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LVCVA 10-Acre Strip Sale

This week the Las Vegas Convention and Visitors Authority unanimously approved the sale of a 10-acre plot of land at Las Vegas Boulevard and Elvis Presley Boulevard for $125 million. The buyers, developers Brett Torino and Paul Kanavos, have been partnering up to develop projects on the strip for over a decade. Past ventures include a three-story retail complex and a four-story retail project located at Las Vegas Boulevard and Harmon Avenue. Torino and Kanavos have not commented on what the plans for the 10-acre parcel just south of Fontainebleau are but are considering a retail and entertainment complex and a nongaming hotel. Torino stated that this site is prime real estate for numerous projects and there has been significant interest from other parties to discuss development plans. The sale must be completed by September 11 of this year and according to the agreement, construction must begin within ten years.

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