Las Vegas developer reached $80M deal for Strip parcel
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Las Vegas developer reached $80M deal for Strip parcel. Brett Torino has plans to build a 200,000-square-foot retail complex. Torin and Flag Luxury Group acquired 2 acres at the southwest corner of Las Vegas Boulevard and Harmon Avenue for $ 80M. The sale closed June 8. The developer expects to open the project by September 2022. He and his boss Paul Kanavos were both 63 years old when they named it Project63.
MGM and Dubai group designed the CityCenter complex hand in hand with the developer. They wanted to make sure that what is on their doorstep was complementary to the rest of the facility.
The deal for the vacant property on the Strip was around $40 million an acre. It's not usable, but it's part of a massive complex. It is one of the most competitive real estate markets in the world. Las Vegas developer reached $80 million deal with MGM for Strip parcel. The deal includes infrastructure on ground level.
Project63 will have 5,000 to 6,00 square feet of retail space and two big LED screens. Listing broker Michael Parks says the project will be able to leverage its national customers and run advertising parallel to the screens at Harmon Corner.
Las Vegas developer reached $80M deal for Strip parcel.
Project63 is going to be an upgrade from Harmon Corner. It's 50% preleased already. The tenants are not yet confirmed.
Before the pandemic, brick-and-mortar retail was having a hard time around the country, including in Las Vegas. Retailers want flag opportunities on the Strip. The average Las Vegan customer is going to come here and spend those retail dollars. COVID didn't change it, but it shut it down for a while.
There was a huge construction on the Las Vegas Strip. It was beautiful in a surreal sense, but as a businessperson it wasn't very beautiful.
