Condos at Strip hotels can make future redevelopment challenging
Monday 08 de February 2021 / 03:22
⏱ 2 min read
(Las Vegas).- Las Vegas’ skyline has never been stable. In the ’90s and 2000s, the desert oasis-themed properties built during the city’s mob era were demolished to make room for bigger, more lavish properties.
Wynn Las Vegas replaced the Desert Inn, the Bellagio was built on the ashes of the Dunes, and The Venetian now offers gondola rides where the Sands once stood.
Demolition has been one of Las Vegas’ go-to methods for a refresh, but certain aspects of Las Vegas’ skyline today will be here to stay, thanks to a condominium trend that started in the 2000s. Real estate experts say the individually owned units inside the properties will make them difficult to tear down.
“Las Vegas does have a history of reinventing itself over the years. The market has seen a number of properties being torn down in an effort to replace it with something bigger, better and more innovative,” Applied Analysis partner Brian Gordon said. “For those locations that have these individually owned condominium units, that development alternative becomes much more challenging.”
‘Difficult to tear down’
A dozen-plus high-rise condo buildings are spread across the tourist corridor. Some — like Turnberry Towers and Juhl — are purely residential. Others are attached to hotels, like Palms, MGM Signature, Trump International, Vdara and Waldorf Astoria.
Gordon said the hotel-condo trend first took off in Las Vegas in the early- and mid-2000s, when land value and construction costs were soaring.
Developers needed to find a way to help finance their projects, and condos offered a simple solution. Properties could sell individual units to frequent travelers who agreed to put their unit back in the rental pool a certain number of times throughout the year.
“Costs were escalating, land values were elevated, and demand for Las Vegas amenities and resort properties was high,” Gordon said. The “for-sale condominium component (helped) fund that infrastructure."
Categoría:Casino
Tags: Sin tags
País: United States
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