Yes, the Beach is history. It closed last year. At first, the owners of the club announced plans to tear it down to make way for a 39-story 600-unit condo-hotel on the small 1.35-acre site. They claimed that the financing was in place, the plans were drawn, and the County Planning Commission had lifted a height restriction, clearing the way for the project to proceed.
However, nothing happened.
Later in 2006, MRC1 Funding Corp. bought the small parcel at the southwest corner of Paradise Road and Convention Center Drive for $24.75 million. MRC1 also acquired the 6.5-acre site of the Residence Inn at the northwest corner of Paradise and Desert Inn roads for $64 million and an adjacent one-acre apartment complex for $8.75 million. In addition, the company just closed a deal for a 10.6-acre parcel between the old Beach and the Residence Inn for $186 million (or $17.5 million per).
Finally, according a recent story in the Las Vegas Review-Journal, a deal whereby MRC1 would acquire the Marriott Suites building slightly west on Convention Center Drive for $87.5 million is expected to close any day now.
MRC1 is a holding company for Marriott Corp., which appears to be planning something for the entire west side of Paradise Road between Convention Center Drive and Desert Inn, along with another entire block on Convention Center between Paradise and Debbie Reynolds Drive.
However, no announcement has been made about any plans for the property. Stay tuned.
