The Review-Journal reports this morning that the site of the failed SkyVue project across the Strip from Mandalay Bay has been sold to a local real estate developer for $70 million. At 12 acres, that comes to $5.83 million per. SkyVue was an observation wheel project that got as far as raising two concrete columns before going bankrupt; the columns have been scraping the sky in place since 2014. The developer has big plans for the acreage, including a heart-shaped 874-room hotel-casino, giant heart-shaped LED marquee, Fremont Street Experience-like covered pedestrian plaza, and theater; reportedly, a 265-foot-high “midair restaurant” will incorporate the smokestacks into the property. No financing or timeline details were divulged.
Source: Las Vegas News