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LAS VEGAS-A three-acre site entitled for Sandhurst, a 34-story, 398-unit residential tower, has changed hands for $13.8 million. Located next to Interstate 15 and the city’s 61-acre Union Park redevelopment, the site was sold by Taurus Investment Holdings of Boston to the Los Angeles-based Merrill Group of Cos. Taurus acquired the site in late 2006 for approximately $2.3 million.

The site address is 1003 Iron Horse Court. The property was Taurus’ first acquisition in Las Vegas. Earlier this month, Taurus said it would not go forward with the project, citing rising construction costs. Peter Merrigan, president/CEO of Taurus could not be reached Tuesday morning for comment.

CB Richard Ellis brokered the sale of the property. Merrill Group is reportedly considering the site for a high-end assisted-living facility. An executive with Merrill Group also could not be reached Tuesday for comment.

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