Mixed-use real estate development cancels

It was named the W Las Vegas. Unfortunately a minority partner in the project withdrew and the remaining investors decided to end their quest for a magnificent creation. The original plan called for 3,000 hotel condo units, a 75,000 sq. ft. casino, numerous restaurants and nightclubs and 300,000 sq. ft. of convention space. That would've been a good size property.

Edge Resorts, the principal developer, comments that rising construction costs and the acquisition of additional land really required a third investor to make it viable. In today's soft market environment, however, there were no takers. Now they're selling the 47 acres of land. Local experts speculate that if sold whole, an acre might go for about $12 million, but if chopped up it could sell for up to $20 million. Lots of money, for sure.