Las Vegas’ failed Ferris wheel location has been sold — and the new owner wants to build big.
Developer Eli Applebaum bought the never-completed SkyVue project site on the southern edge of the Las Vegas Strip, property records show. The sale, by a group that acquired the spread several years ago through a bankruptcy case, closed on Monday.
In total, Applebaum bought nearly 12 acres along Las Vegas Boulevard, across from Mandalay Bay, for $70 million.
The area includes vacant land, a few small buildings, and the remains of SkyVue: two giant concrete pillars that have been sticking out of the ground for more than a decade.
Applebaum has also drawn up plans for a new project at the site that includes a hotel-casino tower with a heart-shaped facade capped by a massive LED screen.
The project would also include a restaurant in the air containing the remaining towers, Clark County records show.
Overall, the sale marks a new chapter for a blighted property in Las Vegas’ famed casino corridor, whose chimney-like towers have been a constant and visible reminder of a major project that flamed out years ago.
Applebaum confirmed Wednesday that he bought the site and is planning a new project, describing the land as a large property.
He anticipates that the large LED screen would attract visitors to take pictures and create buzz online, and that advertisers could buy space on the massive digital panel.
He also said he would build the sky restaurant if he got the right operator, adding that he loves that the towers reach high and that everyone knows the place.
“But what it’s known for is not good,” he said.
This is a development story. Check back for updates.
Contact Eli Segall at esegall@ theplayerlounge.com or 702-383-0342.
