Page 1

42.36 Acre Potential Development Site

The Collection INFORMATIONAL PACKAGE

3753 - 3980 Howard Hughes Parkway Las Vegas, Nevada 89169


Statement It is understood that this Informational Package is completely confidential and is NOT an Offering Memorandum or a solicitation for offers by the Owner(s) of the properties being presented. This presentation is for conceptual purposes only and not meant to be an offering for sale, but only a concept for a potential use on the site and will be subject to the existing owner potentially entertaining an offer to purchase and ultimately a purchase by the offeror. It has been in NO WAY represented that the Seller would be willing to sell or entertain an offer to sell the properties as depicted.


Contents Preface Executive Summary Property Aerials & Maps Market Overview The Collection

5 7 9 11 13

3


4


Preface The Property is being presented in an “as-is, where-is� condition with no representations or warranties by the Presenter as to the accuracy of the information contained in this Informational Package. The enclosed materials include highly confi dential information and are being furnished solely for the purpose of review by interested parties of the interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other purpose or made available to any other person. The use of this Informational Package and the information provided herein is subject to the terms, provisions and limitations of the confi dentiality agreement furnished by Presenter prior to delivery of this Informational Package. The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by the Presenter or any respective representatives, affi liates, offi cers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. The Presenter shall not have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or make available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein. Presenter expressly reserves the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This Informational Package is made subject to omissions and correction of errors. Presenter shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property. Presenter does not represent any ownership in the property. 5


8

®

HUGHES CENTER

6

SHOPS AT

SHOPS AT ®

:|: |: Shops at The HC Shops Las at Vegas, The HCNevada :|: Las :Vegas, Nevada HUGHES CENTER

:|:

First Class Amenities Serving Las Vegas’ Premier Class A Office Camp

HUGHES CEN


Executive Summary The HC Hughes Center is a 42.36 acre Class A master-planned office complex located just east of the Las Vegas Strip. The site is situated on the northwest corner of Flamingo Road and Paradise Road. The subject complex encompasses nearly the entire block of Paradise Road between Flamingo Road and Sands Avenue. The development offers a new developer an unprecedented assemblage of land less than one mile off the famed Las Vegas Strip, and directly adjacent to the 38 acre $1.5 billion Wynn Encore Paradise Park expansion which will add 1,000 new rooms, and 260,000 square feet of additional meeting space. Furthermore, the site is just ½ south of the Las Vegas Convention Center which is planning more than $2 billion expansion and renovation in the coming years. The parcels offer irreplaceable real estate upon which a new developer can re-confi gure and maximize the property’s footprint. Many potential uses include full-scale hotel resort casino, retail, timeshare, mixeduse and more. The project is currently home to ten Class A offi ce buildings built between 1986 and 2006. The buildings total approximately 1.4 million square of rentable space, as well as developable land parcels. Nearly 43 million visitors traveled to Las Vegas in 2016, setting a new record for the city, which continues to grow year after year. Furthermore, convention attendance is also at an all-time high of more than 6.3 million per year. The resurgence into the Las Vegas economy has been a huge factor in many recent and future developments and additions to the city. The construction of the 20,000 seat T-Mobile Arena has given way to the city’s first professional franchise- The Las Vegas Golden Knight NHL team, which ultimately led to the city bringing the Oakland Raiders to Las Vegas. The Las Vegas Raiders have agreed to build a $1.9 billion 65,000 seat stadium on I-15 just west of Las Vegas Boulevard, and less than one mile from the subject development. These two arenas located close by the site are slated to host close to 200 events annually. 7


Land Use: CT Commercial Tou 1246.16

121.21 189.73

30 80

108.36 158.78

254.69

147

PARADISE RD

44.25 46. 57

182

168 418 8080

349.35

PARADISE RD

1

12

50

R=

10 7. 10 07 7. 07

4.

023 0.84

1 .4 13 3 5

PT1

103.50

63 .

149.27

PT1 221.27

R=34 8. 50

8 4.8 5

PT1 73.49

51.25

22

014 1.67

PT1

7

.3

LEASE

20

6

267.62

232.06

1 01. 9

1

022 1.98

LEASE

0 2

67.05

2 .7

13 1

6

25

75 75 .

03 80 .

