To offset the higher prices, expect more units per acre, Gordon says. "These price points are setting a new standard," he says. "Increased density is clearly going to be necessary to generate the returns necessary given the relative land basis."

When Edge acquired the Ramblas property, Edge group president Adam Frank said there has been a lot of excitement surrounding the redevelopment of the Harmon Corridor and that by acquiring the additional acreage there it would be able to control the experience there. "We believe to create a great experience you really have to master plan whole area to give it an identity and a character while still having enough breadth of product to appeal to different segments of the market," he said.

The plan at that time was to complement W Las Vegas by developing the Ramblas site with a large central casino and retail hub surrounded by a number of different hotel brands that spill into the hub. In addition, Frank said the master plan would include pedestrian connections between the two developments and possibly with the Hard Rock as well.

The name of the buyer of the Edge property was not available Monday morning. The would-be buyer of the New Frontier property is said to be New York City-based El Ad Properties, which is the US real estate arm of Israeli billionaire Yitzhak Tshuva. The company has not returned a phone call seeking comment.