Edge Selling Harmon Corridor Land for $600M+

LAS VEGAS-Edge Group is days away from an agreement to sell the 50 acres it owns immediately west of the Hard Rock Hotel & Casino to a real estate developer from New York, a local industry source familiar with the negotiations tells GlobeSt.com. The sale price will be in excess of $600 million, according to the source, a record for near-Strip land. Edge Group executives could not be reached Monday morning for comment.

The assemblage includes the 25-acre Ramblas property and the adjoining 25 acres on which it has been preparing to develop W Las Vegas in partnership with Starwood Hotels & Resorts Worldwide. The two properties are slated for a combined 6,600 hotel and condominium units plus a casino, restaurants and shopping, which puts it on par with multi-billion endeavors such as Boyd Gaming’s Eschelon Place and MGM’s Project CityCenter.

While those two projects are on the Strip, the Edge property is in an area known as the Harmon Corridor, a 1.2-mile stretch of the road between the Strip (Las Vegas Boulevard) and Paradise Road. MGM’s project is under construction at Harmon and the Strip. At the other end is the Hard Rock Hotel & Casino, which Morgans Hotel Group is preparing to expand. Nothing of significance currently exists between those two projects.