10

68. 50

1.50

.5

9

23 7

.5 10 3

2 .2

= 13

“J”

006 3.26

66

16 3

011

=1

152.21

25

6

.3

27 5

14

42

PT1 0.35 R

40

65-38

4 4. 3 7

12 .

53 .

“I” 12 .

247.13 PB

94.92

27.3

4

6.6 24 8 40 .

3 .5 31 9

Y PK W

HE S G U H D AR W

HO 4

L=

2 46

.76

77.12

92

R

L=95.8

015 1.64

82 .

18

. 65

39.13

008 1.7

. 97 39

321.57

7

83 .

38

58 2.

68.08

0.6

3

003 2.02

4

7

PT1

8

006 13

4

30

.6

6

1. 3

91

97 .

018 2.57

157.6

PT1

4 .3

40. 32

46

811

.96

27 2.7

PT1

4

01

61

75 .

169.73

372.46

5

32 249.

“H”

.2

007 2.06

80 .

71 .

PT 1

ER ADIS PAR

PB 98-49

77. 7

L= 85

017 2.26

.6

002

2 6.7 7

232.84

“K” .34

80

15.3

19.3140

"B"

8

385.61

6

132. 31

See Condo List Page

813

40 .2

43

31 3

321.21

PT1 . 14

003

PT1

HUGHES CENTER UNIT NO 3

14 8 .91

51 .

002

PARK TOWERS AT HUGHES CENTER AMD

HUGHES CENTER UNIT NO.4

77 176

L= 2

22

6. 51

32

L=408.31

814

GO WASH CHANNEL

29 4 .63

68.6

9

“L”

7

003 4.28

002 1.84

13 9 .93

414.76

49.0

R=30 R=30

6

148.24 148.24

147

003 3.76

59.92

PT 1

1

PT 11 PT

54.35 54.35 50 50

276.04 276.04

.1

40

164.65

R=30

1

“G”

.2

193.56 193.56

R=30

L

801

PB 62-25

CORPORATE DR DR CORPORATE

1 45.2

812

=9 6

034 034

450.56 450.56

80 80

HUGHES CENTER - UNIT NO. 2

001

P

43 7

476.06 218.71

111.79 111.79

26.2 2 88 9

10

012

009 009

“F”

PARCEL NUMBERS &SITE AR

033

1 PT 1

307.4

7 .0

029

030

22 9 .8 1

L = 21

L=5 0 . 8 9

Approximately 44,000 cars da 53,000 cars per day on Flamin

10

013

220.15

8484 9.9. 1616

4 40

WY

120.66 120.66

.17

PK

“E”

005 3.1

PT 1 217

154

.71

347.79

129

007 5.18

48.28

004 004 3.9 3.9

PT PT 11

45 45 .5 0 .5 0

S HE

R= R =

004 004

006 PT 10.23

“M”

24.26 R =2 5

2 22 1 .6

48.28

PT PT 162-16-812-004 162-16-812-004

PT PT 11

22

71.64

5 7. 50 R= 4

UG

40

PT 2

DH

62. 26 26

008

40

6

AR 186

234.35

71.5

W HO

308.78 308.78

PT 1

PB 33-38

129

005 5.85

90

TCHESTER VAC 20050511:4490 DR VAC 20050511:4490

288.70

110 R =1

1 R=1

006 5.79

“D”

004

6

TRAFFIC COUNTS

028

HUGHES CENTER UNIT NO 1 AMD

PB 62-25

145

R=28 2.0

8080

25.68

44

HUGHES CENTER UNIT NO. 2

667

84.32

138

R =33 0.

28. 08

“C”

002

PT 2

007

R=20

R =8 9 7. 6 1

267

R =21 8

R =2 5

86.79

R=184.77

8

= 33 2

R=25

01 011

712

Between 1986 & 2006

003

018

267

34. 52

PT 1

R

001 5.4

PT 2

001 0.55

90. 08

MANHATTAN ST

50

R=119 0

“A”

005

125.84

“B”

23 9 .87

72.68

SA VE 015 015

77 25235.39.9

4

90. 07

36.1

645.40

710

003 6.02

136.48

40. 07

250.36 68.5

VAC 1825:1784420

SAN D

01 019

13

1

80

714 4

014

010

R=30

80

36.1

2

98

713

001 4.65

YEAR BUILT

PM

002

PB 54-23

017 168.

