The world’s largest commercial real estate services and investment firm, CBRE, has listed a 35 acre plot of prime real estate in Las Vegas for Crown Resorts Ltd.
Situated directly across from Wynn Las Vegas and Encore at Wynn Las Vegas Resorts, just north of Fashion Show mall, the 35-acre property, with approximately 1,300 feet of strip frontage, traded for $1.2 billion in 2007.
CBRE claims the company’s Las Vegas-based Global Gaming Group, led by John Knott, executive vice president and Michael Parks, senior vice president, will lead the assignment.
The property, is the former site of the New Frontier that was demolished in in 2007 and is owned by Crown Resorts and Oaktree Capital Management.
“This is one of the most exciting properties to become available in Las Vegas in a long time,” said Knott. “Situated adjacent to one of the Strip’s iconic and largest retail destinations, Fashion Show, and located directly across from two of the city’s premier resorts – Wynn and Encore – this property is truly prime Las Vegas real estate.”
“As visitation to Las Vegas continues to grow exponentially, topping 42 million in 2016, this is an ideal time for the right buyer to execute on a big vision,” said Parks. “The potential of this land is both remarkable and untapped. Given its location near some of the Strip’s most valuable properties, which also include nearby Venetian and Palazzo Resorts as well as Treasure Island, these 35 acres provide endless and exciting opportunity for the right visionary.”
The property is also located close to the Las Vegas Convention Center which is currently undergoing a 10-year, $2.5 billion expansion and redevelopment.
According to the city, the development to the Las Vegas Convention Center District will significantly enhance capacity, add a World Trade Center and improve the entire area via aesthetic enhancements and technology upgrades.