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Close-In Five-Acre Assemblage Up for Grabs

LAS VEGAS-Three different ownership groups are looking to sell as one their six contiguous parcels. The acreage, abutting Interstate 15, could fetch $6 million per acre.

By Brian K. Miller | Updated on October 09, 2007

LAS VEGAS-A 4.9-acre land assemblage here abutting the west side of Interstate 15 about two miles west of the Las Vegas Strip is coming to market. The three different ownership groups are looking to sell as one their six contiguous parcels along Westwood Drive for $29.22 million, or just under $6 million per acre.

The properties are part of the Clark County Mixed Use Overlay District, which allows for development of high-rise projects with no height limits with a special use permit and allows for greater than 50 units per acre. Marcus & Millichap’s Tom Hedgecock, who is marketing the assemblage with M&M investment specialist Robert Butler, tells GlobeSt.com the property could support two million sf of residential, retail and office development with 25% site coverage given a 50-story building.

“There’s also another five acres on the market immediately south of this assemblage; I think eventually somebody will want it all,” Hedgecock says. “We have had contractors agree to build it and people that would finance the entire project. We just need an entrepreneur-developer that would put the whole thing together.”

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