2

188

006

6

20

139.03

321.09

277.6

R=20

123

019

20

53.72

16

40

16

>

HUGHES CENTER TRIANGLE

002

023

100

77

139

258.41

022

Parcel “A” 162-16-714-003 = Parcel “B” 162-16-712-004 = Parcel “C” 162-16-712-002 = Parcel “D” 162-16-714-006 = Parcel “E” 162-16-812-004 = Parcel “F” 162-16-812-005 = Parcel “G” 162-16-812-003 = Parcel “H” 162-16-811-007 = Parcel “I” 162-16-811-011 = 0 Parcel “J” 162-16-811-008 = Parcel “K” 162-16-811-017 = Parcel “L” 162-16-811-003 = Parcel “M” 162-16-712-007 =


Executive Summary LOCATION The Property is located on the northwest corner of East Flamingo Road & Paradise road in the City of Las Vegas in Clark County, Nevada. ADDRESS 3753 - 3980 Howard Hughes Parkway, 360 Hughes Center Drive Las Vegas, NV 89169 TOTAL BUILDING SQUARE FOOTAGE (TEN BUILDINGS) 1,442,583 square feet (Source: CoStar) ZONING Zoning: H-1 Hotel Land Use: CT Commercial Tourist YEAR BUILT Between 1986 & 2006

BUILDING NUMBER & SIZE 3753 & 3763 = 61,655 SF & 61,723 SF 3764 = Not Applicable 3770 = 65,321 SF 3773 = 169,054 SF 3883 = 261,833 SF

TRAFFIC COUNTS Approximately 44,000 cars daily on Sands Ave, 31,000 cars daily on Paradise Rd., and 53,000 cars per day on Flamingo Rd. PARCEL NUMBERS & SITE AREA:

Parcel “A” 162-16-714-003 = 6.02 acre Parcel “B” 162-16-712-004 = 3.09 acres Parcel “C” 162-16-712-002 = 0.87 acres Parcel “D” 162-16-714-006 = 5.79 acres Parcel “E” 162-16-812-004 = 3.90 acres Parcel “F” 162-16-812-005 = 3.10 acres Parcel “G” 162-16-812-003 = 4.28 acres Parcel “H” 162-16-811-007 = 2.06 acres Parcel “I” 162-16-811-011 = 0.35 acres Parcel “J” 162-16-811-008 = 1.70 acres Parcel “K” 162-16-811-017 = 2.26 acres Parcel “L” 162-16-811-003 = 3.76 acres Parcel “M” 162-16-712-007 = 5.18 acres TOTAL - 42.36 ACRES

3893 = Not Applicable 3993 = 178,555 SF 3980 = 86,018 SF Not Applicable 360 Hughes Center = Not Applicable

3960 = 175,545 SF 3930 = 94,195 SF 3800 = 288,684 SF TOTAL - 1,442,583 SF 9


10


Property Aerials & Maps

PROPERTY AERIALS & MAPS

11


PROPERTY AERIALS & MAPS APN# 162-16-812-003 - 4.28 Acres Building Size: 178,555 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist

APN# 162-16-812-005 - 3.10 Acres Building Size: Not Applicable Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist

APN# 162-16-812-004 - 3.90 Acres Building Size: 261,833 Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist

APN# 162-16-714-006 - 5.79 Acres Building Size: 169,054 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist

APN# 162-16-714-003 - 6.02 Acres Building Size: 61,655 SF & 61,723 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist

APN# 162-16-811-007 - 2.06 Acres Building Size: 86,018 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist

APN# 162-16-811-011 - 0.35 Acres Building Size: Not Applicable Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist APN# 162-16-811-008 - 1.70 Acres Building Size: Not Applicable Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist APN# 162-16-811-017 - 2.26 Acres Building Size: 175,545 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist

12

APN# 162-16-712-004 - 3.09 Acres Building Size: Not Applicable Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist

APN# 162-16-811-003 - 3.76 Acres Building Size: 94,195 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist

APN# 162-16-712-007 - 5.18 Acres Building Size: 288,684 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist

APN# 162-16-712-002 - 0.87 Acres Building Size: 65,321 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist


Property Aerials & Maps

PROPERTY AERIALS & MAPS

15 PALMS

TRUMP INTL.

