S. Lawrence Davis, who left Emmes & Co. to form SDS Investments with Alex and Tamir Sapir and Robert Ivanhoe, chair of the New York City office of GeenbergTraurig, tells GlobeSt.com that most of the 20 or so parcels were tied up in 2005 and acquired between late 2006 and early 2008. According to Clark County records, the group paid approximately $358 million (not including taxes and commissions) for approximately 109.3 acres, which works out to approximately $3.3 million per acre.

Davis tells GlobeSt.com he believes there has been "substantial price appreciation since tying this up" and that the investor group is "very, very happy" with its basis in the land "relative to what we believe market value is." That having been said, Davis emphasizes that while there are no near-term plans for the property and no development time line, the group does not see itself as a land speculator. "We bought it with the intention of developing it with a large, multi-use commercial development," he says.

How large? Well, MGM Mirage's Project CityCenter, which sits on 76 acres and has the same zoning as the bulk of the SDS'110-acre assemblage, will have about 18.5 million sf of built space when it opens next year. Assuming the airport-related height restrictions are similar as well, the potential is for more than 25 million sf, and that's if the assemblage doesn't grow. There are plus-66-acre parcels immediately north and south of the SDS assemblage controlled by single owners that could expand the assemblage to 240 acres. "It has crossed our minds," Davis says.