Green Light for REI
Plans for a $9.5 billion arena-anchored mixed-use project move forward as the Las Vegas City Council gives signs off on the proposal, which is being spearheaded by real estate firm REI. Located on 85 acres, the project is being designed to effectively extend the Las Vegas Strip into downtown.
In addition to a 22,000-seat arena, the sprawling site, which REI acquired from TR Las Vegas L.L.C., will feature 300,000 square feet of gaming floor space, 6,000 hotel rooms, 1.5 million square feet of commercial and retail space, and 3.5 million square feet of office and exhibition space. There will also be residential offerings to include 1,500 condominiums and 1,600 timeshare condominium units. "This will be a retail and entertainment district, and our objective is to make the development an attractive destination for both visitors and permanent residents," Jon Weaver, president of REI. "The arena is a unique feature of the project. We hope to have it anchored by a professional sports team, and that--along with the capacity to host other events--will make the project stand out."
Projects of all types continue to pop up in Las Vegas. Nearly every inch of the Strip that hasn't been developed is on schedule to be developed. Yesterday, MGM Mirage revealed that it had entered into a letter of intent with Kerzner International Holdings Ltd. to create a joint venture for the development of a sprawling resort to occupy 40 to 78 acres on the Strip. MGM Mirage is also developing the $7.4 billion CItyCente, a 670,000-square-foot mixed-use project, and Elad Group and IDB Development Corp. are building the mixed-use Las Vegas Plaza, which will cost an estimated $6 to $8 billion to complete. But it's not all about the Strip. A bevy of plans have recently emerged for projects just off the Strip and beyond. MGM Mirage Is joining developer Anthony Marnell III on the $700 million M Resort project, about six miles south of the Strip, and The Peebles Corp. recently spent $65 million on a 13-acre parcel just a half mile from the stretch for the development of the $2.5 billion Las Palmas Hotel & Residences.