RIO

RESORTS WORLD

FASHION SHOW MALL MIRAGE TI ENCORE CAESARS WYNN AZ PALAZZO FORUM PALACE VENETIAN SHOPS FLAMINGO HARRAH’S PANORAMA SAND’S EXPO FUTURE THE LINQ TOWERS BELLAGIO CROMWELL WYNN LAKE DEVELOPMENT COSMOPOLITAN BALLY’S 1,000 NEW ROOMS CITY PARIS CENTER T-MOBILE MONTE PLANET ARENA CARLO HOLLYWOOD NEW YORK NEW YORK

IP

AS

S

15

EXCALIBUR LUXOR

MANDALAY BAY

LA

MGM GRAND

G VE

R ST

SITE

THE SIGNATURE AT MGM GRAND

TROPICANA HARD ROCK HOTEL & CASINO

13


PROPERTY AERIALS & MAPS

Property Aerials & Maps LAWRY’S THE PRIME RIB

PARKING STRUCTURE PARKING STRUCTURE

THE PARK P CONDO C CONDOMINIUMS

PARKING STRUCTURE

3763

FUTURE RETAIL T

HO

W AR

D

Bandito Latin Kitchen

3773

HU

GH

3980

H20 Sushi & Izakaya

ES

3993 PA R

KW AY

FUTURE DEVELOPMENT

STARBUCKS T

G

RU

CT

3930

UR

E

TE

L

PARKING STRUCTUR STRUCTURE

DEL FRISCO’S

3770

3800

PARKING STRUCTURE

PARADISE ROAD

GORDON BIERSCH BAHAMA AMA BREEZE

FEDEX OFFICE FED BIKE PAD P

14

WIFI HOTSPOT

UE

ST

S AV EN

KIN

HO

FUTURE DEVELOPMENT

3960

PA R

SAN D

PAN P NERA BREAD CO. HABIT BURGER JAMBA JUICE PIEOLOGY CHIPOTLE

3883

CORPORATE A DRIVE

FLAMINGO ROAD

FOGO DE CHAO

HUGHES CENTER DRIVE

CLAIM JUMPERS

3753


Market Overview

15


AREA HIGHLIGHTS

14.8%

Increase in new home sales

3.8%

Increase in existing home sales

6.3%

Increase in median new home pricing

26TH

Busiest airport

47.4M

Passengers per year

6

Full service marinas

60

Golf Courses

6.31M

Convention attendees

LAS VEGAS TRADE AREA OVERVIEW LAS VEGAS ECONOMY The Las Vegas metropolitan area– encompassing Las Vegas, Henderson, North Las Vegas and Boulder City–is known as the “Entertainment Capital of the World” is home to more than 2,100,000 residents. With a tourism and gaming industry unlike any other in the world, the city boasts more than 30 mega hotel/casinos with over 150,000 available hotel rooms. Tourism is at a record high with the city hosting over 42.9 million visitors in 2016. Gaming revenue reached $9.72 billion in Clark County and convention attendance saw another annualy increase with over 6.31 million attendees in 2016. The city’s tourism and gaming industry helps support the local workforce of over one million. However, in recent years, companies such as Zappos, Switch and the Faraday Future plant in North Las Vegas, continue to drive the diversification of Las Vegas’ future as a major technological and industrial hub on the west coast. Its proximity to Los Angeles, Phoenix, San Diego, Salt Lake City and Reno also make the city a thriving center for western transportation. Las Vegas continues to be a desirable place for residents due to its high quality of life, lower housing costs and favorable tax benefits. After the downturn of the residential real estate market during the recession, the Las Vegas market was negatively affected along with the rest of the country. That said, home prices have continued to rebound with nearly 10% year-overyear increases. This furthers the confidence of residents and investors in the local real estate market.

16

HOUSING The residential housing market has improved over the past year in nearly every measurable indicator. New home sales are up 14.8% with 7,000 new homes built in 2015. Existing home sales increased 3.8% with 44,000 resales. Median new home prices increased 6.3% to $312,000. Average monthly apartment rental rates are up 10.6% with an average rate of $884 per month. Commercial building permit values in 2015 were up 83.9% over 2014 with a total value of $549,000,000. Despite the increases, Las Vegas retains its appeal on the affordability scale and continues to be viewed as an attractive value for retirees.

