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Value with permits is 45MM. This project, will be Las Vegas' most unique lux condo/hotel project. This project will blend the stylish beauty of a South Florida development, with all of the upscale glamour & style unique to Las Vegas. This project has recently been granted full zoning approval to construct a 550' foot tall, 592 unit high rise structure, which will offer units for sale taking advantage of the growing trend in the condo/hotel market. The rising cost & decreased availability of hotel rms in Las Vegas has spawned a recent rise in the interest & viability of the condo/hotel market. Average room rates on weekends at most of the popular hotels exceed 200 per night, yet it is still increasingly difficult to secure lodgings. The Vue is a condo/hotel that has been approved for 592 units, probably will be layed out for 465. This is a proven formula w/ the recent success of Trump's latest development, Trump Towers Las Vegas, as well as the MGM Residences by Kerkorian's MGM/Mirage Corp. Both of these projects sold out in a record time w/ a blended retail value ratio of 1,100-1,300 per square foot. These & Maloof's Palms project are the only condo/hotel projects in Las Vegas |
