Las Vegas Raiders Officially Landowners, Future Home Purchased Near Strip

Las Vegas Raiders Officially Landowners, Future Home Purchased Near Strip

The Las Vegas Raiders have completed their purchase of 62 acres of land between Russell Road and Hacienda Avenue, just west of Interstate 15 plus 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 future home associated with the Las Vegas Raiders.

The NFL group bought a total of four parcels for the combined sale price of $77.5 million, or $1.25 million per acre. That’s a premium that is substantial the sellers, as the land’s assessed value was $40 million.

Nevada Land Group, LLC, had been 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 property would be the home that is future of $1.9 billion, 65,000-seat NFL arena which is partially built with tax dollars generated from hotel remains in Clark County. Along with Nevada’s $750 million commitment, Raiders owner Mark Davis’ franchise will be on the hook for the remaining $1.15 billion.

‘This site wasn’t one of those originally mentioned,’ Michael Parks, a commercial realtor who brokered the deal, told theLas Las Vegas Review-Journal. ‘Through many months of reaching out … and making sure they were aware this web site was available, they decided this was their favored web site. Now which they’ve actually written a check … they could g Continue reading “Las Vegas Raiders Officially Landowners, Future Home Purchased Near Strip”