After many attempts to sell the property directly to the South of the PHOF's new home, it was made official today with the County Assessor recording the sale.
We have mixed feelings about this. We had seen detailed plans about 6 months ago and I had several phone conversations with the Real Estate people for this project. Mostly we talked about technical issues involving the property line, set backs, and airport issues. Both properties share a common border with the new PRIVATE JET port to the East.
It must be said at this point that the PHOF gang understands that property rights are absolute. Even if we hated this new Happy Shack with a passion, there is very little to be done because THE PROPERTY OWNER HAS USE OF HIS LAND FOR ANY PURPOSE HE DESIRES within the law and zoning.
So first, let's look at the Negatives.....
DAMN THIS THANG IS A WHOPPER! 21 stories, 540 rooms, a Casino, an all you can eat Paste Buffet and a huge parking garage. It will almost completely block the view of our single story building from the Famous Las Vegas Sign. Our approved plans include a 50 foot high sign that WILL be visible from the South. Where we are now we have done really well without ANY signage except for the mini-billboard sign in the vacant lot next door, which the County made us improve when we bought the lot AFTER we opened in our current building.
There is a remote chance that all or part of this structure could fall off and crash into us. But again, NOTHING CAN BE DONE. All parties will be insured.
Also it will bring a lot more traffic to a section of the Strip that is fast and free-flowing right now. Locals will NOT go on the main busy part of the Strip because it takes a half hour to drive 10 blocks.
A LOT more traffic. Not cars, but people. With a desire to have fun.
Property values will be positivly effected. We paid 2.6 per acre. They paid 4 per for the same dirt.
There will also be a lot less homeless once the underground drainage tunnel is removed and the Dewey Drive Extension is improved and lighted.
It will also force the County to address several nagging Public Works issues that have been overhanging our project now that it is known what is happening next door.
Before I finish, I will give a quick update on progress on OUR new building. We are still stuck in permit Hell and a few weeks behind. They put in bollards to block cars from running up on the sidewalk and killing people, and we had them NOT install them where our driveway is going, but then they could or could not find where they stored them. It has been straightened out along with many other maddening details that have delayed us.
The Contractor has been chosen. The building plans are complete down to the color of the roof on Howard Johnson's outhouse,and the bulldozers will start grading the lot the day after we get the permits. Final price of the 27,000 square foot building will be between 4.2 and 4.5 million. We are almost this amount in the bank, and are looking at a very good debt-to-equity ratio of 13 percent on opening day, sometime late this year or early next year.
I would love to hear any thoughts from this newsgroup here on this forum, so please chime in with your wisdom.