Fontainebleau Investments Purchases Extra 5 Acres on Las Vegas Strip for $112.5M
Jeffrey Soffer, the owner and developer of Fontainebleau Las Vegas, is looking to add five more acres to his property. This would expand his casino resort's footprint on the Strip. He plans to purchase the land for $112.5 million.
The Las Vegas Convention & Visitors Authority (LVCVA) is due to vote on this proposal at their meeting on Tuesday. Soffer is confident about the potential of the Las Vegas market, as evidenced by this purchase. In a statement, he expressed his satisfaction with the progress since the resort began operations just six months ago.
However, he hasn't revealed any details about his plans for the acquired land yet. He'll share more information in the coming days.
This land was once part of the 26-acre property occupied by the Riviera Hotel & Casino, which operated from 1955 until 2015. The LVCVA bought this property for $182.5 million and tore down the resort in 2016, replacing it with convention space on the eastern half of the land. The remaining ten acres were sold in 2019 to a partnership consisting of Brett Torino from Las Vegas and Paul Kanavos from New York, called 65SLVB.
This partnership will now sell the five acres to Soffer, as stated in the LVCVA meeting agenda.
A Long Time Coming
The Fontainebleau was first announced in 2007 and initially scheduled to open in October 2009, making it the tallest occupied building in Nevada at the time. But it took much longer than expected. The project went through multiple changes in ownership, names, bankruptcies, and construction phases before Soffer and Koch Real Estate Investments bought it and opened it in December 2023.
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