from today's Crain's Chicago Business:
Kennedys, developer plan big Wolf Point project
By Alby Gallun
July 30, 2007
"(Crain’s) – A joint venture including the Kennedy family and a Texas developer aims to transform a long-vacant riverside property just west of the Merchandise Mart into a massive hotel, residential and office project anchored by an 89-story skyscraper.
The development on the four-acre parcel known as Wolf Point would reshape the skyline along the Chicago River, creating a bookend to the 92-story tower Donald Trump is building farther east.
The project includes three high-rises containing 850 condominiums, 650 apartments, 350 hotel rooms and about 1 million square feet of office space, according to a person familiar with the plan." ...
"Though the Kennedys sold the Merchandise Mart and neighboring Apparel Center in 1998, they retained ownership of Wolf Point, teaming up later with Chicago-based Jones Lang LaSalle Inc. on a proposed 3-million-square-foot mixed-use complex on the site. Yet that plan, which included the Mart’s owner, New York-based Vornado Realty Trust, never came to fruition.
The current proposal would include an 89-story tower on the southern tip of Wolf Point with 400 condominium units, 650 apartments and about 350 hotel rooms, according to the person familiar with the plan. A roughly 40-story office building with 1 million square feet of office space would rise on the east end of the site, and a 56-story, 450-unit condo high-rise would stand on the west end, the person says." ...
"The joint venture faces a slumping condo market and apartment, hotel and office sectors that are on the path to being overbuilt. But with planning in the preliminary stages, it's likely that construction wouldn't start for a few years, when market conditions could be different."
for complete story see: http://chicagobusiness.com/cgi-bin/news.pl?id=25853
Monday, July 30, 2007
new China and convention/event journals in --
China Tourism Research arrives roughly quarterly and covers topics like hotels, visitor numbers/destinations/origins, rural tourism, etc. It has a semi-academic bent to it, but still has useful data or leads on data nonetheless.
Convention and Event Tourism is also roughly quarterly and covers such topics as venue refurbishment, economics impacts of conventions and special events, World Cup economic impacts, county fair marketing, etc. It too has a semi-academic slant, but it still has much cool info to offer.
$300million resort planned for Ontario, Canada
from the Toronto Star (7/28):
Massive resort planned for Rice Lake TheStar.com - living - Massive resort planned for Rice Lake
July 28, 2007
Tracy Hanes
"BEWDLEY, ONT.–A resort that began as a simple fishing camp on Rice Lake in the 1940s is slated for a $300 million redevelopment into a deluxe, four-season facility with condo hotel units, full-ownership cottages and fractional ownership resort homes.
The plan for Golden Beach Resort, which sits on the south shore of the lake in Northumberland County, about a 90-minute drive east of Toronto, also calls for construction of an 18-hole golf course, a Victorian-inspired village with boutiques and cafes, a snow tubing hill and an equestrian centre." ....
"It currently has 300 seasonal trailer sites, 57 rental waterfront cottages, resort homes for sale, a restaurant, conference centre and 350-slip harbour.
Lang said the redevelopment plan, one of the largest of its kind in Ontario, was sparked by the need to adapt to the marketplace and respond to changing demographics. The redevelopment will echo a trend set by other Ontario resorts such as the Village at Blue Mountain and Red Leaves in Muskoka." .....
"The Golden Beach plan was developed with Sean Kelly of Stempski Kelly Associates Inc. of Guelph, one of the top resort planners in North America, who has been a consultant for resorts across North America, including several by Intrawest.
The redevelopment plan will take 10 to 15 years, says Le Marchant, with the first phase to be launched within the next 12 to 18 months, including condo hotel suites, full ownership seasonal cottages and fractional ownership resort homes." .....
for the full story see: http://www.thestar.com/article/239886
Massive resort planned for Rice Lake TheStar.com - living - Massive resort planned for Rice Lake
July 28, 2007
Tracy Hanes
"BEWDLEY, ONT.–A resort that began as a simple fishing camp on Rice Lake in the 1940s is slated for a $300 million redevelopment into a deluxe, four-season facility with condo hotel units, full-ownership cottages and fractional ownership resort homes.
The plan for Golden Beach Resort, which sits on the south shore of the lake in Northumberland County, about a 90-minute drive east of Toronto, also calls for construction of an 18-hole golf course, a Victorian-inspired village with boutiques and cafes, a snow tubing hill and an equestrian centre." ....
"It currently has 300 seasonal trailer sites, 57 rental waterfront cottages, resort homes for sale, a restaurant, conference centre and 350-slip harbour.
Lang said the redevelopment plan, one of the largest of its kind in Ontario, was sparked by the need to adapt to the marketplace and respond to changing demographics. The redevelopment will echo a trend set by other Ontario resorts such as the Village at Blue Mountain and Red Leaves in Muskoka." .....
"The Golden Beach plan was developed with Sean Kelly of Stempski Kelly Associates Inc. of Guelph, one of the top resort planners in North America, who has been a consultant for resorts across North America, including several by Intrawest.
The redevelopment plan will take 10 to 15 years, says Le Marchant, with the first phase to be launched within the next 12 to 18 months, including condo hotel suites, full ownership seasonal cottages and fractional ownership resort homes." .....
for the full story see: http://www.thestar.com/article/239886
Biloxi's Margaritaville plans
from the Biloxi Sun Herald 7/28:
Sat, Jul. 28, 2007
MARGARITAVILLE ON THE WAY
By MARY PEREZ
"BILOXI -- A tropical breeze blew into Biloxi this week when the City Council approved plans for Margaritaville Casino.
"Pending permit approvals, groundbreaking on Margaritaville in Biloxi will be in August," said Jacqueline Peterson, senior corporate manager of communications for Harrah's Entertainment.
Harrah's, which owns the Grand Biloxi and Casino Magic, is building the $700 million resort on the beach in partnership with Pascagoula-born, world-renowned singer Jimmy Buffett. The resort is targeted to open in 2010.
Councilman George Lawrence still has questions about traffic but made the vote unanimous to approve an amended master plan and conditional use for the resort. Margaritaville Casino cleared both the Biloxi Architectural Review Commission and Planning Commission on July 5." .....
"When Margaritaville is built, there will be less casino space in the area than before Hurricane Katrina, said Jonathan Kiser of Neel-Schaffer in Gulfport, which did traffic projections." .....
"The investment is the largest in South Mississippi since Katrina, and Harrah's is also expanding worldwide.
Peterson said the company just announced a $1 billion expansion of their flagship resort, Caesars Palace in Las Vegas. Harrah's also recently announced new hotels at Harrah's Atlantic City and Harrah's New Orleans and an expansion of Horseshoe Casino in Indiana. Already the largest casino company in the world, Harrah's continues to develop its brand abroad. The purchase of London Clubs International included nine casinos in the U.K. plus three in Egypt and one in South Africa. The company is also building a casino in Spain and is looking to build in Slovenia." ....
for the complete story see: http://www.sunherald.com/casinos/story/108154.html
Sat, Jul. 28, 2007
MARGARITAVILLE ON THE WAY
By MARY PEREZ
"BILOXI -- A tropical breeze blew into Biloxi this week when the City Council approved plans for Margaritaville Casino.
