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Real Estate Development
A few years back, I was involved with helping a land owner master plan a 30-acre parcel in Las Vegas just off the Strip, near the MGM Grand Hotel. The parcel was zoned for casino uses and also had potential for hotel, residential towers and other retail uses. The land owner paid about $9 million for the underutilized and nearly vacant property and received minor residual income for lower intensity uses that were currently operating on the site. Initially, the land owner tried to flip the land using a prestigious national real estate brokerage that marketed the property with a glossy aerial photograph, a large red b