Land values on Strip can vary greatly — even for same-sized plots

By Eli Segall | Originally published in the Las Vegas Review-Journal | June 11, 2022

What a difference a mile and a half makes.

Lily Funds founder Tom McManus recently announced that he sold 2.2 acres of land along the south Strip for about $12.8 million. The price-per-acre, almost $6 million, would be the envy of any landowner outside the Strip in the Las Vegas Valley.

Construction continues on a new retail complex called Project63 being built at CityCenter as cars move along East Harmon Avenue on Friday, June 10, 2022, in Las Vegas. (L.E. Baskow/Las Vegas Review-Journal) @Left_Eye_Images

But it didn’t even come close to a similar-sized property up the street.

Developer Brett Torino and New York’s Flag Luxury Group acquired a 2-acre plot at the multi-tower CityCenter complex last year for around $80 million — which, at $40 million per acre, exceeded land deals on the Strip during the frenzied mid-2000s bubble.

Despite their proximity to each other, there are some obvious reasons why two 2-acre pieces of real estate traded for wildly different prices.

Stretches of the Strip

McManus’ plot, along Las Vegas Boulevard at Russell Road, sits on a stretch of the Strip with a noticeably mixed landscape and, compared with other areas of Las Vegas’ famed casino corridor, light foot traffic.

In that area, the west side of the street has such megaresorts as Mandalay Bay and Luxor. But the east side of the street features vacant lots, a few small motels, some boarded-up buildings, some retail space and the never-finished SkyVue observation wheel project, which for years has consisted of little more than two giant concrete columns sticking out of the ground.

By comparison, Torino’s site, at the southwest corner of Las Vegas Boulevard and Harmon Avenue, is near several massive hotels, including Aria, Vdara, The Cosmopolitan of Las Vegas and Bellagio. It’s also next to luxury mall Shops at Crystals and across the intersection from a three-story retail project that Torino and Flag Luxury developed about a decade ago.

Moreover, big crowds of tourists regularly pass through the area, and the intersection already has pedestrian bridges, making it easier for potential shoppers to access the developers’ new four-story retail complex, Project63, which is under construction.

‘Start to see some movement’

McManus told me Friday that, as he sees it, it’s “hard to compare” the two 2-acre sites.

He noted the CityCenter plot is “in the heart of things” on the Strip, but he figures the south edge of the corridor is poised to gain momentum.

Clark County commissioners last fall approved plans for Dream Las Vegas, a 20-story hotel-casino near the land McManus just sold, and, with real estate sales and development plans picking up in and around the Strip, the SkyVue site and adjacent parcels went on the market recently in a 26-acre offering.

McManus also is looking to sell another plot along the south Strip, saying he has nearly 2.5 acres priced at $20 million.

“I think that this side will start to see some movement,” McManus said.

Torino was unavailable to comment Friday, a representative said. When I asked Torino about his purchase price last year, he said that he wasn’t getting a “usable” 2 acres but that the site featured such infrastructure as utilities, parking, and distribution and trash facilities.

He also noted, among other things, the heavy traffic of people out front.

“It doesn’t get any better,” he said.

So, will land on the south Strip trade for anywhere close to $40 million an acre? Your guess is as good as mine.

But plenty of money has been sloshing around Las Vegas’ real estate market lately, and, given the Strip’s near-never-ending parade of development ideas, someone is bound to come up with more plans at some point for the southern edge of the corridor.

Contact Eli Segall at [email protected] or 702-383-0342. Follow @eli_segall on Twitter.

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Join us, alongside Save Red Rock and our community friends, as we come together to remove litter from Lovell Canyon on Saturday, April 20, from 10 am to 2 pm. (Please ensure your arrival by noon, and feel free to depart whenever convenient).

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Earth Day is an annual event on April 22nd, dedicated to demonstrating support for environmental protection. First established in 1970, it now engages over 1 billion people in more than 193 countries, coordinated globally by Earthday.org. The official theme for 2024 is "Planet vs. Plastics."
 
At the heart of the Brett Torino Foundation lies the commitment to conserve precious lands like Lovell Canyon, nestled in the Spring Valley Mountain range just West of Las Vegas, NV. Through initiatives like the "Save Lovell Canyon" project launched in 2017, the canyon has become a haven for campers, hikers, bicyclists, and nature enthusiasts.
 
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Abby is the epitome of resilience and talent. 🎭 She recently received the prestigious BTF Scholarship through her dedication and hard work with Nevada Childhood Cancer. 🎗️ But that's just the beginning of her incredible journey!
 
Abby's love for the performing arts knows no bounds, and her performances are truly enchanting. 🎶 Her infectious smile and genuine warmth illuminate every room she enters. 💖
 
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A February Moment with the Founder
🌟 Exciting News! 🌟
Join us at Camp Cartwheel, a magical summer camp experience for children battling cancer! 🎗️ Happening June 19-22 at Torino Ranch, this is a chance for these brave kids to laugh, play, and create unforgettable memories.

APPLICATIONS ARE NOW OPEN! 📝 For children and volunteers - Deadline for applications is March 22nd.

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🌟 We're thrilled to welcome Jessica "Jess" Anderson to the @nvccf team leading the Brett Torino Foundation Educational Services program. With a heart full of passion and dedication, she joins us ready to make a difference in the lives of our incredible children.  Jess has been a CCSD department head and teacher for five years and was recently honored as Teacher of the Year at her school. She has also volunteered at Camp Cartwheel for 12 years hosted at Torino Ranch. Let's give Jessica a warm welcome as we embark on this journey of success in education for our little superheroes! Together, we'll continue spreading hope, joy, and knowledge.🎗️ #Welcome #NewBeginnings #MakingADifference
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Q: How do bees make honey? 🐝
A: Honey starts as flower nectar collected by bees, which gets broken down into simple sugars stored inside the honeycomb.
A December Moment with the Founder
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