"Pending permit approvals, groundbreaking on Margaritaville in Biloxi will be in August," said Jacqueline Peterson, senior corporate manager of communications for Harrah's Entertainment.
Harrah's, which owns the Grand Biloxi and Casino Magic, is building the $700 million resort on the beach in partnership with Pascagoula-born, world-renowned singer Jimmy Buffett. The resort is targeted to open in 2010.
Councilman George Lawrence still has questions about traffic but made the vote unanimous to approve an amended master plan and conditional use for the resort. Margaritaville Casino cleared both the Biloxi Architectural Review Commission and Planning Commission on July 5." .....
"When Margaritaville is built, there will be less casino space in the area than before Hurricane Katrina, said Jonathan Kiser of Neel-Schaffer in Gulfport, which did traffic projections." .....
"The investment is the largest in South Mississippi since Katrina, and Harrah's is also expanding worldwide.
Peterson said the company just announced a $1 billion expansion of their flagship resort, Caesars Palace in Las Vegas. Harrah's also recently announced new hotels at Harrah's Atlantic City and Harrah's New Orleans and an expansion of Horseshoe Casino in Indiana. Already the largest casino company in the world, Harrah's continues to develop its brand abroad. The purchase of London Clubs International included nine casinos in the U.K. plus three in Egypt and one in South Africa. The company is also building a casino in Spain and is looking to build in Slovenia." ....
for the complete story see: http://www.sunherald.com/casinos/story/108154.html
condo hotel failure in FL
from yesterday's Orlando Sentinel:
Lofty dreams for condo hotels come crashing down
Christopher Boyd
July 29, 2007
"Condominium hotels may go down as one of the briefest fads ever to sweep the real-estate industry as the market slumps in Central Florida -- only a year after it peaked.
Potential buyers are disappearing and financing commitments are falling flat, leaving condo-hotel developers with an uncertain future.
Last week, the first such hotel to open in downtown Orlando filed for bankruptcy protection, a failure the developer blamed on a rapidly changing market.
"Our sales were good in the beginning, but it got bad, bad, bad and then even worse," said Barry Greer, an owner of The Lexington at Orlando CityPlace. "The market was red-hot when we started this, but it folded up before we could close it out."
Greer said nearly 100 people placed deposits on rooms in the 227-unit hotel but then backed out. According to the bankruptcy filing, just 31 units were sold." ...
"Plans for condo hotels rained upon Central Florida with the force of a summer downpour last year. Nearly 15,000 condo-hotel rooms were proposed, including two big resorts not far from the Orange County Convention Center.
Developers of both resorts -- The Blue Rose on Universal Boulevard and the InterContinental Resort & Residences Orlando at Palazzo Del Lago on International Drive -- say they are moving ahead, though neither has broken ground. In both cases, projected openings have moved from 2009 to 2010." .....
"We see Orlando as the Achilles' heel of the condo-hotel market," said Dante Alexander, president and chief executive officer of the National Association of Condo Hotel Owners, a group that represents both developers and buyers." ....
"Today, the projects that stand a chance are the ones that have it all, said Alexander. They must be new, have a plethora of resort amenities and be affiliated with well-known hotel brands to attract interest." .....
"But some projects are moving ahead. Neil Scott, vice president of Floridays Resort on International Drive, said this condo-hotel resort is about to break ground on a 360-unit expansion after selling out a first phase." .....
for the complete story see: http://www.orlandosentinel.com/orl-condohotel2907jul29,0,3103020.story
Lofty dreams for condo hotels come crashing down
Christopher Boyd
July 29, 2007
"Condominium hotels may go down as one of the briefest fads ever to sweep the real-estate industry as the market slumps in Central Florida -- only a year after it peaked.
Potential buyers are disappearing and financing commitments are falling flat, leaving condo-hotel developers with an uncertain future.
Last week, the first such hotel to open in downtown Orlando filed for bankruptcy protection, a failure the developer blamed on a rapidly changing market.
"Our sales were good in the beginning, but it got bad, bad, bad and then even worse," said Barry Greer, an owner of The Lexington at Orlando CityPlace. "The market was red-hot when we started this, but it folded up before we could close it out."
Greer said nearly 100 people placed deposits on rooms in the 227-unit hotel but then backed out. According to the bankruptcy filing, just 31 units were sold." ...
"Plans for condo hotels rained upon Central Florida with the force of a summer downpour last year. Nearly 15,000 condo-hotel rooms were proposed, including two big resorts not far from the Orange County Convention Center.
Developers of both resorts -- The Blue Rose on Universal Boulevard and the InterContinental Resort & Residences Orlando at Palazzo Del Lago on International Drive -- say they are moving ahead, though neither has broken ground. In both cases, projected openings have moved from 2009 to 2010." .....
"We see Orlando as the Achilles' heel of the condo-hotel market," said Dante Alexander, president and chief executive officer of the National Association of Condo Hotel Owners, a group that represents both developers and buyers." ....
"Today, the projects that stand a chance are the ones that have it all, said Alexander. They must be new, have a plethora of resort amenities and be affiliated with well-known hotel brands to attract interest." .....
"But some projects are moving ahead. Neil Scott, vice president of Floridays Resort on International Drive, said this condo-hotel resort is about to break ground on a 360-unit expansion after selling out a first phase." .....