TRANSPORTATION AND ACCESS Las Vegas is easily accessible by virtually all modes of transportation. A comprehensive network of rail, truck and air service lines contribute directly to Las Vegas’ growing importance as a manufacturing and distribution center. Among the most vital links for the community is Interstate 15 which was constructed to promote development of the southwestern United States. While the Las Vegas area does not have any passenger rail lines there are a number of proposals to provide service. The California-Nevada Maglev Train is one such proposal for a high-speed rail corridor between Los Angeles and Las Vegas. Travel time from Las Vegas to Los Angeles is less than five hours by car and one hour by plane. There are three airports serving the area, the largest being McCarran Airport which ranks as the 27th busiest facility in the world. Sixty percent of Las Vegas visitors arrive through this airport, and it handles more than 41 million passengers per year. The airport has nonstop air service to international destinations in North America, Latin America, Europe and Asia.


RECREATION The city of Las Vegas benefits from its natural surroundings. Lake Mead National Recreation Area is a short drive east of the city offering six full service marinas, numerous beaches accessible by car, camping areas and miles of biking trails around the park. Red Rock National Conservation Area is 17 miles west of the Strip, more than 195,000 acres, and is visited by over one million people annually. It offers a 13 mile scenic drive, 30 miles of hiking trails, rock climbing, horseback riding, picnic areas and much more. Additionally, Mt. Charleston, northwest of the city, offers residents access to skiing, snowboarding, hiking and camping. The valley is home to more than 60 golf courses including TPC Summerlin and TPC Las Vegas. Topgolf Las Vegas recently opened just off the Strip offering tourists and residents 108 climate-controlled driving range bays, two pools, five bars, VIP cabanas and a concert venue.

2.1 M

Population

$72,972

Average household income

5.2% Unemployment rate (Aug. ’17)

TOURISM AND CONVENTIONS Until the beginning of the recession, visitor volumes consistently improved over the past decade, generally spiking to a new level after each mega casino-resort opened. In 2007, visitor volume peaked at 39.2 million and took a significant hit shortly thereafter. In 2016, Las Vegas showed further resurgence with 42.9 million visitors spending $9.7 billion in gaming revenue.

17


In 2016, nearly 22,000 conventions were held in Las Vegas, drawing more than 6.3 million conventioneers to the city. Las Vegas remains the number one host market for conventions with an inventory of more than 149,213 rooms in 2015, compared to Orlando’s inventory of 121,000 rooms, or Chicago’s 111,000 rooms.

SPORTS Las Vegas is currently finalizing its plans for its first major sports team- an NHL hockey franchise to be hosted at the new T-Mobile Arena on the Strip, a joint venture between MGM Resorts and AEG Live. In addition, the city is home to the Las Vegas 51s triple A minor league baseball team, Fighting Championship (UFC) is based in Las Vegas and hosts multiple headlining fights throughout the year. UNLV also plays Division I basketball and football at the Thomas & Mack Arena and Sam Boyd Stadium. The Las Vegas Motor Speedway and its drag strip will hold events including NASCAR, NHRA and the Red Bull Air Race in the upcoming year. The Thomas & Mack Arena continues to host the annual Wrangler National Finals Rodeo (NFR), celebrating its 31st year in Las Vegas. This event, held in December, attracted 172,650 visitors and 120 athletes from around the world in 2015. It has sold out 290 consecutive performances.

18


The Collection at Hughes Center

19


20


The Collection You have arrived………now be inspired! The Luxury Collection at Hughes Center You came to visit and now you never want to leave. Imagine, Park Avenue meets Rodeo Dr. and having the world at your fingertips-a self contained city, within the most exciting destination in the world, Las Vegas! Once you enter The Luxury Collection at Hughes Center you will be swept away to an uber elite bastion of prestige and respectability, within it’s own district, right in the heart of Las Vegas. A luxurious atmosphere that will appeal to every sense and accommodate every pleasure. The Luxury Collection will offer every hedonistic indulgence and amenity imaginable, in an environment that will cater to the mind, body, sprit, soul and your entrepreneurial side! Whether you are visitor, or choose to call it home, you can experience the finest in world class luxury penthouse living, lodging, shopping, dining, playing, gaming, rejuvenating ….you will even be able to conduct business at your global headquarters, in your luxury offices within the mixed use towers. There will be copious amounts of convention space to accommodate the large appetite that ranks Las Vegas the #3 destination for conventions in the United States. Realizing the designer prestige of the branded living-we anticipate creating one of the most exciting fashion districts and runway fashion show venues in the world! Everything in one magnificent district and branded with the most distinctive legendary brands in the world that you already know……..and love! 21


