Palazzo – Las Vegas Sands Expansion
When you run out of land, then the only place to build is … up, up and way. It now appears the Las Vegas Sands has similar ideas with plans of continuing expansion of the Venetian Casino and Hotel.
Having just recently opened the Palazzo, the companion hotel adjoining the Venetian, Las Vegas Sands is now moving ahead with plans to add about 400 condos that will attach to the Palazzo. The condos will be built above a Walgreen’s and other stores, on land owned by the operators of the former Rosemont Grill restaurant.
The Rosmont owners wish to maintain ownership of the land, to build shopping areas. Sands will purchase the airspace right to build above whatever tenants the land owners wish to install.
The airspace purchase is common in congested cities which have run out of buildable land, but the practice will be new to Las Vegas, which is surrounded by wide open desert, which the city can easily expand.
However, the hot Strip locations have become so desirable that Sands and other corporations would rather build up than elsewhere. The goal is to constantly increase their square footage at the prime location, where all the action is.