According to UNLV’s Center for Business and Economic Research (CBER), Southern Nevada’s population is expected to grow from 2.23 million today to 3.39 million by 2060. Population increases drive the demand for housing in Southern Nevada. The CBER also predicts infrastructure investments will boost the economy through 2024.
Read more from the UNLV Center for Business and Economic Research here:
Station Casinos is looking to double its portfolio by 2030. Although the company recently purchased around 126 acres of land last month, they are already looking to expand. According to the Las Vegas Review-Journal, Station Casinos are in the process of acquiring about 70 acres in the North Las Vegas area. Earlier this year, Station Casinos announced that Texas Station, Fiesta Rancho, and Fiesta Henderson would be demolished and sold for the land. Stephen Cootey, the chief financial officer of Station parent Red Rock Resorts, told the Las Vegas Review-Journal that the three properties are in high demand. In the future, we might see a lot more construction from Station Casinos, as they own roughly 450 acres of undeveloped land throughout the Las Vegas Valley. Currently, Station Casinos are in the process of constructing the $750 million hotel-casino on Durango Drive to open in fall 2023.
Read more from the Las Vegas Review-Journal here:
The underground Vegas Loop project will possibly welcome a 56th station. Boring Co. has plans for a 56th station on a 2.2-acre parcel of land at 4613 South Las Vegas Boulevard. The plot of land was purchased in June by the Object Dash Trust for $12.8 million. Currently, the land is being used as a storage lot for Boring Co. construction equipment. The plans for the land are to eventually add a 1,440- square foot office trailer, a restroom trailer, and a 40 square foot security booth.
Read more here: https://www.reviewjournal.com/business/vegas-loop-station-planned-for-south-strip-2620068/
Could there be another sports team coming to Vegas? The Oakland A’s are in town to meet with casino owner Phil Ruffin about a potential site for a new ballpark on Las Vegas grounds. According to the Las Vegas Review, the 37-acre festival ground site located on the southwest corner of Las Vegas Boulevard and Sahara Avenue will be the property discussed in today’s meeting. The A’s President Dave Kaval, showed interest in the Las Vegas festival grounds early in their search, for a potential $1 billion ballpark to be constructed.
Read more here: https://www.reviewjournal.com/sports/athletics/as-to-meet-with-casino-magnate-about-potential-las-vegas-ballpark-2616602/
Another property in the Valley may be headed for redevelopment soon. The retail complex on the Strip known as Hawaiian Marketplace, inspired by the International Marketplace outdoor shopping center in Honolulu, could be under demolition as early as August 15.
Eli Segall from the Las Vegas Review-Journal tells us that construction is set to start with plans for a new retail, entertainment, and dining experience. Hawaiian Marketplace spans 80,000 square feet and sits on a 2.35-acre plot.
Most properties met the minimum bid requirements and were ultimately sold to the highest bidder. 133 acres were sold for a total of $100 million, averaging a price of $757,000 per acre.
The bidding activity at the auction exceeded our expectations. Despite the recent economic uncertainty, the results of the land auction are evidence of continued strong land values in Las Vegas.
Stations Casinos made a major acquisition south of the Las Vegas Strip on Wednesday, July 20th. The 126-acre parcel is just south of their existing parcel on the corner of Cactus and Las Vegas Boulevard. The purchase cost the casino operator $172 million. This news comes the same week that Station Casinos revealed the demolition of three of its properties and the sale of the land they stood on.
Read more from Fox 5 Vegas here:
Station Casinos buys land south of Las Vegas Strip for $172M
Station Casinos announced the closure and demolition of three properties on July 18th. The Texas Station, Fiesta Rancho, and Fiesta Henderson will close, and after their demolition, the 107.5 acres of land they previously stood on will be sold. Station Casinos’ President Scott Kreeger revealed that the decision to close the three properties was solely based on economics, stating that they were the company’s worst-performing properties even before the pandemic. Kreeger, in an exclusive interview, said that the proceeds from the sales of the properties will go towards company projects. Currently, Station Casinos are working on a potential development site for a large-scale resort in North Las Vegas.
Read more from the Las Vegas Review Journal here:
At 9 AM PST on Monday, July 18, Clark County Aviation will auction +/-165 acres divided into 20 sale units of either single parcels or multiple parcels. The parcels are all located in Southwest Las Vegas where demand for residential development land is the highest. Click here to download a map of the auction property.
Over the past few years, Clark County Aviation Land Auctions have been well attended. Given the current market conditions, there may be a limited number of bidders at the upcoming auction. If this occurs, then it will be another indication of the short-term direction of the market. As property owners and real estate investors, data points like this help shape our expectations and our near-term investment strategy.