22


The plan will be to integrate The Luxury Collection at Hughes Center into a site which is currently home to one of the finest existing Class A Office/ Retail subdivisions in Las Vegas, that is currently comprised of approximately 1,442,583 square feet of class A office space and situated on approximately 42.36+/- acres. The Luxury Collection will plan to utilize approximately 15.75+/- acres of the 42.36+/-acres. Each signature luxury branded property is projected to be 3-4 individual mixed use, hotel and condominium towers, reaching approximately 400+/- foot height. The site currently enjoys H-1 zoning with a CT Land Use Plan, and an MUD 1 overlay, all which allow Hotel, Gaming and the most intense Mixed Use classifications allowable. Centrally located and just steps away from the finest resort hotels and casinos on Las Vegas Strip, you can almost reach out and touch the lights. Mc Carran airports’ private Executive Terminal and one of the largest convention facilities in the country are just a stone’s throw away and wave of the hand! The eastward expansion plans of the Las Vegas Strip include the anticipated “Wynn’s, Paradise Park development”, a $1.5B project with the focal point to be a 38 acre manmade lagoon, surrounded by a 47 story, 1500-room hotel, convention facility, shopping, dining and the finest of entertainment-The Luxury Collection will enjoy spectacular views of the project and will reside just due South of the project,separated only by Sands Ave. Due west of The Luxury Collection, also fronting Sands Avenue, and due east of the Venetian, plans are underway to build the MSG Sphere, an entertainment and performance venue that Madison Square Garden Co. and Las Vegas Sands 23


Corporation will be partnering on, to build an entertainment platform and will offer sound and visual technology never before heard or seen, and will enhance the Las Vegas skyline with it’s spherical shaped, 360 foot tall building, 18000 seat arena and has an anticipated opening date of late 2020.

Conceptual Amenities for the Luxury Collection at Hughes Center:

• Exclusive Luxury Penthouse residences, offering premium units with full and half floor and purchases • Lounge lobbies and formal dining areas scattered through out the towers for gatherings • Gaming Salon • Rooftop Gardens • Luxury Hotel Accommodations • Office condo for sale • Business meeting rooms, & banquet/convention facilities, permanent exhibition space, etc. • First and Second floor Retail • HeliPad-Subject to FAA approvals. • Outdoor Avenue street side retail and dining. • Casual and high end bars and restaurants, the ultimate of dining/libation/club experiences (think Moet Chandon and Hennessy which are part of the conglomerate Louis Vuitton, LVMH) Boutique Gaming • World class fashion runway shows • Year round exhibition space for high end designers-(Retailers to do buying here instead waiting for Majic) • Sprinkled mid tower-luxury lounges, clubs (day and night) • Hair and Beauty Salons. • Wellness spas with indoor/outdoor wet experiences- potentially branded by Miraval Native American Spirituality Spas. • Work out facilities with views----meditation gardens, rooftop lounge resort areas. 24


25


Anticipated Project Square Footages:

Best Comparable for Condo Living:

• • • • • • •

Mandarin Oriental 3750 Las Vegas Blvd South

Retail SF includes Bars & Restaurants 500,000 sf Hotel Rooms 1150/575,000 sf @ 500 sf per ave. room Condo Units 700/1,800,000 sf @2500 SF ave.unit Day Club/Night Clubs 100,000 SF/units for Office/Office Condo 142,000 sf. SF for Convention 200,000 SF Runway/Fashion Show Theater to seat 5,000/30,000 SF • Fashion Mart-permanent exhibition space for designers 100,000 • SF for Gaming 110,000 (100 sf for every room) One main casino like city center • SF for brand name Spa 30,000 (each building can have their own designer spa if necessary)

Total Anticipated Square Footage 3,587,297+/-

Comparable sales prices for various aspects of anticipated product: • Condominium: $1167.00-$1567.00 per square foot. • Retail Lease Rates: $71.00-$300.00 Annual Lease Rate per square foot. • Retail Center Sale Capitalization Rate: Average 4.34% Cap Rate. • Land Sales Value Strip Frontage: $20mm-$32mm per acre. • Land Sales Value Off Strip: $4,074,625.33 Average price per acre.

