The Las Vegas Raiders have completed their purchase of 62 acres of land between Russell Road and Hacienda Avenue, just west of Interstate 15 and also the famed Strip.
Sold! The 62 acres of land between Hacienda Avenue to the north and Russell path towards the south will act 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 is clearly a substantial premium for the sellers, as the land’s assessed value was $40 million.
Nevada Land Group, LLC, had been the seller, a combined band of banking institutions that acquired the property in foreclose in 2008. The vacant land is adjacent to I-15 behind Mandalay Bay.
The home will be the future home of the $1.9 billion, 65,000-seat NFL arena that will be partially built with tax dollars generated from resort stays in Clark County. In addition to Nevada’s $750 million commitment, Raiders owner Mark Davis’ franchise will be regarding 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 Las Vegas Review-Journal. ‘Through many months of reaching out … and ensuring they were mindful this web site was available, they decided this was their preferred site. Now that they’ve actually written a check … they could g Continue reading “Vegas Raiders Officially Landowners, Future Home Purchased Near Strip”