Las Vegas Blvd. & Garces

Las Vegas Blvd. & Garces Proudly Presented By: Schifano & Associates Property Highlights • Las Vegas Blvd & Garces • LVB Frontage • .72 +/- acres • APN 139-34-311-140, 141, 142, 143 • C-2 Suitable for high-rise condominiums • Minutes away from Gaming District • Located in the heart of the Downtown Las Vegas Redevelopment Corridor Exclusively Offered at $6,500,000 Downtown Overview Downtown Las Vegas is currently undergoing major revitalization and has quickly become the destination for Urban Development. Once seen as debilitated, downtown is now being recognized as opportunity, promise and the jewel of the city. With more than 3,300 acres designated for redevelopment, the City of Las Vegas has put together an aggressive plan to revitalize downtown into a unified, pedestrian-friendly destination. The city has adopted “The Centennial Plan” to establish fundamental planning, development and land use guidelines to insure an urban design to transform downtown into a cultural, commercial, and residential mecca. To attract developers to downtown, the city has set minimal restrictions on new developments. It has been made clear that issues such as height, density, setbacks, and parking requirements are all negotiable. The city has even created a “fast track” team to provide developers with a well-organized, understandable and expedient process to get projects underway quickly and efficiently. The efforts set forth by the city have generated great dividends. Downtown is already feeling an increase in traffic stemming from tourists, residents and business people taking advantage of the new employment and residential opportunities, accessibility, and the unique urban lifestyle. As part of the strategy to redevelop the urban core of downtown, the City has designated distinct districts within its Redevelopment Corridor The Art District is being established as a live/work environment that is integrated with unique amenities such as galleries, artistic shops, boutiques, studios, coffee houses and lounges. With several residential loft projects being developed around the area, the Art District Corridor will soon become a dynamic, rich, urban environment, comparable to Soho in New York City. The Office District has also gone through a tremendous amount of growth in the past few years. The Lloyd George Federal Court House, newly renovated Federal Building, the City Center Place, which consists of 100,000 sq. ft. of Class A offices, and the new Regional Justice Center soon to be open, have become the anchors for the revitalizing of the downtown business and financial corridor. The Casino District is the home of the historic downtown casinos. With Barrick Gaming making several acquisitions and other major casinos, such as Golden Nugget, Fitzgerald, the Lady Luck and the Four Queens, all recently sold, expansions and renovations will most likely reposition Downtown Las Vegas as a major force in the gaming market. The centerpiece of this gaming corridor is The Fremont Street Experience. The 1,500-foot long, 90-foot high space frame is a must-see attraction that draws in over 25,000 spectators nightly - over 9 million per year. The Entertainment District was established to create an area specifically for non-gaming entertainment. The vision is to attract a pedestrian - friendly collection of blues and jazz nightclubs, comedy clubs, restaurants and bars. This will rehabilitate the old commercial center into a vibrant entertainment district like Bourbon Street in New Orleans or the Gas Lamp District in San Diego “Our downtown area is becoming the core of our city with the emergence of new high quality office buildings, parks, plazas, street lined with trees and arcades, restaurants catering to both business and evening activity patrons, hotels, the “historic” casinos, entertainment, shopping, museums, and perhaps most importantly residential communities and neighborhoods; the Downtown Las Vegas will generate economic vitality and make it a safe and pleasant place to live, work and play.” – Mayor Goodman. News Resorts World Las Vegas took a big step forward today when Nevada gaming officials gave a key regulatory approval to the $4 billion project. The Nevada Gaming Commission unanimously signed off on a series of applications from Genting Group, the Malaysian company that’s developing the resort on the north end of the Las Vegas Strip. The approvals given to Genting, which received the blessing of the Gaming Control Board two weeks ago, included findings of suitability for various executives and corporate entities. They mark the most significant public progress on the project since it held an elaborate ceremonial groundbreaking a year ago. Construction of the Chinese-themed Resorts World should start in earnest sometime in the last three months of this year, with site activity beginning to ramp up this summer. The resort is expected to be finished in early 