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December 18, 2017

A Proposed Downtown Sports Complex…Las Vegas Real Estate

Las Vegas National Sports Center...Downtown

A new proposal for a downtown stadium has emerged. This proposal by International Development Management LLC, the Romani Group and general contractor Turner Construction features a sports complex with three stadiums. The location would be in downtown Las Vegas on 70 acres northeast of the World Market Center and near the interchange of Interstate 15 and U.S. 95.

The plan for the $1.57 billion Las Vegas National Sports Center includes an indoor sports complex for basketball and hockey that seats 17,500. Also, included is a partially enclosed baseball stadium that seats 9,000 and a partially enclosed football stadium that holds 50,000. The baseball and football stadiums could have an increased seating capacity to 36,000 and 75,000 respectively to handle Major League Baseball and the National Football League.

Previously, International Development Management (IDM) had proposed to build the Silver State Arena on The Strip at the site where the former Wet ‘n Wild water park was located near the Sahara Hotel. However, that proposal was withdrawn when residents of the Turnberry Estates towers protested that the arena would create too much traffic in their neighborhood.

It is well known that Mayor Oscar Goodman has wanted to bring a professional sports franchise to Las Vegas for some time. In 2007 the NBA played their all star game in Las Vegas. Plus, the NBA also has its Summer League held in Sin City. NBA Commissioner David Stern has previously stated Las Vegas would need to have a quality stadium to house a team. The fact that Las Vegas casinos take wagers on NBA teams is also said to be a concern of the NBA Commissioner.

The investment group has stated that it would offer an agreement to UNLV to have the basketball, football, and baseball teams play in the sports complex for $1 a year.

IDM says that the National Sports Center will be privately funded without any new taxes needed. It is said that officials believe the construction of the complex could begin in October and be completed by October 2013.

Read about the recent UNLV Stadium Proposal…What would a new Stadium and Entertainment Complex mean to Las Vegas?

What would this mean for the Las Vegas housing market?

Contact an Experienced Las Vegas Realtor!
Bob and Jackie Simmons
The Realty One Group

What would a new Stadium and Entertainment Complex mean to Las Vegas?

There are talks of UNLV having a Las Vegas stadium built. How would this affect the local jobs market and also the Las Vegas housing market?

UNLV president Neal Smatresk recently stated that he has been in talks with Ed Roski and Craig Cavileer about building a domed 40,000-seat stadium and entertainment complex near the campus. There is also talk of making improvements to the Thomas and Mack Center as well. The parties involved have reportedly discussed forming a “public-private partnership.”

Thomas and Mack Center...Las Vegas, Nevada

Thomas and Mack Center...Las Vegas, Nevada

Majestic Realty, one of the world’s largest developers is owned by Roski. In 2008 Roski ranked 524th on the Forbes list of the world’s billionaires. He currently has an interest in both the Los Angeles Laker’s NBA basketball team as well as the LA Kings NHL franchise. His company also helped to build the Staple’s Center in L.A. Located in Las Vegas is the Silverton Casino Hotel and Lodge which is owned by Roski and where Caliveer serves as president.

At this time it is unknown just where the new complex will be located. The university president Smatresk is enthusiastic about the possibility of the new proposition. He said it would be somewhere near the Strip and the airport and there are rumors that it could even be built on the UNLV campus.

Las Vegas Mayor Oscar Goodman has for many years wanted a new Las Vegas stadium in hopes of a getting a pro hockey or basketball team. While his preference is to have a downtown stadium Mayor Goodman agrees that a stadium at UNLV is fine.

So what does it mean to Las Vegas to have a new stadium and entertainment complex?

Jobs and a revenue stream are what is at stake. These are critical to getting Las Vegas back on the mend. It is very easy to see how all of this relates to our local economy and to the health of our housing market. All eyes and ears are watching and listening to this matter very closely even though the news of the stadium discussions are still in the early stage.

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For a Las Vegas Realtor contact:
Bob and Jackie Simmons
Realty One Group

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