City of Las Vegas Approves Zoning for Arena Project
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 Las Vegas 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 Las Vegas condos 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. Real Estate in Las Vegas
"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."