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      This page was updated 4/12/08
 
 


News 4/12/08      Triple Five - One Step Closer to Strip Resort

According to The CoStar Group, Triple Five closed the deal for the Somerset Plaza and Motel properties. The $100-million, 8.3-acre purchase combined with former La Concha site, gives Triple Five 13.73 of the 27.29 quested acres. The map (right) shows the acquisition progress.

News 11/4/07      Triple Five Assembling 23.71 Acres on the North Strip

Triple Five Nevada Development Corp. is acquiring the 5.43-acre site of the former La Concha Motel (the land where the ever-changing Majestic/Conrad/Waldorf was planned). The purchase is being held by Las Vegas North Strip LLC. The land was acquired for $33.15 million per acre (almost a Vegas record). Triple Five plans on acquiring 21.81 additional, adjacent acres and is planning on developing a major Hotel/Casino project on the land.

They have applied to the FAA for height clearance for eight (yes, I said eight) 572' towers. I assume they will also request that the county abandon Kishner Rd, which will be engulfed by the project.

There is one challenge in their way.  The Ross-Dress-for-Less and Denny's are on land owned by Luke Brugnara, who, according to a report in the Las Vegas Business Press, has no intention of selling the land to Triple Five and intends to develop it himself. So, we have a new NIMBY in the midst.

Acquired so far:

  • 5.43-acre La Concha site (acquired for $180 million - $33.15 million pre acre)

  • 8.3-acre Somerset Motel and Plaza (acquired for $100 million - $12.05 million per acre)

Triple Five's quest includes:

  • 4.41 acres along Convention Center Road (where Icon was planned)

  • 3.53-acre Ross and Denny's site

  • 1.61 acres under Walgreen's

  • 1.67-acre Village Roma Hotel (owned by Yazed Enterprises)

  • 1.11-acre Peppermill site (NO! not my beloved Peppermill!!)

  • a small .34-acre lot owned by Kishner Trust

Triple Five is best known for their major retail developments like Boca Park retail center in the Queensridge area and The Mall of America in Minneapolis. VegasTodayAndTomorrow welcomes them as the newest player of our big Monopoly game. The map (right) shows the land involved, click on it to enlarge the image.
 

 
 
 
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