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Quick Flip Likely for Weststate Parcel

LAS VEGAS-One of the three partners that acquired the 63-acre gaming-entitled site earlier this year tells GlobeSt.com that the ownership group is "exploring selling the property," which is now worth exponentially more.

By Brian K. Miller | Updated on July 04, 2006

LAS VEGAS-The new owners of the 63-acre Weststate parcel across Interstate 15 from Mandalay Bay and the Luxor are looking to flip the gaming-entitled property for a huge profit. Adam Frank, president of Edge Group, a one-third owner of the land, tells GlobeSt.com that all the partners thought it was the right time to explore selling the property, which they picked up for a few million per acre.

“We just recently closed on the property but the price was locked in one-and-a-half years ago, and we all know what’s happened to land prices in Vegas, especially for gaming-entitled land,” says Frank. “Aztar’s property (on the Strip) went for $30-million an acre; I don’t think it’s a $30-million-per-acre property, but it’s certainly worth a lot more than we paid for it.”

The Weststate property, which sits north of Russell Road, is visible from I-15 and would have views of the Strip similar to Mandalay Bay. The site is zoned for casino-hotels and could hold as much as 10 million sf of built space.

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