Edge Group's dreams of building a large resort along Harmon Avenue may have new life, a Reuters report from Israel suggests.
Israeli-based investment group Africa Israel Investments is heading a joint-venture partnership, which includes a "subsidiary of the land owner," that is buying 60 acres along the Harmon corridor west of the Hard Rock Hotel for $625 million, or $10.4 million an acre.
The property includes 49 acres owned by Edge Group, previously slated for the folded W Las Vegas project, and an adjacent 11 acres owned by home builder D.R. Horton.
Edge Group Co-Chairman and Chief Executive Officer Reagan Silber declined to comment through a spokeswoman on any pending deals, citing confidentiality agreements.
Reuters is reporting that Africa Israel Investments will take a 49 percent stake; a New York-based partnership between developers Steve Witkoff and the Cipriani family will take a 30.6 percent stake; and financial consulting firm Credit Suisse and the "subsidiary of the landowner" will each take 10.2 percent stakes.
The Reuters report said the new group intends to build a casino accompanied by several hotels, retail, restaurants and convention space.
The deal is expected to close in August; the project is expected to open in 2012.
The Edge Group announced the demise of W Las Vegas on May 11 when minority partner Starwood Hotels and Resorts Worldwide pulled out of the project.
Las Vegas Review-Journal
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