First negotiated in early 2017, this two acre parcel sits at a highly visible intersection of Twain Avenue and Polaris, to the north of the famous Rio Hotel Resort. With a total purchase price of $6M, the unit price of this 2.1 acre parcel was just $2.86M per acre. Oasis paid the seller $500k per year for three years and closed the transaction on 15-May with a $4.35M cash payment.
This parcel can easily be zoned for mid-rise or highrise H1 hotel/gaming uses and due to the low land cost ratio to construction cost, even a low-rise project is easily financially attractive.
