The Las Vegas Raiders have completed their purchase of 62 acres of land between Russell path and Hacienda Avenue, just west of Interstate 15 and the famed Strip.
Sold! The 62 acres of land between Hacienda Avenue to the north and Russell Road towards the south will serve as the home that is future of Las Vegas Raiders.
The NFL group purchased a total of four parcels for the sale that is combined of $77.5 million, or $1.25 million per acre. That’s a substantial premium for the sellers, as the land’s assessed value was $40 million.
Nevada Land Group, LLC, ended up being the seller, a combined group of banking institutions that acquired the property in foreclose in 2008. The land that is vacant adjacent to I-15 behind Mandalay Bay.
The home will be the future home of the $1.9 billion, 65,000-seat NFL arena which will be partially built with tax dollars generated from resort remains in Clark County. Along with Nevada’s $750 million commitment, Raiders owner Mark Davis’ franchise shall be in the hook for the remaining $1.15 billion.
‘This site was not one of those originally mentioned,’ Michael Parks, a realtor that is commercial brokered the deal, told theLas Vegas Review-Journal. ‘Through many months of reaching out … and ensuring they were mindful this site was available, they decided this had been their preferred web site. Now that they’ve actually written a check … they could pr [Read more…]