On January 10, 2018 Oasis Global Partners completed the $77M purchase of the 26 acre square shaped land assembly at the intersection of the Las Vegas Spring Mountain Rd and the Interstate Highway #15. Located just half a mile or one traffic light from the Fashion Show Mall, Treasure Island Resort and Wynn Resort this site occupies a location perfect for an international caliber luxury mixed-use resort community. To the south, the site is just across the street from the Rio hotel Resort and an 8 minute walk to Caesars Palace Resort and the Forum Shopping mall. The location is ideal for part time and full time residents of luxury condos who prefer to be beside the strip, but not trapped right in it by all the tourist pedestrian traffic on Las Vegas boulevard.
- Acquisition price of USD $2.9M per acre for super-prime site with unlimited zoning and high density presents remarkable upside potential. At its former peak valuation in 2006, the main parcel received bids of up to USD $12M/acre at over $300M USD valuation.
- Las Vegas property market posted the fastest price growth rates in all of the U.S. in 2018 and is still very affordable compared to major cities in the U.S.
- Seller provided financing at 6% per annum.
- Land cost to buildable square footage is just $10 to $12 per sqft if density of 6,500,000 sqft is constructed.
- Unit cost of land purchase is just 15% of land values on the main Las Vegas Blvd strip.
- Location is within the “Gaming Enterprise District” which encourages development of commercial tourism sector and expected to contain licensed gaming facilities.
With the west side of the main strip attracting significant interest and expansion, including the $2 billion raiders stadium, the LVSM site is right in the heart of the development path anticipated as the city grows to be a major metropolitan area. Oasis Global Partners believes that this acquisition positions our shareholder group for long term growth aligned with where we see the local markets headed and also where price levels for prime tangible assets are headed. Oasis shall explore co-development opportunities with qualified partners from across the globe.