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July 21, 2019

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LVCVA plans to sell 10 acres on Strip worth up to $300 million

Convention Center Expansion Renderings

Las Vegas Convention and Visitors Authority

Las Vegas Convention Center expansion rendering.

Updated Thursday, Feb. 21, 2019 | 3:03 p.m.

A piece of real estate fronting the Strip is expected to go on the market soon.

The Las Vegas Convention and Visitors Authority plans to sell a 10-acre parcel where the Riviera once stood, authority CEO Steve Hill said.

“We will be looking to sell that front 10 or so acres,” Hill said while speaking at a breakfast meeting of the NAIOP Southern Nevada chapter at the Orleans. NAIOP is the Commercial Real Estate Development Association.

The land, near a $935 million expansion of the Las Vegas Convention Center, could be a prime candidate for a high-rise development, Hill said.

“We do buildings that are big with lots of square feet, but not tall buildings,” Hill said. “When you’ve got land that’s worth that much money, you have to build tall buildings.”

Mike Mixer, executive managing director of the Las Vegas office of Colliers International, a commercial real estate firm, said the land could have a number of different uses.

“Very few airport height restrictions exist at that location, as evidenced by the height of the nearby Stratosphere, which is over 1,100 feet tall,” Mixer said. “Any new owner can maximize development to build a variety of potentially dense uses, including hotel, casino, timeshare, condos or retail.”

The convention center expansion project, Mixer said, adds to the value of the land, which could be worth as much as $30 million per acre, he said.

“It greatly enhances the value of this property,” Mixer said. “This connectivity to a state-of-the-art convention center may ultimately bring a new pricing record for this property on the north end of the Strip.”