for the complete story see: http://www.orlandosentinel.com/orl-condohotel2907jul29,0,3103020.story
Friday, July 27, 2007
misc news
New Urban News (Jul-Aug): focus on TOD (especially in D.C.); LA planning process; Vancouver Olympic Village in the works
M&C (July): special secondary issue on golf meetings; eccentric hotels; Gulf Coast rebound; small airlines and meetings market; convention facilities and headquarters hotels; garden venues for events; location guides: Oahu, NYC, Fort Lauderdale, CO, and Lisbon
Nation's Restaurant News (7/23): second-tier restaurant growth rate slowing; GameWorks World Sports Grille
M&C (July): special secondary issue on golf meetings; eccentric hotels; Gulf Coast rebound; small airlines and meetings market; convention facilities and headquarters hotels; garden venues for events; location guides: Oahu, NYC, Fort Lauderdale, CO, and Lisbon
Nation's Restaurant News (7/23): second-tier restaurant growth rate slowing; GameWorks World Sports Grille
business magazine news
Fortune (8/6): Wal-Mart's Japan woes
Economist (7/28): Indian Country coal debate
Crain's Chicago Business (7/2): city Olympics' insurance debate continues; special focus section on Chicago-, 6-county area demographics
Crain's Chicago Business (7/16): office skyscrapers on sale; McCormick Place-Navy Pier report
Orange County Business Journal (7/16); Disneyland's new attractions
Los Angeles Business Journal (7/23): Culver City, mixed-use debate; L.A. Galaxy and Beckham's impact on pro soccer franchise; Connery Sherwood Country Club suit over golf membership; L.A. Galaxy soccer team owner interview
Economist (7/28): Indian Country coal debate
Crain's Chicago Business (7/2): city Olympics' insurance debate continues; special focus section on Chicago-, 6-county area demographics
Crain's Chicago Business (7/16): office skyscrapers on sale; McCormick Place-Navy Pier report
Orange County Business Journal (7/16); Disneyland's new attractions
Los Angeles Business Journal (7/23): Culver City, mixed-use debate; L.A. Galaxy and Beckham's impact on pro soccer franchise; Connery Sherwood Country Club suit over golf membership; L.A. Galaxy soccer team owner interview
Monday, July 23, 2007
minor league stadium opens in southern IL
from yesterday's Globe St --
NOTE: The name of the team is the Southern Illinois Miners not Minors
Last updated: July 22, 2007 11:11pm
Construction Completed on $25M Baseball Park
By Gina Kenny
"MARION, IL-Seven Illinois Baseball Group, with main investors John and Jayne Simmons, has completed construction of a minor league baseball stadium, located northwest of Highway 13 and I-57. The $25 million Rent One Park was constructed by Holland Construction Services, based in Swansea, IL. The Southern Illinois Minors, with the Frontier League, will play at the stadium.
The 40,000 sf masonry stadium, which has a sculptural steel canopy, has seating for 3,450 people. The stadium has lawn seating, a picnic area, a “party deck” and a children’s playground. There are also 14 enclosed suites that have air conditioning, carpet and cabinets, says Michael Marchal, director of construction operations with Holland Construction Services. The park has a team store which is accessible from both inside and outside of the ball park, multiple concession stands and a “club house” which has the locker room, changing areas and training rooms, Marchal says. Additionally, the park has a 2,800 sf banquet room and a maintenance building.
The ball park has an artificial turf field which will be home field for the Minors and will also be used by college baseball teams and high school baseball, football and soccer teams. The stadium will also be used for concerts and other non-sporting events and hosted the Pops at the Park concert on July 1.
The Simmons decided to construct a baseball stadium in Marion and sought out baseball teams because they felt there was a void in the area with the closest minor league teams being about a 90-minute drive away" .....
for complete article see: http://www.globest.com/news/954_954/gsrmidwest/162491-1.html
NOTE: The name of the team is the Southern Illinois Miners not Minors
Last updated: July 22, 2007 11:11pm
Construction Completed on $25M Baseball Park
By Gina Kenny
"MARION, IL-Seven Illinois Baseball Group, with main investors John and Jayne Simmons, has completed construction of a minor league baseball stadium, located northwest of Highway 13 and I-57. The $25 million Rent One Park was constructed by Holland Construction Services, based in Swansea, IL. The Southern Illinois Minors, with the Frontier League, will play at the stadium.
The 40,000 sf masonry stadium, which has a sculptural steel canopy, has seating for 3,450 people. The stadium has lawn seating, a picnic area, a “party deck” and a children’s playground. There are also 14 enclosed suites that have air conditioning, carpet and cabinets, says Michael Marchal, director of construction operations with Holland Construction Services. The park has a team store which is accessible from both inside and outside of the ball park, multiple concession stands and a “club house” which has the locker room, changing areas and training rooms, Marchal says. Additionally, the park has a 2,800 sf banquet room and a maintenance building.
The ball park has an artificial turf field which will be home field for the Minors and will also be used by college baseball teams and high school baseball, football and soccer teams. The stadium will also be used for concerts and other non-sporting events and hosted the Pops at the Park concert on July 1.
The Simmons decided to construct a baseball stadium in Marion and sought out baseball teams because they felt there was a void in the area with the closest minor league teams being about a 90-minute drive away" .....
for complete article see: http://www.globest.com/news/954_954/gsrmidwest/162491-1.html
New arena for Toledo
from today's GlobeSt
Last updated: July 23, 2007 06:36am
County Buys Land for New $85M Arena
By Robert Carr
"TOLEDO, OH-The Lucas County Improvement Corp. has made its $8 million payment for the assemblage of downtown properties for a new, $85 million arena, which will connect to the SeaGate Convention Center. The corporation, an arm of the county, plans to build an up-to-10,000-seat arena on Superior Street, bordered by Jefferson and Madison avenues, and Huron Street. The county hopes to move its current International Hockey Team, the Toledo Storm, to the new facility, which could also host an arena football league, concerts and events.
The current IHL stadium is too old for more use, says Shawn Ferguson, CEO of the corporation. The stadium would be torn down in a plan by developer Larry Dillin to build a $60 million mixed-use project, as well as a new park and riverside road, in the Marina District. Dillin is reportedly talking to tenants for condominium, retail and hotels for the project." ....
"The new arena is slated to be complete by 2009. The site is just a block away from the Toledo Mudhens stadium. According to the county’s “Arena Action Plan,” the hope is that the new facility will add to the current convention center and stadium to lead to “related development of restaurants, specialty retail and innovative housing options in the Warehouse District and the area north and west of the convention center.” Funding for the project can be attained by extending the hotel-motel tax, the early retirement of debt on the convention center, state and federal grants, and the sale of naming rights for the entire complex, according to the action plan."
for the complete story see: http://www.globest.com/news/954_954/gsrmidwest/162488-1.html
Last updated: July 23, 2007 06:36am
County Buys Land for New $85M Arena
By Robert Carr
"TOLEDO, OH-The Lucas County Improvement Corp. has made its $8 million payment for the assemblage of downtown properties for a new, $85 million arena, which will connect to the SeaGate Convention Center. The corporation, an arm of the county, plans to build an up-to-10,000-seat arena on Superior Street, bordered by Jefferson and Madison avenues, and Huron Street. The county hopes to move its current International Hockey Team, the Toledo Storm, to the new facility, which could also host an arena football league, concerts and events.
The current IHL stadium is too old for more use, says Shawn Ferguson, CEO of the corporation. The stadium would be torn down in a plan by developer Larry Dillin to build a $60 million mixed-use project, as well as a new park and riverside road, in the Marina District. Dillin is reportedly talking to tenants for condominium, retail and hotels for the project." ....
