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 September 9, 2004 Gemstone Development Completes Purchase of 49 acre "Silverado" Parcel Prime South Strip Piece Acquired for $34.8 Million (Las Vegas, NV) – Gemstone Development announced today that it has successfully completed acquisition of a 49 acre, H-1-zoned parcel on the South Las Vegas Strip, at a cost of $34.8 million. The parcel is located on the West side of Las Vegas Boulevard immediately to the South of the South Coast Casino and GrandView Timeshare sites, and immediately to the North of the 50 acre parcel recently purchased by Stations Casinos. Plans for the land are in development but have not been announced. "We believe this to be one of the best remaining development sites in Las Vegas," said Managing Partner Philippe Pageau-Goyette. "It is absolutely at the heart of the burst of development taking place on the South Strip, and located close to the new Silverado Ranch Road highway interchange. We love our neighbors and are excited at the progress we're making fleshing out our development plans." "Manhattan Condominiums has been extremely successful and now that the site is under construction after only 9 months of ownership, we are pleased to be able to move forward with a second project" said Managing Partner Alexander Edelstein. Gemstone Development is the developer of the Manhattan Condominiums, one of the most anticipated projects in Las Vegas. Gemstone was founded by Alexander Edelstein and Philippe Pageau-Goyette, and is committed to creating stylish, tasteful condominium housing. For more company information, visit the Gemstone Development website at www.gemstonedev.com or dial 702-614-3193 Contact: Gemstone Development 702.614 3193 Back to the News page |
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