who owns the land a condo is built on
Condominium Technically, a condominium is a collection of individual home units and common areas along with the land upon which they sit. Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home. The boundaries of that space are specified by a legal document known as a Declaration, filed on record with the local governing authority. Typically, these boundaries will include the wall surrounding a condo, allowing the homeowner to make some interior modifications without impacting the common area. Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominium's creation. The corporation holds this property in trust on behalf of the homeowners as a groupâ€”it may not have ownership itself.
New Frontier Hotel and Casino In 2014, Crown Resorts and Oaktree Capital Management announced the acquisition of the property with the intent to build the Alon Las Vegas.[10] The project was halted in December 2016[11] and the land went up for sale in May 2017.[12] On December 13, 2017, Wynn Resorts announced that it is buying the property, along with an additional attached four acres, for $336 million. No plans for when and how the property will be developed accompanied the announcement.[13]