Center for Gaming Research
UNLVGamingReseach on Facebook UNLVGaming on Twitter
UNLV
Paradise Misplaced
Site Description
from the appraiser's report

DIMENSIONS AND AREA: 
The subject property is somewhat L shaped, having a usable frontage along Las Vegas Boulevard South of approximately 705 ft. The total land area contained in the subject is approximately 2,117,887 sq. ft. For the shape and dimensions of. the subject property, please refer to the reduced plans contained in the Addenda of this report.  

TOPOGRAPHY AND SOIL CONDITIONS:
The parcel is near level to gently undulating. There is a wash area running through the northwestern portion of the subject. Street frontage of the subject is near street grade.

With the exception of the above wash area, visual observation does not indicate any adverse surface or subsurface soil conditions to the construction of future improvements. However, no soils tests were conducted by this appraiser or made available to this appraiser so that soils conditions are assumed only by visual observation.  

UTILITIES AND STREET IMPROVEMENTS:
All normal utilities are available to the subject including water, sewer, gas, electricity and telephone.  Las Vegas Boulevard South (The “Strip”), is a 6 lane, 2-way, asphalt surfaced street with a center divider. Tropicana Avenue is a 4 lane, 2-way, asphalt surfaced street with a center divider.   Streets have concrete curbs and gutters installed.  

ZONING:
H-1 (Hotel) For zoning specification's please refer to the H-1 zoning specifications contained in the Addenda of this report.  

PRESENT USE:
The subject property is currently vacant.  

HIGHEST AND BEST USE:
As described earlier in this report, there is an acute shortage of vacant land available for development to tourist oriented commercial use along Las Vegas Boulevard South. The demand for such land is increasing at a rapid rate as indicated by the increasing revenues to existing facilities and the increasing revenues per unit along with expaisrsion of facilities. This is further demonstrated by the rapidly declining vacancy rate over the past few years. Current, vacancy rates are minimal and expansion of facilities is occurring where land is available. Expansion of facilities has had no drastic affect upon vacancy rates. The volume of air traffic in and out of McCarran International Airport has increased substantially from 1970 through June of 1975 and ground vehicular traffic has increased through June of 1975 with the exception of 1973. While ground vehicular traffic declined slightly in 1974, room occupancy has declined only slightly and the time per stay of the average visitor has increased. The slight decline in occupancy is considered a result of a decline in ground vehicular traffic but in the large number of recently opened rooms along the Las Vegas “Strip”.  

With consideration given to the subject location, its size, competing facilities along the Las Vegas “Strip” and the income flow,.of the competing facilities, and other pertinent physical and economic characteristics of the subject with relationship to the “Strip” and the Greater Las Vegas area, the highest and best use of the subject is estimated to be for development to a tourist commercial oriented type facility such as a hotel/casino project. The subject's current zoning of H-1 allows such a development.

LEGAL DESCRIPTION:
The subject property may legally be described as a portion of the North Half (N½) of the Northeast Quarter (NE¼) of Section 29, Township 21 South, Range 61 East, M. D. B.& M., being further described as Assessor’s Parcel No. 14-63-7 and 8 and as shown in the reduced plans contained in the Addenda of this report.  

TAX DATA:
Since this appraisal and feasibility consists of an estimate of value for buildings not yet constructed, including land, and since the land could possibly be revalued for tax purposes after the construction of the new improvements, and since no tax data is available on the new improvements, no further tax data is included in this report.  

SURROUNDING IMPROVEMENTS:
South of the subject property is vacant land, motels and a hotel. West is the Interstate 15 Freeway, industrial lands and vacant lands. North are service stations, motels and hotels. The Dunes Golf Course also lies north of the subject, across Tropicana Avenue. West are hotels, motels, and public service commercial-type facilities. Northwest of the subject is the Tropicana Golf Course.

ACCESS:
Access to the subject property is from Tropicana Avenue and Las Vegas Boulevard South. Tropicana Avenue, immediately west of the subject, has a complete interchange with Interstate 15 which is the freeway to Los Angeles.

IMPROVEMENTS :
Sq. ft. sizes of the improvements and improvement design and floor plans are included in the reduced preliminary plans contained in the Addenda of this report, drawn by Martin Stern, Jr., AIA, Architect and Associates. The job number is 02700 with a date of October 27, 1975. The preliminary plans include a sketch of the proposed improvements, a first floor layout, a first floor room layout, a plot plan, a third floor and recreation deck plan, and a cross section of the facilities.

Construction is considered to be Class A with each room having an outside balcony as well as an inside balcony or corridor looking down into the atrium area.

The reader is referred to the Addenda of this report for a visual observation of the proposed improvements in the form of reduced preliminary plans. This report assumes that the casino and public area will be well decorated and that the individual rooms within the hotel will be decorated in a competitive manner with existing facilities along the “Strip” similar in size to the subject.

back to Las Vegas 1975

main | history | outside | inside | Vegas 1975 | estimates | theme | Martin Stern | poem | about

Follow UNLVgaming on Follow unlvgaming on Twitter Twitter and UNLVGamingResearch on Facebook

© 2016 University of Nevada, Las Vegas. Do not copy or reuse without permission.


Last modified Wednesday, 02-Dec-2009 11:18:20 PST