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City of Las Vegas approves
zoning for Arena project
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The Las Vegas City Council
approved plans for a nine and one-half billion dollar mixed
used development anchored by a 22,000 seat arena that
integrates approximately 85 acres of downtown land into the
world-famous Las Vegas Strip. The project is to be developed
by REI, a Bloomfield Hills, Michigan-based real estate
development firm.
REI acquired the property from TR Las Vegas LLC, a
group credited with assembling the over 120 parcels of land
located in Downtown Las Vegas. In addition to the arena, REI
also plans to include 300,000 square feet of gaming floor
space, 6,000 hotel rooms, over 1.5 million square feet of
commercial and retail floor space, 3.5 million square feet
of office and permanent exhibition space, as well as 1,500
condominium units and 1,600 timeshare condominium units.
"Recent sales transactions in the area, including the
Stratosphere, New Frontier, MGM, and Sahara properties,
along with the planned development of Echelon and
Fontainebleau, place our project in the middle of the
action. This is the most exciting and dynamic development
corridor in the United States. Our project continues the
Strip experience, anchored at the north end by an easily
accessible and iconic sports arena. This is great for the
City, great for the Strip, and great for the residents of
the Valley," said Jon Weaver, President of REI.
"To see this project starting to come together after all
of the effort that went into assembling such a significant
amount of property is exciting to say the least," said
Tom Prato, President of TR Las Vegas. "My partner,
Robert Reel, and I, have worked hard for several years on
what we refer to as Project Neon Lights in an effort to
enhance the City."
"We are ecstatic about this project and how it proposes
to change the face of Las Vegas," said Las Vegas Mayor
Oscar B. Goodman. "What more could we ask for --
the City could get an arena that we are in desperate need
of, in addition to millions of dollars of ancillary
development in our burgeoning midtown area, and all at no
risk to the City." |
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