"The new arena is slated to be complete by 2009. The site is just a block away from the Toledo Mudhens stadium. According to the county’s “Arena Action Plan,” the hope is that the new facility will add to the current convention center and stadium to lead to “related development of restaurants, specialty retail and innovative housing options in the Warehouse District and the area north and west of the convention center.” Funding for the project can be attained by extending the hotel-motel tax, the early retirement of debt on the convention center, state and federal grants, and the sale of naming rights for the entire complex, according to the action plan."
for the complete story see: http://www.globest.com/news/954_954/gsrmidwest/162488-1.html
PA funding convention center expansion with gaming revenues
from today's GlobeSt
UPDATE Last updated: July 23, 2007 07:22am
State OKs $880M for Convention Center
By Marita Thomas
"PHILADELPHIA-The Pennsylvania legislature has included a total of $880 million for expansion of the Pennsylvania Convention Center here in its budget. Gov. Ed Rendell has agreed to sign the bill." ...
"The state funding will come from taxes on casino revenues from throughout the Commonwealth. Just three Pennsylvania casinos, all at racetracks, are currently open, and not all of them have been open all year. According to the Pennsylvania Gaming Control Board, the combined year-to-date revenues from Mohegan Sun at Pocono Downs in Wilkes-Barre, Philadelphia Park in Bensalem, and Harrah’s Chester Downs in Chester is approximately $4.3 billion, and revenues are taxed at 55%.
The Philadelphia Redevelopment Authority has acquired the 27 parcels that extend two blocks west to Broad Street between Race and Arch streets. Plans for the expansion began nearly eight years ago and became mired in the existing center’s myriad problems with trade unions and management. The Convention Center Authority approved an initial design and the $700-million budget in December 2006.
Expansion will add approximately 300,000 sf to the center’s existing 640,000 sf, raise the number of exhibit halls from four to seven, and add 60,000 sf of ballroom space and 72,000 sf of additional meeting-room space. It is expected to open in 2010. " ....
for the complete story see: http://www.globest.com/news/954_954/philadelphia/162471-1.html
UPDATE Last updated: July 23, 2007 07:22am
State OKs $880M for Convention Center
By Marita Thomas
"PHILADELPHIA-The Pennsylvania legislature has included a total of $880 million for expansion of the Pennsylvania Convention Center here in its budget. Gov. Ed Rendell has agreed to sign the bill." ...
"The state funding will come from taxes on casino revenues from throughout the Commonwealth. Just three Pennsylvania casinos, all at racetracks, are currently open, and not all of them have been open all year. According to the Pennsylvania Gaming Control Board, the combined year-to-date revenues from Mohegan Sun at Pocono Downs in Wilkes-Barre, Philadelphia Park in Bensalem, and Harrah’s Chester Downs in Chester is approximately $4.3 billion, and revenues are taxed at 55%.
The Philadelphia Redevelopment Authority has acquired the 27 parcels that extend two blocks west to Broad Street between Race and Arch streets. Plans for the expansion began nearly eight years ago and became mired in the existing center’s myriad problems with trade unions and management. The Convention Center Authority approved an initial design and the $700-million budget in December 2006.
Expansion will add approximately 300,000 sf to the center’s existing 640,000 sf, raise the number of exhibit halls from four to seven, and add 60,000 sf of ballroom space and 72,000 sf of additional meeting-room space. It is expected to open in 2010. " ....
for the complete story see: http://www.globest.com/news/954_954/philadelphia/162471-1.html
Jekyl Island, GA (state park/resort) planning deal/debacle?
from today's Atlanta Journal Constitution:
'Sweetheart deal' alleged at Jekyll
Plum for developer: Critics say state's $10 million rent break on such valuable land is absurd.
By Dan Chapman
The Atlanta Journal-Constitution
Published on: 07/23/07
The board that runs Jekyll Island, the financially strapped state park that's in line for billions of dollars of new hotels and condos, recently granted one of the nation's largest developers a rent break that could top $10 million.
The Jekyll Island Authority board approved a passel of incentives last month for Trammell Crow Co. and partners that is scheduled to run through 2020. Local and state governments routinely offer subsidies to spur development, particularly in little-developed, undesirable locales.
But critics counter that Jekyll is potentially a red-hot property and special subsidies aren't needed to further its development." ....
"Meanwhile, other developers planning big hotel and condo projects on Jekyll said last week they too would seek similar subsidies from the Authority, which could hinder the state park's ability to fix its historic district or renourish its beaches. The authority, which rarely receives state funds, doesn't have enough money for all upgrades.
Ben Porter, chairman of the authority board, defends the incentives, saying they are necessary to ensure Trammell Crow moves forward quickly with the proposed $90 million hotel and condo project." ....
"Jekyll's latest turn in the spotlight comes as the Authority revs up development of the state park/residential enclave/convention destination/beach resort. After a contentious session of the Georgia Legislature that pitted island preservationists against those who favor development, Gov. Sonny Perdue signed a bill to prohibit construction on the island's south end.
The state bought Jekyll in 1947 and designated it "a state park for the plain people of Georgia." By law, 65 percent of the island must remain undeveloped.
Developers are keen to build hotels, condos, restaurants and more on the remaining 35 percent. Big-time developers, including Trammell Crow, The Jacoby Group and Mercer Reynolds, seek to become the authority's development partner, responsible for coordinating an estimated $3 billion in new construction on the island." ....
"The Dallas-based real-estate conglomerate, along with two partners, proposes a $90 million project on 9.7 oceanfront acres where the rundown Buccaneer Beach Resort now sits. Trammell Crow plans to build 300 hotel rooms, 120 condos, a restaurant, spa and meeting rooms." ....
"RENT BREAK
The Jekyll Island Authority runs the state park and collects revenue from hotels, food and beverage sales, parking fees and more. It sometimes gives incentives for new development. The incentives for Trammell Crow Co. will kick in once the hotel opens, scheduled for 2010. According to an analysis by the authority:
In the first year of operation, Trammell Crow will get a break on the rent and food and beverage fees it pays the authority, worth an estimated $828,000.
Incentives reach $1.06 million in the sixth year.
By 2020, the authority will have relinquished $10.03 million in subsidies. The state park will have received $4.9 million in rent.
That year, Trammell Crow will start paying full rent.
Note: Estimates could change depending on the eventual size and success of the project."
for the full story see: http://www.ajc.com/search/content/jekyll.html
'Sweetheart deal' alleged at Jekyll
Plum for developer: Critics say state's $10 million rent break on such valuable land is absurd.
By Dan Chapman
The Atlanta Journal-Constitution
Published on: 07/23/07
The board that runs Jekyll Island, the financially strapped state park that's in line for billions of dollars of new hotels and condos, recently granted one of the nation's largest developers a rent break that could top $10 million.
The Jekyll Island Authority board approved a passel of incentives last month for Trammell Crow Co. and partners that is scheduled to run through 2020. Local and state governments routinely offer subsidies to spur development, particularly in little-developed, undesirable locales.
But critics counter that Jekyll is potentially a red-hot property and special subsidies aren't needed to further its development." ....
