Over the course of the last few months I have reported on the failed Las Vegas High Rise Condo/resort Fontainebleau. On Monday in a bankruptcy court filing in Miami Pen National has set the stage with a stalking horse bid of $50 million for the troubled strip asset. The bid of $50 million by Pen National is not likely going to close but it does open up the doors for other investors to come in and take a swing at trying to purchasing the troubled development. Now that things are moving along with the bankruptcy sale of Fontainebleau we can expect to see lots of interested buyers for this property and hopefully construction will resume and the property will be finished before the end of 2010.
The Fontainebleau property is not the only piece of Real Estate on the strip currently for sale. Across the street from MGM’s multi billion dollar development City Center 17.72 acres of already occupied land is coming up for sale through a pre packaged bankruptcy deal. The 17.72 acre parcel has been home to several retail and dining operations such as the Harley Davidson café, Smith & Wollensky, a Travelodge hotel and the Hawaiian Marketplace. This is a prime piece of Las Vegas Strip Real Estate and it will be interesting to see how this land will be developed. If the new owner chooses to build High Rise Condos they will have a front row view at the brand new amazing multi billion dollar City Center development which is expected to pull Las Vegas out of it’s current declining state. Commercial bankruptcy and foreclosures are now becoming the new trend in the commercial markets across the nation and here in Las Vegas we are already seeing signs of this type of activity. 2010 will be the year for the highest commercial Real Estate decline in recent history. Read The Full Fontainebleau Article Here Read The Full Las Vegas Strip Land Deal Article Here
