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July 24, 2016

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UNLV closes $50 million purchase of land for possible stadium

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Colliers International

UNLV closed a $50 million deal to buy 42 acres of empty land along Tropicana Avenue and Koval Lane that could be used to build a stadium on campus. The sale was announced Wednesday, Jan. 20, 2016.

UNLV has closed the deal on 42 acres of empty land along Tropicana Avenue and Koval Lane that could be used to build a long-awaited stadium on campus.

The sale was announced today by Colliers International. The UNLV Foundation — a nonprofit that raises and manages private funds for the benefit of the university — provided the school $50 million to purchase the property.

The university has been in talks to buy the land since April.

Gerry Bomotti, UNLV’s chief finance officer, said the sale represents the largest land deal made by the university since the 1960s.

The site, just north of McCarran International Airport, was high on the university’s list because of its proximity to the airport and the Strip. The UNLV football team now plays home games at Sam Boyd Stadium, nearly seven miles from the main campus.

In the short term, UNLV will collect revenue from billboards on the site and use the land to help with the staging of events at the Thomas & Mack Center.

Construction on permanent facilities, which could be a stadium or a “village” style complex with space for academic departments, is not expected for another several years, officials said.

Community support for UNLV acquiring the land was nearly unanimous, with many touting the potential economic benefits of a stadium close to the Strip.

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