"Meanwhile, other developers planning big hotel and condo projects on Jekyll said last week they too would seek similar subsidies from the Authority, which could hinder the state park's ability to fix its historic district or renourish its beaches. The authority, which rarely receives state funds, doesn't have enough money for all upgrades.
Ben Porter, chairman of the authority board, defends the incentives, saying they are necessary to ensure Trammell Crow moves forward quickly with the proposed $90 million hotel and condo project." ....
"Jekyll's latest turn in the spotlight comes as the Authority revs up development of the state park/residential enclave/convention destination/beach resort. After a contentious session of the Georgia Legislature that pitted island preservationists against those who favor development, Gov. Sonny Perdue signed a bill to prohibit construction on the island's south end.
The state bought Jekyll in 1947 and designated it "a state park for the plain people of Georgia." By law, 65 percent of the island must remain undeveloped.
Developers are keen to build hotels, condos, restaurants and more on the remaining 35 percent. Big-time developers, including Trammell Crow, The Jacoby Group and Mercer Reynolds, seek to become the authority's development partner, responsible for coordinating an estimated $3 billion in new construction on the island." ....
"The Dallas-based real-estate conglomerate, along with two partners, proposes a $90 million project on 9.7 oceanfront acres where the rundown Buccaneer Beach Resort now sits. Trammell Crow plans to build 300 hotel rooms, 120 condos, a restaurant, spa and meeting rooms." ....
"RENT BREAK
The Jekyll Island Authority runs the state park and collects revenue from hotels, food and beverage sales, parking fees and more. It sometimes gives incentives for new development. The incentives for Trammell Crow Co. will kick in once the hotel opens, scheduled for 2010. According to an analysis by the authority:
In the first year of operation, Trammell Crow will get a break on the rent and food and beverage fees it pays the authority, worth an estimated $828,000.
Incentives reach $1.06 million in the sixth year.
By 2020, the authority will have relinquished $10.03 million in subsidies. The state park will have received $4.9 million in rent.
That year, Trammell Crow will start paying full rent.
Note: Estimates could change depending on the eventual size and success of the project."
for the full story see: http://www.ajc.com/search/content/jekyll.html
Sunday, July 22, 2007
rec, hotels, and gaming news
Hotels (July): Orlando hotel beginning bunk-bed suites for kids; Manhattan market profiled; Fort Lauderdale transformed to upscale resort destination; annual top hotel chains report
IGWB (July): South African casino market; Win-River Indian casino (CA) to expand; Penn-National Gaming buyout; Harrah's Biloxi plan; Singapore resorts; Korean market; Gulf Coast gaming redevelopment
Funworld (July): Bearfire Ski Resort planned for Fort Worth, TX; WI Dells' Mt. Olympus Theme Park expanding; Creation Museum opens in KY; new rides for Hard Rock Park, Myrtle Beach, SC; Charles Dickens theme park opened in Kent, England; new World of Coca-Cola opens in Atlanta, GA; CA Academy of Science (San Francisco) opens new planetarium; Simpsons rides opening at Universal Studios FL and Hollywood; Marvel Comics theme park planned for Dubai; Cedar Fair in transition; Six Flags VIP passes; Gardaland (Itlay) opens its own Mount Rushmore; Michigan Space Science Center opens simulator
IGWB (July): South African casino market; Win-River Indian casino (CA) to expand; Penn-National Gaming buyout; Harrah's Biloxi plan; Singapore resorts; Korean market; Gulf Coast gaming redevelopment
Funworld (July): Bearfire Ski Resort planned for Fort Worth, TX; WI Dells' Mt. Olympus Theme Park expanding; Creation Museum opens in KY; new rides for Hard Rock Park, Myrtle Beach, SC; Charles Dickens theme park opened in Kent, England; new World of Coca-Cola opens in Atlanta, GA; CA Academy of Science (San Francisco) opens new planetarium; Simpsons rides opening at Universal Studios FL and Hollywood; Marvel Comics theme park planned for Dubai; Cedar Fair in transition; Six Flags VIP passes; Gardaland (Itlay) opens its own Mount Rushmore; Michigan Space Science Center opens simulator
Indian development/gaming
American Indian Report (July): best practices analysis of co-managing Indian resources
Indian Country Today (7/18): Congress attempting to regulate casinos
Indian Country Today (7/18): Congress attempting to regulate casinos
business news
Economist (7/14): troubles for circuses
Business Week (7/23): Google and govt incentives for business location
Business Week (7/23): Google and govt incentives for business location
real estate news
National Real Estate Investor (July): Boston's Ames Building becoming boutique hotel; Ontario, CA office space booming; brownfield redevelopment; city review of Toronto; apartment market problems; mixed-use retail; hotel room supply trends
California Real Estate Journal (7/16): retail market trends; hotel trends and room rates; downtown L.A. grocery starts; Blackstone-Hilton; value-added multi-family housing; green affordable housing; Lake Tahoe
San Diego Business Journal (7/16): Del Mar Race Track; special feature on the Old Globe
New Orleans City Business (7/9): restaurants and tourism
Los Angeles Business Journal (7/16): Disney named L.A. biggest company; developers moving in on Orange Line station areas
California Real Estate Journal (7/16): retail market trends; hotel trends and room rates; downtown L.A. grocery starts; Blackstone-Hilton; value-added multi-family housing; green affordable housing; Lake Tahoe
San Diego Business Journal (7/16): Del Mar Race Track; special feature on the Old Globe
New Orleans City Business (7/9): restaurants and tourism
Los Angeles Business Journal (7/16): Disney named L.A. biggest company; developers moving in on Orange Line station areas
retail news
Retail Traffic (July): some centers are banning city buses from entering mall parking areas; mall acquisition and cap rates trends; area review on Boston
Shopping Center Business (July): retail design development trends; retail in Boston and MI
Shopping Center Business (July): retail design development trends; retail in Boston and MI
Friday, July 20, 2007
Ceasar's Palace expansion in Las Vegas
from this morning's GlobeSt
Last updated: July 20, 2007 08:17am
Harrah’s Planning $1B Caesars Palace Expansion
By Brian K. Miler
"LAS VEGAS-Harrah’s Entertainment today announced a $1-billion expansion of its flagship Caesars Palace hotel and casino on the Las Vegas Strip. Completion is slated for early 2009.
The centerpiece of the expansion is Octavius Tower, a new $375-million, 23-story hotel building that will adjoin Augustus Tower, which opened in 2005. The second floor of the new 665-room hotel tower will be lined with pool suites overlooking three new swimming pools that will rim an expanded outdoor whirlpool spa retreat, a poolside cafe and a nearby garden wedding venue. Adjacent to the new tower will be a new 263,000-sf meeting and convention facility.
As part of the expansion, the resort's existing 512-room Forum Tower will undergo an $83-million refurbishment. Improvements will include a new front entrance and expanded valet parking, a remodeled buffet restaurant, a redesigned Cypress Street Marketplace casual restaurant and an enlarged Race & Sports Book.
