96-27 3.3 4.85 30 150360 456.33 50.99 17.21 004
283.51 100 503 0.34 100 94.78 001 012 014 150 568.97 004 010 576.06
3.4 550 200 2.28 5043.3 4.85
360
200 988.50 1.65 456.33 50.99 17.21 1 283.51 012503 978.47
236.78 54.72 14.6 014
KOVAL LN KOVAL 010
200 9.49 015 504 200 59.48 1.65 988.50 2.03 1
012 978.47 014 2 236.78 3 1 54.72 14.6 301.65 122.08 185.18 450 KOVAL LN KOVAL 9.49 015 476.95 581.93 015 2.03 59.48 2 3 1 011 301.65 122.08 THE HARD185.18 ROCK HOTEL/CASINO450 199.48 015 2.48 476.95 PB 138-49 581.93 002 001
THE HARD ROCK HOTEL/CASINO 199.48 011 4.1 3.9 122.43 PB 138-49512 255.79 2.48 4 6 0 001 . 7 002 1 4.1 3.9 122.43 024 360 512 255.79
4 424.38 6 0 FLAMINGO
455 . 016 7 1 449.96 TUSCANY CASINO DR PARK 024 360 76 038
007 16 FLAMINGONO 1 424.38 455 140 016 277.13 1.16 449.96 TUSCANY CASINO DR PARK 018 76 510038039 003 R=20 007 76 024 16 177
PB 8-18 177 60 NO 1
140 650.20 277.13 1.16 139.42 17 PT 1 PT 1 PT 1 2.98 40 30 30 018 019 017 510 039 040 003 R=20 76
30 024 020 62.79 177 PB 8-18 86.33 177 > 60 76 30 650.20 312.01 139.42 PT 1 132.02 2.98 101.23
002 ROCHELLE AVE 65.04 17 PT 1 PT 1 003 30 30 190.06 005 100 003 443.82 40 30 019 004 017 04018 152.18 215.06 190.06 020 30 62.79 > 86.33 207.53 76 30 60.04 112.86 312.01 132.02 60.04 100 86.81 20 011 101.23
002 ROCHELLE AVE 65.04002 76 THE HARD ROCK 003 64.45 30 FLAMINGO 190.06 100 2 005 0033 18 152.18 443.82 215.06 190.06 004 53613
05:820 19 60.04 207.53 112.86 001 2 .15 011 007 60.04 100002 86.81 20 010 THE HARDHOTEL/CASINO ROCK 64.45 3 141.6 76 2 FLAMINGO PARK NO 1 53.15613 601 001 2 19 010 007 178.05 141.6 PARK NO 1 HOTEL/CASINO 601 TAX178.05 DIST 470
199712 VAC
TAX DIST 470 VAC 19971205:820 VAC
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 12 Las Vegas Overview
WHY LAS VEGAS? CHOOSE LAS VEGAS
#1 State in the West With a probusiness environment, low cost of living and high quality of life, Nevada ranks as the top state to do business in the western U.S. #1 Trade Show 147,238 Hotel Destination Rooms in 2018 Trade Show News Network Las Vegas Convention and Visitors Authority Most Entrepreneur-Friendly State According to a 2017 review by the nonpartisan SBE Council, Nevada ranked number one as the most friendly state for entrepreneurs.
42,116,800 Million Top State for Visitors in 2018 Economic Growth Potential Las Vegas Convention and Visitors Authority Business Facilities (2018) Reach 60 Million Customers Strategically located within a one day drive of 10 major U.S. cities and Mexico. That is in reach of 60 million potential customers.
Most Secure Area in U.S. 2nd Busiest Origination & Best Economic Health According to FEMA, southern Nevada is the least Destination Airport in U.S. Ranking in the U.S. likely region in the United States to experience a McCarran Airport Annual Report (2017) Forbes American Dream Index (2017) natural disaster.
