Station Casinos to build 52-acre mixed-use complex

A Station Casinos subsidiary has entered into an operating agreement that combines 52 acres of land behind Palace Station at the southwest corner of Sahara Avenue and Rancho Drive. The parcel stretches south of back toward Desert Inn Road. Station will develop, construct and manage a master-planned development with mixed-use residential, retail and entertainment, according to SEC documents. The agreement also includes the 4.39-acre Scandia Family Fun Center that was sold to the New York-based Fisher Brothers for $6.35 million, or $1,44,469-per-acre, in September 2005. The deal closed earlier this year. The center had previously been the site of a planned $550 million, 700-unit twin tower luxury condominium project called Opus Vegas. It was recently renamed "Kallisto." Plans had called for two 50-story glass towers, with units priced from the low $300,000s to $4 million. Station, as a result, has mapping entitlement to build 700 residences at the site if they choose.