Officials Delay Vote on Parcel Eyed for Global Business District; Triple Five Markets Site Near Riveria

With the ever-referenced economic comeback of Las Vegas still underway, the city is starting to cover the scars left by the downturn. Recently, massive strands of land caught the investors’ attention as it was revealed that the Las Vegas Convention and Visitors Authority is seeking to acquire an important land parcel near the Las Vegas Convention Center. Meanwhile, one of the largest proposed Strip projects of the past decade is officially history as the owner has rolled out a large amount of land at $16 million an acre.

At least for now, the acquisition of a site crucial to the Las Vegas Convention and Visitors Authority’s vision for an innovative business magnet is on hold., VegasINC reported.

Citing unspecified concerns, on Tuesday officials postponed a vote on the purchase of a 4.8-acre site on Convention Center Drive. Owned by Tarsadia Investments of Orange County, Calif., the property includes Vegas Indoor Skydiving and a nearby parking lot.

The parcel would be part of the Global Business District, envisioned as a hub for companies to interact with businesses visiting the convention center. So far the agency has acquired 18.7 acres toward that goal at a cost of $49 million. Of that total, the single largest transaction was a $21 million deal last fall for a 5-acre site.

The decision to postpone a vote on the purchase coincided with the release of a feasibility study prepared by Cordell Corp. on the Global Business District, which also includes a $2.3 billion expansion of the convention center itself from 3.2 million square feet to almost 5.7 million square feet. During the first phase, the convention center would gain 750,000 square feet of exhibit space and 187,500 square feet of meeting space in the first phase. In phase two, the entire facility would be renovated and 100,000 square feet each of meeting space and general session space would be added.

In other development news, Triple Five is attempting to unload a 5.4-acre property on the north Strip, a move that signals the end of plans for a resort neighboring the Riveria. Triple Five paid $180 million for the site prior to the recession and is now asking $16 million per acre. At that price the developer would recoup only about half of its investment. The parcel may find some takers as the new SLS Resort and a planned project recently announced by Genting Group indicate that a revival of the Strip’s northern end may be gaining momentum.