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 13 Las Vegas Overview (con’t)
POPULATION
UNITED STATES 2018 Total Population 2023 Total Population 330,088,668 343,954,683 2018 Median Age 2023 Median Age 38.3 39.0
NEVADA 2018 Total Population 2023 Total Population 3,025,735 3,273,446 2018 Median Age 2023 Median Age 37.5 37.7
CLARK COUNTY, NV 2018 Total Population 2023 Total Population 2,209,677 2,410,174 2018 Median Age 2023 Median Age 36.8 36.9
Source: (STDB) Site to do Business
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 14 Las Vegas Overview (con’t)
2017 TOP EMPLOYERS
53,157 30,000 14,000 12,000 Employees Employees Employees Employees Hotel-Casino Hotel-Casino Hotel-Casino Hotel-Casino
11,700 8,600 7,463 5,250 Employees Employees Employees Employees Hotel-Casino Hotel-Casino Health Care Fast Food
5,008 4,808 Employees Employees Hotel-Casino Health Care
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 15 Las Vegas Overview (con’t)
FUTURE SPORTS CAPITAL OF THE WORLD Raiders Stadium - $1.9 Billion Raiders Corporate Headquarters 62-acres west of the Strip | Debut 2020 320,000 SF Practice Facility | Debut Spring 2020
T-Mobile Arena - Home to the Vegas Golden Knights Las Vegas Ballpark - $150 Million Highest grossing arena in the world | 20,000 Seating Capacity 10,000 Seating Capacity | Debut April 2019
Vegas Golden Knights Practice Facility UFC Corporate Headquarters
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 16 Las Vegas Overview (con’t)
TRANSPORTATION & HIGHER EDUCATION
McCarran International Airport • 2018 welcomed 49.7 Million passengers - Record High • 2nd busiest origination & destination (O&D) airport in the U.S. (more travelers begin or end their trips in Las Vegas) • Ranked 8th busiest airport in North America in terms of passenger traffic - 2017 • Ranked 26th busiest airport worldwide in terms of passenger traffic - 2017 • Nominated the last seven (7) years in World Travel Awards
College of Southern Nevada (CSN) • Enrollment of approximately 33,900 • 7th largest community college in the United States • Largest and most ethnically diverse college in Nevada • Continuously accredited by the Northwest Commission on Colleges and Universities since 1975
University of Nevada - Las Vegas (UNLV) • Enrollment of over 30,450 with over 200 programs • The William F. Harrah College of Hotel Administration consistently ranks among the top hospitality programs in the country • William S. Boyd School of Law is ranked 59th of 194 accredited law schools in the U.S. & Boyd’s lawyering process program is ranked 1st in the nation for legal writing programs • UNLV School of Dental Medicine’s DDS program is accredited by the Commission on Dental Accreditation
UNLV School of Medicine • Full-scale, four-year medical school offering an MD program in emergency medicine, family medicine & pediatrics, surgery, and more. • Serves as the core infrastructure for the entire medical community • Project is estimated at over $230 Million (2022 Completion) • Project consists of two buildings over 230,000 square feet on 9.11 acres
www.unlv.edu/medicine
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 17 Las Vegas Overview (con’t)
$15.2 Billion in New 2 1 4 Capital 9 Investment 10 is Driving 3 Growth 8 5 6
1. Resorts World Las Vegas - $4.0 Billion 2. The Drew (Former Fontainebleau) - $3.0 Billion
• $4 billion Strip resort project with a heavy Asian theme began • The Drew is comprised of three hotels inclusive of 24 restaurants construction in 2017. and 95,000 square feet of gaming. • Resorts World, developed by the Genting Group, is being • The $3 billion hotel will have ±3,800 rooms and 500,000 square built at the former site of the Stardust and Echelon. feet of convention and meeting space. • Genting, which bought the site from Boyd in 2013 for $350 • This project is expected to create approximately 11,000 jobs million, will be using the partially constructed Echelon in Nevada, comprised of 3,500 construction jobs and 7,000 structures for this property. permanent jobs. • With a projected opening set for 2020, the initial phase will • Heavy construction should begin by July 2019 with a 2020 debut. have 3,100 rooms, a 100,000-square-foot casino, shops and restaurants spread across its 88-acre site.
