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Developer Lists Klondike Site for Sale at $191M

LAS VEGAS-The 10.6-acre site at the south end of the Las Vegas Strip is approved for an 1,800-key resort hotel development.

By Brian K. Miller | Updated on May 18, 2008

LAS VEGAS-Royal Palm Communities of Boca Raton, FL, has put on hold its plans for an 1,800-room resort at the south end of the Las Vegas Strip. Royal Palm CEO Daniel Kodsi tells GlobeSt.com he has listed the 10.6-acre, two-parcel site for sale at $18 million per acre, or just under $191 million.

The properties back up to McCarran International Airport at 5191 Las Vegas Blvd. S., which is directly across from the famous “Welcome to Fabulous Las Vegas” sign. For 45 years, the southernmost parcel was home to the Klondike Hotel & Casino, which was demolished earlier this year. Royal Palm Las Vegas, a subsidiary of RPC, acquired the parcels in 2005 for a combined $65.75 million and proceeded to obtain the entitlements for Paramount Las Vegas, a luxury hotel and resort that includes 1,800-plus hotel rooms, 120,000 sf of convention and meeting space, an 80,000-sf casino, six to eight restaurants, 20,000 sf of specialty retail and a 1,200-seat theater.

“We had the whole thing ready to go; we had Taylor Construction lined up and were working with Credit Suisse when the market turned,” Kodsi says. “We are still talking to people about a possible JV but we had to put our plans on hold and take a parallel path by listing the property with Colliers International. We can’t keep carrying the land, we still have debt on it.”

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