Scheduled to open in the first quarter of 2009, Octavius Tower will push the Caesars Palace room count to more than 4,000. The pool expansion is slated for completion in the second quarter of 2009. The Forum Tower renovation is scheduled to be completed in January 2008."....
for the complete story and related news see: http://www.globest.com/news/953_953/lasvegas/162449-1.html
Last updated: July 20, 2007 08:17am
Harrah’s Planning $1B Caesars Palace Expansion
By Brian K. Miler
"LAS VEGAS-Harrah’s Entertainment today announced a $1-billion expansion of its flagship Caesars Palace hotel and casino on the Las Vegas Strip. Completion is slated for early 2009.
The centerpiece of the expansion is Octavius Tower, a new $375-million, 23-story hotel building that will adjoin Augustus Tower, which opened in 2005. The second floor of the new 665-room hotel tower will be lined with pool suites overlooking three new swimming pools that will rim an expanded outdoor whirlpool spa retreat, a poolside cafe and a nearby garden wedding venue. Adjacent to the new tower will be a new 263,000-sf meeting and convention facility.
As part of the expansion, the resort's existing 512-room Forum Tower will undergo an $83-million refurbishment. Improvements will include a new front entrance and expanded valet parking, a remodeled buffet restaurant, a redesigned Cypress Street Marketplace casual restaurant and an enlarged Race & Sports Book.
Scheduled to open in the first quarter of 2009, Octavius Tower will push the Caesars Palace room count to more than 4,000. The pool expansion is slated for completion in the second quarter of 2009. The Forum Tower renovation is scheduled to be completed in January 2008."....
for the complete story and related news see: http://www.globest.com/news/953_953/lasvegas/162449-1.html
Yankee stadium fuss
From this morning's GlobeSt
Last updated: July 20, 2007 08:31am
Group Cries Foul Ball in Yankee Stadium Project
By Natalie Dolce
"NEW YORK CITY-A lineup of former city officials were employed by the New York Yankees organization to help push through a new baseball stadium even though the project won’t benefit taxpayers or community members, claims a new report by Good Jobs New York." ...
"The report, Insider Baseball: How Current and Former Public Officials Pitched a Community Shutout for the New York Yankees, also reveals cost increases of nearly $100 million for a total taxpayer hit of $655 million." ....
"Damiani tells GlobeSt.com that the project is costing taxpayers over half a billion dollars and the costing community 22 acres of heavily used parks. She adds that public officials involved in the project directly violate Bloomberg’s plaNYC2030, an initiative by the Bloomberg administration to make the city a more environmentally sustainable city by 2030. " ....
"The report says that, “Taxpayer subsidies for the project are still flowing: the city is offering to further subsidize thousands of stadium parking spaces on the former park lands by allocating $190 million in civic facility bonds. The IDA has held a public hearing on the garage financing but has yet to vote on the project.”
In order to do this, Damiani explains, when referring to the seizing of public parklands, win rapid permitting, and land massive taxpayer subsidies for their new stadium in the South Bronx, “the New York Yankees hired numerous former public officials and benefited from the actions of a few current elected officials to play insider baseball, shutting out Bronx residents and New York City taxpayers.” ....
“The fiscal benefits for the Yankee project are worse than a zero-sum game,” says Dan Steinberg, Good Jobs New York’s research analyst. “The flawed development process belittled the community and created a mirage of economic benefits for taxpayers.” ....
"A spokesperson for the Yankees organization tells GlobeSt.com that, “The report is not worth responding to. It is a rehash of the same failed arguments and inaccuracies that 'No Jobs NY' has already presented in nine public hearings, and in countless reports as well as state and federal courts--all of which were rejected in the most transparent political and legal process. It is disgraceful that 'No Jobs NY' continues to attempt to garner publicity by attaching themselves to the Yankee name."
They explain that, "As promised, the new Yankee Stadium has created thousands of construction jobs and the New York Yankees have kept their commitment to hiring Bronx based workers and vendors. More than 31% of the contracts have been let to Bronx based businesses at a value of $100 million and 26% of the work force are Bronx residents. Of the total work force that has been hired 43% are minority workers. In addition, when the stadium is completed there will be 1,000 new jobs created.”
The report said that, “The new Yankee stadium project undermined democratic planning principles and benefited the Yankee’s profit margin over the employment, recreational and public health needs of the community. Despite the opposition of the local community board and a ‘no’ vote from the city council member representing the neighborhood around the stadium, the project was rammed through so hurriedly that community members were only allowed to weigh in after major decisions had been made.”
GJNY is a joint project of the Fiscal Policy Institute and Good Jobs First. FPI focuses on tax, budget, economic and related public policy issues. Good Jobs First is a nonprofit, nonpartisan national resource center for constituency-based groups and public officials that promotes corporate and government accountability in economic development and smart growth for working families, according to the company’s websites."
for the complete story go to: http://www.globest.com/news/953_953/newyork/162441-1.html
Last updated: July 20, 2007 08:31am
Group Cries Foul Ball in Yankee Stadium Project
By Natalie Dolce
"NEW YORK CITY-A lineup of former city officials were employed by the New York Yankees organization to help push through a new baseball stadium even though the project won’t benefit taxpayers or community members, claims a new report by Good Jobs New York." ...
"The report, Insider Baseball: How Current and Former Public Officials Pitched a Community Shutout for the New York Yankees, also reveals cost increases of nearly $100 million for a total taxpayer hit of $655 million." ....
"Damiani tells GlobeSt.com that the project is costing taxpayers over half a billion dollars and the costing community 22 acres of heavily used parks. She adds that public officials involved in the project directly violate Bloomberg’s plaNYC2030, an initiative by the Bloomberg administration to make the city a more environmentally sustainable city by 2030. " ....
"The report says that, “Taxpayer subsidies for the project are still flowing: the city is offering to further subsidize thousands of stadium parking spaces on the former park lands by allocating $190 million in civic facility bonds. The IDA has held a public hearing on the garage financing but has yet to vote on the project.”
In order to do this, Damiani explains, when referring to the seizing of public parklands, win rapid permitting, and land massive taxpayer subsidies for their new stadium in the South Bronx, “the New York Yankees hired numerous former public officials and benefited from the actions of a few current elected officials to play insider baseball, shutting out Bronx residents and New York City taxpayers.” ....
“The fiscal benefits for the Yankee project are worse than a zero-sum game,” says Dan Steinberg, Good Jobs New York’s research analyst. “The flawed development process belittled the community and created a mirage of economic benefits for taxpayers.” ....
"A spokesperson for the Yankees organization tells GlobeSt.com that, “The report is not worth responding to. It is a rehash of the same failed arguments and inaccuracies that 'No Jobs NY' has already presented in nine public hearings, and in countless reports as well as state and federal courts--all of which were rejected in the most transparent political and legal process. It is disgraceful that 'No Jobs NY' continues to attempt to garner publicity by attaching themselves to the Yankee name."
