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$15M-Plus Buys 10 Acres on Las Vegas Boulevard

LAS VEGAS-With images of multiple condominium towers dancing in their heads, a group of metropolitan Detroit real estate investors acquires an operating hotel property at the northwest corner of South Las Vegas Boulevard and Agate, a few miles south of McCarran International Airport.

By Brian K. Miller | Updated on July 27, 2005

LAS VEGAS-A 10-acre parcel on South Las Vegas Boulevard here has changed hands for $15.5 million. A group of metropolitan Detroit real estate investors with tentative plans to demolish the operating hotel on the property and replace it with four condominium towers of at least 125 units each.The site sits on the northwest corner of South Las Vegas Boulevard and Agate, three miles south of McCarran International Airport. The investment group, Leading Edge Properties LLC, includes the principals of Broder & Sachse Real Estate Services Inc., a Birmingham, MI-based commercial, residential and industrial property management and development company; members of M Group Inc., a private venture and equity firm; and Joel Schwartz.Investment group principal Richard Broder says profits from the operating hotel will help to offset the carrying costs of the property during the project planning and permitting, which are underway. If the group moves forward with the project, Broder says tentative plans are for units of between 900 sf to 1,200 sf. The expected user is people who already live and work in Las Vegas.If it does not move forward, Broder tells GlobeSt.com the property is zoned such that any number of developments could occur, including another, larger hotel, a condotel, a casino. “The zoning is wide open and dense.”"The Las Vegas condo project is part of a larger, long-term Broder & Sachse strategy to diversify geographically and by product type,” says Broder. “We plan future acquisitions and developments in other growing markets nationwide.”

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