Las Vegas’ famed casino corridor is a highly lucrative and competitive tourism market, where massive resorts offer extensive and ever-changing menus of amenities.
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One side of the street has massive resorts, but the other side has low-slung motel buildings, a boarded-up tavern and a never-finished Ferris wheel project.
Brett Torino and Paul Kanavos have already teamed up to build retail projects in the heart of the casino corridor.
Strada Development Group has filed plans for a 22-story project in downtown Henderson.
According to Las Vegas city records last year, the one-story project will span more than 21,000 square feet and sit on a 5-acre plot of land.
A recent deal at almost $6 million per-acre didn’t even come close to a sale up the street.
Some Amazon buildings in North Las Vegas all sold a year or so after they were built, and prices have skyrocketed.
The property owners are seeking $7 million an acre, or $182 million total, for the spread near Mandalay Bay.
Over the past year or so, Las Vegas has seen a rising tally of sales and construction plans involving vacant land, retail properties and hotels on or near its famed casino corridor.
Las Vegas real estate investor Steve Siegel is perhaps best known for his portfolio of low-priced apartment complexes bearing his name, but now he is the Strip’s newest landowner.