They explain that, "As promised, the new Yankee Stadium has created thousands of construction jobs and the New York Yankees have kept their commitment to hiring Bronx based workers and vendors. More than 31% of the contracts have been let to Bronx based businesses at a value of $100 million and 26% of the work force are Bronx residents. Of the total work force that has been hired 43% are minority workers. In addition, when the stadium is completed there will be 1,000 new jobs created.”
The report said that, “The new Yankee stadium project undermined democratic planning principles and benefited the Yankee’s profit margin over the employment, recreational and public health needs of the community. Despite the opposition of the local community board and a ‘no’ vote from the city council member representing the neighborhood around the stadium, the project was rammed through so hurriedly that community members were only allowed to weigh in after major decisions had been made.”
GJNY is a joint project of the Fiscal Policy Institute and Good Jobs First. FPI focuses on tax, budget, economic and related public policy issues. Good Jobs First is a nonprofit, nonpartisan national resource center for constituency-based groups and public officials that promotes corporate and government accountability in economic development and smart growth for working families, according to the company’s websites."
for the complete story go to: http://www.globest.com/news/953_953/newyork/162441-1.html
Thursday, July 19, 2007
Yonkers waterfront development
from today's GlobeSt
Last updated: July 19, 2007 08:17am
Waterfront Redevelopment Could Begin Next Spring
By John Jordan
"YONKERS-As the city begins the review of the partnership’s recently submitted 3,000-page environmental review of the city’s waterfront, an official with the venture says that if all approvals are received in the time frame expected, construction could begin on the first phase of the waterfront redevelopment project by spring 2008.
On July 11 Struever Fidelco Cappelli LLC submitted a 3,000-page Draft Environmental Impact Statement covering several million square feet of possible development for a section of the Downtown waterfront district." ...
"The DEIS is part of the partnership’s proposed $1.5-billion first phase of a projected more than $3-billion cleanup and redevelopment of the Yonkers waterfront district. " ...
"The DEIS also includes a section on Tax Incremental Financing that would utilize projected future tax gains from the property to help finance property improvements. The developers are looking for the city to issue a $200-million bond that would include $112 million earmarked for road and sewer and traffic infrastructure work. A portion of the tax revenue generated by the project would go toward paying off the bonds." ...
"The four main components of the phase one development include: River Park Center, Cacace Center, Palisades Point and the reopening of the Saw Mill River.
River Park Center, which is located in the area known as the Gateway District, includes development of two city blocks in the heart of downtown just east of City Hall. River Park Center will feature a mix of retail, office, residential and entertainment components including: 465,000 sf of retail space; 325,000 sf of office space in multiple buildings; 80,000 sf of restaurant space with restaurants opening onto a new riverwalk along the reopened Saw Mill River; a 15-screen, 80,000-sf movie theater; a 6,500-seat ballpark located on the roof of the River Park Center for a new team in the Atlantic League of Professional Baseball Clubs; 950 residential apartments in two buildings and parking facilities with approximately 4,340 spaces.
Other facets of phase one call for a new 150,000-sf office building; a new 75,000-sf 150-room hotel; a new 1,470-space parking structure; a new 50,000-sf, six-bay fire headquarters; two 25-story residential buildings with a total of 436 condominium residences featuring 9,000 sf of ground-level retail/restaurant or office space and two parking facilities with 725 spaces and the re-opening of the Saw Mill River that now runs underneath parts of downtown or is inaccessible to the public near Getty Square and in Larkin Plaza."
for the complete story see: http://www.globest.com/news/952_952/westchester/162403-1.html
Last updated: July 19, 2007 08:17am
Waterfront Redevelopment Could Begin Next Spring
By John Jordan
"YONKERS-As the city begins the review of the partnership’s recently submitted 3,000-page environmental review of the city’s waterfront, an official with the venture says that if all approvals are received in the time frame expected, construction could begin on the first phase of the waterfront redevelopment project by spring 2008.
On July 11 Struever Fidelco Cappelli LLC submitted a 3,000-page Draft Environmental Impact Statement covering several million square feet of possible development for a section of the Downtown waterfront district." ...
"The DEIS is part of the partnership’s proposed $1.5-billion first phase of a projected more than $3-billion cleanup and redevelopment of the Yonkers waterfront district. " ...
"The DEIS also includes a section on Tax Incremental Financing that would utilize projected future tax gains from the property to help finance property improvements. The developers are looking for the city to issue a $200-million bond that would include $112 million earmarked for road and sewer and traffic infrastructure work. A portion of the tax revenue generated by the project would go toward paying off the bonds." ...
"The four main components of the phase one development include: River Park Center, Cacace Center, Palisades Point and the reopening of the Saw Mill River.
River Park Center, which is located in the area known as the Gateway District, includes development of two city blocks in the heart of downtown just east of City Hall. River Park Center will feature a mix of retail, office, residential and entertainment components including: 465,000 sf of retail space; 325,000 sf of office space in multiple buildings; 80,000 sf of restaurant space with restaurants opening onto a new riverwalk along the reopened Saw Mill River; a 15-screen, 80,000-sf movie theater; a 6,500-seat ballpark located on the roof of the River Park Center for a new team in the Atlantic League of Professional Baseball Clubs; 950 residential apartments in two buildings and parking facilities with approximately 4,340 spaces.
Other facets of phase one call for a new 150,000-sf office building; a new 75,000-sf 150-room hotel; a new 1,470-space parking structure; a new 50,000-sf, six-bay fire headquarters; two 25-story residential buildings with a total of 436 condominium residences featuring 9,000 sf of ground-level retail/restaurant or office space and two parking facilities with 725 spaces and the re-opening of the Saw Mill River that now runs underneath parts of downtown or is inaccessible to the public near Getty Square and in Larkin Plaza."
for the complete story see: http://www.globest.com/news/952_952/westchester/162403-1.html
Wednesday, July 18, 2007
Sacramento airport expansion
From this morning's Sacramento Bee
Airport expansion plans move ahead
By Tony Bizjak - Bee Staff Writer
Published 12:00 am PDT Wednesday, July 18, 2007
"The Sacramento County Board of Supervisors on Tuesday unanimously endorsed environmental plans for a $1 billion-plus expansion of the region's crowded Sacramento International Airport.
The approval appears to keep airport officials on a tight timeline to build a new parking lot south of Interstate 5 next year in preparation for construction of a major new terminal building by 2011 to replace the outdated Terminal B facilities." ...
"Fish and Game official Todd Gardner said he is still reviewing the county's analysis of the impact its expansion may have on nearly two dozen endangered species that live in the environmentally sensitive surrounding area".....
"The airport, which hit the million-flier mark for the first time in June, is planning the biggest overhaul and expansion in its history.