26

Currently Available for Sale as of 3/26/2018 6 units currently available with +2,000 SF. Asking price per square foot: $1,128.45-$1,995.65 Average: $1,577.83 List Price Range: Minimum: $2,495,000.00 Maximum:$5,500,000.00 Average Asking Price: $4,072,500.00 Sold Units as of 9/27/17: 13 Units sold with +2,000 SF. Sold price per square foot: $819.35-$1,490.88 Average Sold Price Per Square Foot : $1166.23 Average days on the market: 71 Sold Price Range: $2,100,000.00-$4,300,000.00 Average Sold Price: $2,776,923.00 Average Square footage: 2,382


27


Strip Retail Annual Lease Rates: Crystals: $179.00+/Fashion Show Mall: $200.00+ Caesars Palace Forum Shops: Asking: Low $100.00-$150.00 Annual PSF for larger space, small premium locations as much as $600.00$700.00 annual per square foot. Planet Hollywood Miracle Mile Shops: $71.00-$74.00+ NNN Grand Canal Shoppes: Over $200.00+ Via Bellagio: $300.00+/-

Comparable Strip Retail Sales

Miracle Mile Shops Sale Date: 10/16 Sq. Feet 501,522 Sales Price: $1,080,000,000.00 Cap Rate: 4.56% Price Per Sf. $2,153.44

Average Cap Rate 4.345%

Comparable Strip Land Sales:

Property: Fashion Show Mall Sale Date: 7/16 Sq. Feet: 1,900,000 Sales Price $1,250,000,000.00 (50% Interest) Cap Rate: 3.9%

Buyer: Steve Wynn-Wynn West 3120 Las Vegas Blvd. Strip Frontage Vacant Land Sales Price: $300MM- Approx. $20mm per acre Acreage: 38+/- Acres: 162-09-403-004, 16.17 acres, (part of property was ground lease that was assumed-per acre price to be determined)Tishamar Transferred Grant Bargain and Sale Deed on 1/26/2018 162-16-101-009 (12.79 acres) and 162-16-101011 (5.6 Acres)

Property: Wynn Retail Promenade Sq. Feet: 161,084 Sale Date: 12/16 Sales Price: $472,000,000.00 (49% Interest) Cap Rate: 4.7%

28

Property: Crystals City Center Sale Date: 4/16 Sq. Feet: 262,327 Sales Price: $1,112,000,000.00 Cap Rate: 4.22% Price Per Sf. $4,238.98


29


Transferred Grant Bargain and Sale Deed on 2/06/18 162-16-101-008 (2.89 acres) and 162-16-101010 (.73 acres) Total Fee Simple: 22.01+/Plans to build 2000-3000 Room Hotel/Casino 3767 S. Las Vegas Blvd. (Next to Showcase Mall across from Monte Carlo just south of City Center, east side of LV BLVD) Sales Price: $59,500,000.00/$32,692,307.69 per acre Acreage: 1.82 Sale Date: 5/17

Off Strip Land Sales: Buyer: Caesars Entertainment Resort Properties Location: Koval and E. Flamingo Road (Behind Flamingo Hilton and Linq) Off Strip Sales Price: $73,600,000.00/$4,000,000.00 per acre Acreage: 18.40+/Sale Date: 12/22/17 Plans to construct convention and entertainment venue

30

Buyer: Calida Property Group 3768-3798 Howard Hughes Pkwy. (contiguous with subject) Vacant Land Sales Price: $15,860,000.00/$2,608,522.16 Acreage: 6.08 Sale Date: 3/31/17 Plans to build 375 Luxury Apartments 3 parcel Assemblage-east of Flamingo Hotel (east of Strip close to subject) Buyer: Vegas Development LLC 140 Albert .47 Acre 154 Albert .48 Acre 158 Albert .49 Acre 162 Albert .51 Acre Total: 1.95 Acre Sales Price: $10,950,000.00/$ 5,615,384.61 per acre Sale Date: 1/2017 $4,074,625.33 Average price per acre * All Data obtained from various sources such as Co-Star, Clark County Assessor’s Office, CBRE, MLS Greater Las Vegas Association of Realtors.


31


The Collection @ HC

The Collection @ HC  
The Collection @ HC