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 to the south will serve as the home that is future of Las Vegas Raiders.
The NFL team bought a total of four parcels for a combined sale price of $77.5 million, or $1.25 million per acre. That is a substantial premium for the sellers, as the land’s assessed value was $40 million.
Nevada Land Group, LLC, had been the seller, band of banking institutions that acquired the property in foreclose in 2008. The land that is vacant adjacent to I-15 behind Mandalay Bay.
The house could be the future home of the $1.9 billion, 65,000-seat NFL arena that will be partially built with tax dollars produced from resort stays in Clark County. As well as 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 commercial realtor who brokered the deal, told theLas Vegas Review-Journal. ‘Through many months of reaching out … and making certain they were conscious this site was available, they decided this was their preferred site. Now that they’ve actually written a check … they could move ahead with their planning.’