2019. Resorts World was previously expected to open in 2018. Gerald Gardner, the project’s general counsel, said Genting officials have been focused on improving and refining their plans. He has said previously that issues with the Chinese economy and Malaysian currency impacted the timeline. “This is an extremely deliberative and thorough company when it comes to evaluating markets, when it comes to getting it right in terms of design and construction,” Gardner said today. When it opens, Resorts World plans to offer a hotel with more than 3,000 rooms, a 150,000-square-foot casino and a nightclub, among other features. One element highlighted today by Gardner was a “celestial sphere” feature in the front entrance atrium that will be able to display selfies from guests. The area will also include a Chinese garden, Gardner said. Gardner, a former chief of staff to Gov. Brian Sandoval, said Resorts World intends to attract a large number of Chinese customers but indicated it should be well positioned toward domestic patrons as well. The resort will create about 5,000 direct construction jobs and will have some 3,000 employees when it opens, Gardner said. Resorts World is being built on the site where the Stardust stood until it was imploded. Boyd Gaming Corp. started to develop a new resort there called Echelon but abandoned the project amid the recession. Genting is using partially built Echelon structures to build Resorts World. By J.D. Morris (contact) Vegas Inc. A deal is on the table for an entrepreneur to acquire the mothballed Fontainebleau casino project on the Strip, and it could be sold by the end of the summer, according to a brokerage firm handling its sale. “There’s still some work that has to be done, but there’s a real deal on the table for sure and they have started their due diligence,” said John Knott, executive vice president of CBRE Las Vegas, which listed the property in November for billionaire corporate raider Carl Icahn. “We’re hopeful it gets done and have something to announce soon. These are real players who have spent a lot of time on the deal, and if their efforts go for naught, it’s very expensive.” Knott wouldn’t say much about the potential buyer and where they’re from, except to say it’s a entrepreneur who has a “presence” in the gaming industry. There’s also financial entity involved which Knott called “impeccable.” The potential buyer has been interested in the property since it was listed in November, Knott said. Reports in January suggested a deal may happen within 60 days, but it’s taken longer. “The buyer who’s taking the lead on this is an entrepreneur but to be able to be successful, we required him to go through certain hurdles to demonstrate they have the financial capacity,” Knott said. “That means a money partner supporting them and that has evolved in the last two months. He has a capital partner. He has a gaming partner, and he has a hotel partner.” Icahn bought the property out of bankruptcy in January 2010 for $150 million and listed it for $650 million. Knott said the proposed sale is for “around the full price.” The initial plans for the project called for 3,875 hotel rooms and condominiums. Construction on the 730-foot building began in 2007, with an estimated completion price of $3 billion. Its original developers, Fontainebleau Resorts of Miami, spent $2 billion and two years on the project before the economy crashed. When the global banking crisis hit in 2008, Bank of America and JP Morgan Chase canceled $770 million in loans in April 2009. With the project 70 percent complete, the developers filed for Chapter 11 bankruptcy two months later. Knott said he expects the project to go forward in a similar fashion to its design. He’s suggested it could cost about $1.2 billion to finish the project, and it would take two years to finish the tower. When it went on the market, CBRE said it marketed the property to both existing gaming companies and investors from Asia and other countries. CBRE said it has shown the property to a couple of dozen people interested in it, but Knott said it’s a difficult proposition for people to meet the asking price and have the capital to finish the construction. There’s not a lot of ready capital for development in Las Vegas unless it’s a company like MGM Resorts, he said “Why we don’t have a deal done is a question mark mostly because we didn’t have a large gaming company that says we want to have that asset,” Knott said. “People are saying until we have the supply sided figured out of what we need, we’re not going to take on new development. You have to compete with the Forum Shops and the rest of the things out there.” John DeCree, director and head of North America research for Union Gaming, said he hasn’t heard a lot about a potential sale, except there hasn’t been interest from gaming companies in Las Vegas, especially for that price.

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