LVCVA Plans to Auction off 10 Acre Strip Property for $125 Million Dollars
Selling Off a Strip of History: The LVCVA's $125M Land Deal
In a move that stirs excitement among Vegas enthusiasts, the Las Vegas Convention and Visitors Authority (LVCVA) has greenlit the sale of a 10-acre plot on the iconic Las Vegas Strip. The deal, worth a whopping $12.5 million per acre, was a unanimous decision among LVCVA's directors. The lucky buyers? Real estate developers Brett Torino and Paul Kanavos, who are no strangers to Vegas's dynamic property market.
This stretch of land holds significant sentimental value for Sin City, once forming part of the legendary Riviera property. The Riviera, a grand casino resort that first opened its doors in 1955, had a lifespan of over five decades before the LVCVA snapped it up for $182.5 million. The agency had ambitious plans to develop this land as an extension of the Las Vegas Global Business District.
Fast forward to 2015, and the LVCVA closed down the Riviera, with the demolition wrapping up by 2016. Now, the authority has managed to offload an additional parcel of land it no longer needed for the expansion of the Las Vegas Global Business District.
A New Dawn for the Strip's North End
Torino and Kanavos, seasoned Vegas developers with a knack for transforming properties, are not yet revealing their plans for the former Riviera land. However, they've made it clear that they were drawn to the area for its prime location. While they've kept their cards close to their chest, hints suggest that the future of the plot might involve a hotel, an entertainment complex, or perhaps a mix of both.
Steve Hill, the president and CEO of the LVCVA, is confident that Torino and Kanavos' project will be a hit with their neighbors. By attracting more footfall to the northern end of the Strip, this upcoming property could breathe new life into the area.
The developers have until September 11 to finalize the deal. If they fail to meet this deadline, the LVCVA will put the land back up for sale.
A Second Chance at Redemption: The Rejected Sale
This isn't the first time the LVCVA has attempted to sell this 10-acre plot. In 2021, the company reached an agreement with Chilean billionaire Claudio Fischer to sell the land for $120 million. Fischer, who already owns several casinos in South America, might have intended to resurrect the Riviera or at least pay homage to its legacy in some way. However, the sale fell through when Fischer opted out, citing high interest rates as the primary reason.
With Brett Torino and Paul Kanavos stepping in, it seems the 10-acre plot has found a second chance at redemption - and with it, the potential to rewrite the Las Vegas Strip's history once more.
Enrichment Insights:
- Brett Torino is leading a project at the former Riviera site, adjacent to Fontainebleau. The project includes a 439-foot amusement ride, two 600-foot-tall towers housing a 750-room non-gaming hotel and 425 condominium units. This aligns with recent media reports suggesting a hotel-condo hybrid concept for the site.
- Another group, separate from Paul Kanavos, is developing a 27-acre site south of Sahara. This mega-complex, being developed by LVXP (a team of Vegas developers), includes a 752-foot tower containing a 2,500-room ultraluxury resort, a 6,000-seat theater, and an 18,000-seat NBA-ready arena. This project is geographically distinct from the 10-acre Riviera plot, and no information specifically ties Paul Kanavos to this project. Recent updates focus on the Riviera site's amusement ride-centric plans and the LVXP entertainment complex on the nearby larger parcel.
- Real-estate developers Brett Torino and Paul Kanavos, known for their work in Vegas's property market, are set to purchase a 10-acre plot on the Las Vegas Strip, a deal worth $125 million.
- This plot, previously part of the legendary Riviera property, has been sold by the Las Vegas Convention and Visitors Authority (LVCVA) to help revitalize the Las Vegas Global Business District.
- The Riviera, a grand casino resort that operated from 1955 to 2015, was famously demolished by the LVCVA, and now a new deal-and-discounts shopping complex, casino-and-gambling establishments, or possibly a combination of both may rise on its former grounds.
- Steve Hill, the president and CEO of the LVCVA, believes that this new property development will attract more footfall to the northern end of the Strip, potentially rejuvenating the area's lifestyle and business opportunities.
- Earlier in 2021, a deal to sell the same 10-acre plot to Chilean billionaire Claudio Fischer for $120 million fell through, citing high interest rates as the primary reason.
- The developers, Brett Torino and Paul Kanavos, have until September 11 to finalize the purchase, or the LVCVA will re-list the land for sale.
- The potential for the former Riviera site to rewrite the Las Vegas Strip's history and contribute to its continuous evolution remains an exciting prospect for Vegas enthusiasts and the finance world alike.
