The Las Vegas strip is ready for a complete change over. Vertical higher density properties are the only alternative for the casinos and other landowners. Basically the land that is undeveloped or underdeveloped and not earning very much for the company is being transformed into vertical property. 66 acres of underdeveloped land owned by the states largest private landowner the MGM Mirage at the Boardwalk casino site will be transformed into the $5 billion project Citycentre by the year 2009. Land being used for surface parking, land with low-rise buildings and some garages are also being converted into vertical units.

When the land prices were low, there were large surface parking for employees, guest parking garage, and lakes etc, which do not develop any revenue. With the land prices soaring very high the companies are forced to redevelop their land to maximize value for the shareholders. It will not be a surprise if in the coming years the lakes in Las Vegas are converted for higher density profitable use.

This entry was posted on Tuesday, October 4th, 2005 at 4:35 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.