Las Vegas Sands Plans to Build in the Sky
Without more land on which to build, Manhattan construction involves upward movement, and often includes the purchase of airspace above previously constructed edifices; now it appears Las Vegas Sands has similar ideas in the continuing expansion of the Venetian Casino and Hotel.
Having just recently opened the Palazzo, the companion hotel adjoining the Venetian, Las Vegas Sands is moving ahead with plans to add 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 desert into which the city can expand. However, the Strip locations have become so desirable that Sands and other corporations would rather build up than elsewhere, constantly incresing their square footage at the prime location.
The company is also contemplating relocating its convention center on property it owns behind the Wynn Resort, allowing construction of a third hotel-casino next to the two existing ones.
City officials have approved the Walgreen's and shopping center; it will be interesting to see if Sands' plans pass through city inspectors.
