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Failed Skyvue property going up for auction on Las Vegas Strip

STRIP PROPERTY AUCTION PIC.jpg
Posted at 12:41 PM, Jan 29, 2020

LAS VEGAS (KTNV) — For the first time in years, a large parcel of land is up for auction on Las Vegas Boulevard.

Before there was the High Roller observation wheel, there was a groundbreaking for the Skyvue Las Vegas Super Wheel.

The Skyvue project located across from Mandalay Bay had a ground breaking ceremony, minimal construction and ultimately never came to fruition.

Now that property with a world famous address is in Chapter 11 bankruptcy and going up for auction.

The property has 750 feet of direct Las Vegas Boulevard frontage and is walking distance from the new Raiders' Allegiant Stadium and is zoned for gaming, hotels, retail, restaurants, entertainment, resort uses and parking among other uses.

“There is nothing like this available for development on the Strip. The heart of the Strip between the Wynn property and Mandalay Bay is fully developed. This opportunity is the last true development opportunity in the heart of the Strip” says Matthew Bordwin, Principal at Keen-Summit Capital Partners LLC, one of the exclusive real estate advisors for this offering. “With a trustee appointed and bid procedures approved by the Bankruptcy Court, there will be a sale transaction.”

Attorney Kavita Gupta has been appointed to serve as the Chapter 11 Trustee overseeing the bankruptcy sale of the 38.56 acres site.

The Bankruptcy Court has approved bid procedures setting a bid deadline of April 30, 2020, and May 19, 2020, auction for qualified bidders.