The assemblage includes the 25-acre Ramblas property and the adjoining 25 acres on which it has been preparing to develop W Las Vegas in partnership with Starwood Hotels & Resorts Worldwide. The two properties are slated for a combined 6,600 hotel and condominium units plus a casino, restaurants and shopping, which puts it on par with multi-billion endeavors such as Boyd Gaming's Eschelon Place and MGM's Project CityCenter.

While those two projects are on the Strip, the Edge property is in an area known as the Harmon Corridor, a 1.2-mile stretch of the road between the Strip (Las Vegas Boulevard) and Paradise Road. MGM's project is under construction at Harmon and the Strip. At the other end is the Hard Rock Hotel & Casino, which Morgans Hotel Group is preparing to expand. Nothing of significance currently exists between those two projects.

"Though it has yet to happen, clearly the Harmon Corridor is poised for significant redevelopment," says Brian Gordon, a principal with Applied Analysis, a locally based financial advisory and economic consulting company that tracks the commercial real estate market.