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.
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Brett Torino and Paul Kanavos have already teamed up to build retail projects in the heart of the casino corridor.
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.
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.
The proposal marks yet another new venture for Water Street, a once-sleepy corridor that city officials have long sought to revitalize.