Officials said the airport is on its way to hitting its 12-million passenger annual capacity. The planned expansion should expand capacity to 21 million.
That expansion is expected to start next year with construction of a 13,800-space parking lot and a car rental complex south of Interstate 5.
Officials say the parking area will compensate for parking spaces lost when a new terminal is built on existing Terminal B parking areas.
The centerpiece of the airport expansion is a three-story, glass-walled central terminal, connected by a tram to a new jet concourse at the end of the airport.
Also planned are a second parking garage, a high-rise hotel attached to the new terminal, and eventually a third runway.
The plan also includes room for a light-rail station, although Regional Transit officials say it doesn't appear they will be able to afford to extend light rail to the airport until after 2020."
for the complete story go to: http://www.sacbee.com/101/story/278431.html
--------------------------------------------------------------------------------
Airport expansion plans move ahead
By Tony Bizjak - Bee Staff Writer
Published 12:00 am PDT Wednesday, July 18, 2007
"The Sacramento County Board of Supervisors on Tuesday unanimously endorsed environmental plans for a $1 billion-plus expansion of the region's crowded Sacramento International Airport.
The approval appears to keep airport officials on a tight timeline to build a new parking lot south of Interstate 5 next year in preparation for construction of a major new terminal building by 2011 to replace the outdated Terminal B facilities." ...
"Fish and Game official Todd Gardner said he is still reviewing the county's analysis of the impact its expansion may have on nearly two dozen endangered species that live in the environmentally sensitive surrounding area".....
"The airport, which hit the million-flier mark for the first time in June, is planning the biggest overhaul and expansion in its history.
Officials said the airport is on its way to hitting its 12-million passenger annual capacity. The planned expansion should expand capacity to 21 million.
That expansion is expected to start next year with construction of a 13,800-space parking lot and a car rental complex south of Interstate 5.
Officials say the parking area will compensate for parking spaces lost when a new terminal is built on existing Terminal B parking areas.
The centerpiece of the airport expansion is a three-story, glass-walled central terminal, connected by a tram to a new jet concourse at the end of the airport.
Also planned are a second parking garage, a high-rise hotel attached to the new terminal, and eventually a third runway.
The plan also includes room for a light-rail station, although Regional Transit officials say it doesn't appear they will be able to afford to extend light rail to the airport until after 2020."
for the complete story go to: http://www.sacbee.com/101/story/278431.html
--------------------------------------------------------------------------------
Las Vegas property deal
From this morning's Globe St.
Prime Vegas Land Could Top $1B
By Brian K. Miller
"LAS VEGAS-A 38-acre site across Las Vegas Boulevard from Mandalay Bay Resort & Casino is coming to market. Landowner Howard Bulloch, a local real estate executive, has retained the global gaming groups of CB Richard Ellis and Goldman Sachs to market the property. Given recent comparables, the purchase price could hit $1 billion.
The site is located at the south end of the six-mile stretch of Las Vegas Boulevard known as the Las Vegas Strip. CB Richard Ellis says the property will be marketed to the world’s largest development and gaming companies as the last opportunity on the Strip to control enough land for a large mixed-use project." ...
"Land with Strip frontage has recently been sold or put under contract for between $17 million and $35 million per acre. Most recently, earlier this month, FX Luxury Realty paid $36.7 million per acre ($180 million plus assumed debt) for the 50% interest it did not already own in 17.7 acres fronting the east side of the Las Vegas Strip immediately south of Harmon Avenue. The interest was acquired from Africa-Israel Investments Ltd. An Elvis-themed resort is expected, if not a sure thing.
In May, Elad Properties agreed to acquire the 34.5-acre New Frontier property on the Strip from Wichita billionaire Phil Ruffin for $34.8 million per acre. Elad plans to raze the existing casino and spend an additional $3.5 billion on a new resort that is to include a 3,500-room ultra-luxury hotel, condominiums, retail shops, restaurants and convention space.
Also in May, MGM Mirage paid two different owners approximately $17 million per acre for 33.5 contiguous acres that abut both its Circus Circus resort as well as Las Vegas Boulevard, giving the company a total of 102 acres to master plan. MGM is now talking with Kerzner International Holdings Ltd. about a joint venture to develop a multibillion resort.
In June, Christopher Milam paid $40 million to maintain his option to acquire 27 acres fronting the Las Vegas Strip south of Sahara Resort for $475 million, or $17.6 million per acre. The Texas developer is planning a $5-billion development for the site that would include the tallest building in the Western hemisphere. Milam has one year to exercise the option as long as he starts making monthly $2-million option payments beginning in October. "
For complete story see: http://www.globest.com/news/951_951/lasvegas/162374-1.html
Prime Vegas Land Could Top $1B
By Brian K. Miller
"LAS VEGAS-A 38-acre site across Las Vegas Boulevard from Mandalay Bay Resort & Casino is coming to market. Landowner Howard Bulloch, a local real estate executive, has retained the global gaming groups of CB Richard Ellis and Goldman Sachs to market the property. Given recent comparables, the purchase price could hit $1 billion.
The site is located at the south end of the six-mile stretch of Las Vegas Boulevard known as the Las Vegas Strip. CB Richard Ellis says the property will be marketed to the world’s largest development and gaming companies as the last opportunity on the Strip to control enough land for a large mixed-use project." ...
"Land with Strip frontage has recently been sold or put under contract for between $17 million and $35 million per acre. Most recently, earlier this month, FX Luxury Realty paid $36.7 million per acre ($180 million plus assumed debt) for the 50% interest it did not already own in 17.7 acres fronting the east side of the Las Vegas Strip immediately south of Harmon Avenue. The interest was acquired from Africa-Israel Investments Ltd. An Elvis-themed resort is expected, if not a sure thing.
In May, Elad Properties agreed to acquire the 34.5-acre New Frontier property on the Strip from Wichita billionaire Phil Ruffin for $34.8 million per acre. Elad plans to raze the existing casino and spend an additional $3.5 billion on a new resort that is to include a 3,500-room ultra-luxury hotel, condominiums, retail shops, restaurants and convention space.
Also in May, MGM Mirage paid two different owners approximately $17 million per acre for 33.5 contiguous acres that abut both its Circus Circus resort as well as Las Vegas Boulevard, giving the company a total of 102 acres to master plan. MGM is now talking with Kerzner International Holdings Ltd. about a joint venture to develop a multibillion resort.
In June, Christopher Milam paid $40 million to maintain his option to acquire 27 acres fronting the Las Vegas Strip south of Sahara Resort for $475 million, or $17.6 million per acre. The Texas developer is planning a $5-billion development for the site that would include the tallest building in the Western hemisphere. Milam has one year to exercise the option as long as he starts making monthly $2-million option payments beginning in October. "
For complete story see: http://www.globest.com/news/951_951/lasvegas/162374-1.html
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