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

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

"Though it has yet to happen, clearly the Harmon Corridor ispoised for significant redevelopment," says Brian Gordon, aprincipal with Applied Analysis, a locally based financial advisoryand economic consulting company that tracks the commercial realestate market.