Clooney Project is Sold - Wednesday 7th of June 2006

LAS VEGAS, Nevada As reported by the Las Vegas Review-Journal: "The 25-acre Las Ramblas project on Harmon Avenue has been sold to Las Vegas-based developer Edge Resorts for $202 million, an executive said Sunday.

"Las Ramblas, a joint venture between Las Vegas-based Centra Properties and The Related Cos. of Florida, was announced in early 2005 as a $3 billion mixed-use project that would include 4,000 condo-hotel units, upscale shopping and restaurants.

"Centra and Related paid $75 million for the property, currently the site of the Harbor Island apartments.

"Actor George Clooney and nightclub owner Rande Gerber were brought on as partners to help make Las Ramblas a hip destination in Las Vegas, strategically located between the Hard Rock hotel and the new W Las Vegas hotel being developed by Starwood Worldwide and Edge Resorts.

"Adam Frank, principal of Edge Resorts, said the new project, known as Edge East, will be developed as a complementary master plan to the W Las Vegas hotel..."

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