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100 Acres Bordering Stratosphere on the Market

LAS VEGAS-Broker and property owner Larry Wright forms the Naked City Property Owners Alliance and seeks offers for what could be a $1-billion transaction.

By Brian K. Miller | Updated on June 09, 2008

LAS VEGAS-Larry Wright has an exit strategy for himself and many of his neighbors in an area of Las Vegas known as Naked City. Wright, a broker-salesman with Keller Williams Realty-SW has united as Naked City Property Owners Alliance the owners of some 90 properties totaling 100 acres to the north, south and west of the Stratosphere resort, beginning with the northwest corner of Las Vegas Boulevard and Sahara Avenue. His goal is to broker the sale of the properties, including his own, to one buyer by the end of the year for at least $1 billion.

The POA’s ownership appears to include most of the properties in the area bound by Sahara on the south, Las Vegas Boulevard and Main Street on the east, Wyoming on the north and Industrial on the west. The properties host industrial and commercial properties, many multifamily developments and a few single-family homes. Wright’s property is a residential cooperative. Other properties in the area also are on the market through other channels, and some properties are not on the market at this time.

Given the September 2007 sale of 40 acres immediately across Sahara (top of the photo) for $20 million per acre to MGM, Wright figures the 100 acres the Naked City POA represents as a whole is worth at least $15 million an acre, though admits that a $10-million-per-acre offer likely would snare 90% of the POA. “I’m 66 and some of us (in the POA) are in our 70s. I know only a couple of young owners.” Wright says. “Most of us are at retirement age and would like to sell out. It is a great opportunity for someone like Steve Wynn or Sheldon Adelson or someone from Dubai.”

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