Las Vegas Spring Mountain Inc.
As early as 2016, Oasis began hunting for prime development oriented land along one of the busiest avenues in Las Vegas. Stretching from the central tourist strip by the Wynn Resort and Fashion show mall all the way to the western edge of Chinatown, the Las Vegas Spring Mountain Roadway commands some of the highest commercial lease rates because it boasts the city’s most vibrant food and beverage corridor.
Oasis started negotiating at the beginning of 2017 for a land assemblage owned for decades by Ribeiro Corporation in Las Vegas. The $77 million dollar acquisition closed in January 2018 and at that time there were perhaps 7 other sites of similar size adjacent or near the strip. The primary 26 acre parcel assembly is what we would consider an attractively viable size when it comes to development of an international caliber landmark. The assemblage was expanded by a further 3.3 acres in the following years. Whether one wants to create a sporting venue or a mixed use community spanning 5000+ residential, hotel and commercial units, our 29 acre assembly is ideal for any usage that already exists on the strip, and other uses such as residential that are not appropriate on the crowded Las Vegas Blvd strip.
Throughout 2019, Oasis engaged lenders across the U.S. and ultimately partnered with FTI Consulting Inc and Bridge Investment Group to replace the existing $43M vendor mortgage. A new Triple-A rated $44 million loan was originated by Bridge Investment Group and packaged into a CLO that now trades on WallStreet.
As of the end of 2019, the pace of development across the Las Vegas valley has exceeded even our most optimistic forecasts. This resulted in now there only being perhaps 3 or 4 sites that can be acquired of similar or larger size. In essence, if a developer needs a suitably large site along a high traffic address, we will be on the receiving end of such a phone call.
Oasis is pleased to have acquired such a prime $86 million dollar site which can support an unlimited range of usages and also be financially attractive for developments from $700 Million through $5 Billion dollars. At present, our Oasis team is preparing the asset and designing an optimized project scope that maximizes the use of the space available at this unique address.