The Greek Isles Hotel on Convention Center drive (right next to the Marriot) is yet another building in the immediate strip area that is sitting on land that’s just too valuable for the building itself. Moshe Mor, president of M&M Real Estate Development of Queens, N.Y., said Monday his investment group will pay $52 million for the Greek Isles, which Chicago-based Mark IV Realty owns. Mor said he hopes to close the transaction in April. What are the plans? To demolish the current 206-room hotel (of course) and build a 600-room luxury condo project (yes, another one) on the main portion of the site. Las Vegas High-Rise Condos….there’s no end to the projects because there is still no end to the demand. The product demands global attention and the market for High Rise Las Vegas real estate reflects this more every day. The Showcase Mall (right on the strip in front of MGM) is about to get in the game as well. San Francisco-based City Center Retail and partner Angelo Gordon & Company bought the Showcase Mall two weeks ago as well as an adjacent 3/4 acre parcel where Denny’s now sits (next to the Walgreens). Mark Stefan, a City Center Retail principal, said Monday that the new owners will add up to 80 luxury condominium units on the parcel where Denny’s restaurant now sits just a few feet north of the Showcase mall. “It’s one of the few residential projects that is right on the Strip,” Stefan said. “A lot of the other (announced condominium) towers are set back, but this is (ideal) for somebody who wants to be right in the center of things.” MS Las Vegas Real Estate is fully prepared to present the entire range of options in the market for Las Vegas High Rise Condos. Give us a call at 888-349-2595.

This entry was posted by Michelle Sterling on Tuesday, February 22nd, 2005 at 9:16 am and is filed under Hise Rise Condos, The Strip. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.