HERBS PROPERTIES

This historic property is located on the world famous Las Vegas Strip w/ approx. 115 ft. of frontage on Las Vegas Blvd, 310 ft. of frontage on Casino Center, and 160 ft of frontage on Utah. This prime piece of development property is located in the City of Las Vegas, Downtown Redevelopment Area, more specifically falling into the boundaries of the Downtown Overlay District, Live/Work Overlay District, and the Las Vegas Blvd. Scenic Byway Overlay District, which would enable future developments on the property to potentially benefit from redevelopment incentives such as visual improvement facade enhancement rebates, tax increment financing rebate incentives, and expedited project approval. Special provisions for this area also include exemptions for height restrictions, required building setbacks, standard parking requirements, maximum lot coverage, residential adjacency, possible gaming, and landscaping requirements. Downtown Las Vegas is going through a transition period / rebirth and will soon be a true Live/Work/Play environment. This property borders a proposed 85 Acre mixed use development (Project Neon - Pulse) which will consist of 3,000 Condo Units, a 6,000 Hotel Unit Casino and a Sports Arena. In addition, there are currently over 100 projects (residential, commercial, and government) either approved, proposed, or under construction in Downtown Las Vegas. Not only does this area benefit from its excellent proximity to current and future Downtown projects, but also enjoys a location just minutes from the new multi-billion dollar developments on the Las Vegas Strip to the South.

Property Description

This property consists of 5 parcels totaling 1.40Acres w/ approx. +/- 115 ft of frontage on Las Vegas Blvd, +/- 310 ft of frontage on Casino Center, and +/- 160 ft on Utah. While this property provides a great redevelopment opportunity for the future buyer, The Tod Motor Motel is currently operating on the site providing income from its 116 units. The motel has been recently renovated and there is also an opportunity to sell the individual units as long term leases (model units are available to view at the site). The alleyways running through the property have been vacated by the City of Las Vegas adding additional acreage and security for the property (additional acreage not included in acreage total).