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 18 Las Vegas Overview (con’t)
3. Las Vegas Stadium - $1.9 Billion 4. Convention Center Expansion - $1.4 Billion
• The Oakland Raiders will move to Las Vegas for the 2020 NFL • Las Vegas Convention Center will be renovated and season. expanded into a $1.4 billion Las Vegas Global Business District. • The groundbreaking ceremony took place in November 2017 • Planned in four phases, new facilities will replace the 26-acre for a new $1.9 billion stadium just west of the Strip. Riviera Hotel site, adding ±1.4 million square-feet of exhibit and • The venue’s horse-shoe shape, designed by Manica meeting space. Architecture, would accommodate 65,000 spectators, 8,000 • Phase Two of the project is projected to be completed in cars, tailgating amenities and mixed-use commercial facilities. 2020. • The design shows a retractable natural turf field. • Expected to draw an additional 600,000 visitors a year, drive • This venue would also allow Las Vegas to host the annual $2.1 billion in economic activity during construction and have Super Bowl. an annual economic impact of $810 million when finished. 5. Union Village - $1.2 Billion 6. Switch - $1 Billion
• Union Village will be the first Integrated Health Village in the • Switch is a globally recognized leader in future-proof data world, and is listed as the largest healthcare building project in center design, superscale cloud, unparalleled telecom the United States. gateways and energy sustainability. • The $1.2 billion dollar, 155-acre planned development not only • Its Southern Nevada expansion includes a $1 billion data covers healthcare, but retail, entertainment, and senior living storage site on 200 acres near its two existing data storage as well. facilities at South Jones Boulevard and the 215 Beltway. • Approximately 355,000 square feet have been completed, • Idea to link 50 million people within 14 milliseconds of data totaling $300 million in work, with another 476,000 square feet hosted at each of the company’s data hubs via a superloop to be under construction soon. of fiber optic cable connecting its Reno and Las Vegas supernaps sites, with a planned facilities in LA and SF.
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 19 Las Vegas Overview (con’t)
7. Project Neon - $1 Billion 8. Extreme Sports Park - $800 Million
• Project Neon is the largest public works project in Nevada • Josh Kearney’s $800M extreme sports park called The Edge history. received county approval in 2017. • $1 billion effort to redesign and widen Interstate 15 from the • 130-acre at the SEC of Las Vegas Boulevard and Sunset Road, U.S. Highway 95 interchange to Sahara Avenue by July 2019. adjacent to Town Square Las Vegas, a 1.2M SF class A open • Currently this road is the busiest stretch of highway in Nevada air shopping, dining, office and entertainment center. with 300,000 vehicles daily. Traffic through the corridor is • The Park is expected to have surfing/wake boarding/rock expected to double by 2035. climbing/mountain biking/indoor skydiving/bungee jumping/zip lines and a 15-story, 640 room hotel with a casino, convention space, restaurants and two rooftop pools. • Project will take approximately 2.5 years to complete.
9. Palms Renovation - $485 Million 10. Park MGM (Former Monte Carlo) - $450 Million
• Station Casinos will enhance nearly every feature of the resort • A transformation occurring in Las Vegas is the conversion of by investing $485 million in improvements. the Monte Carlo into two hotels: a 2,700-room luxury resort • Plans include redesigned/renovated hotel rooms, 60 new Park MGM and a 292-room hotel NoMad Las Vegas. hotel rooms, 29,000 square foot nightclub, new 73,000 square • This $450 million makeover is projected to be completed by foot pool club, several celebrity chef restaurants, new spa, the end of 2018. meeting/convention space, new covered parking spaces, • The new resort will feature two hotels, redesigned rooms, an refresh of the Pearl Theater, renovated casino floor, and a new Italian market Eataly with cafes, walk-up counters and dine-in front desk registration area to name a few. restaurants. • First phase underway and the second phase is expected to be • The properties will have amenities such as dining and casinos completed by early 2019. as well as a 5,300-seat theater at the Park MGM.
OFFERING MEMORANDUM: PRIME REDEVELOPMENT OPPORTUNITY 20 Anders Graciano Cathy Jones, CPA, SIOR, CCIM Senior Associate CEO P (702) 968-7336 P (702) 968-7320 [email protected] [email protected]