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New sale agreement approved for Riviera site

Thursday 13 de June 2024 / 12:00

www.reviewjournal.com

⏱ 1 min read

(United States).-The Las Vegas Convention and Visitors Authority voted unanimously to divide a 10-acre parcel at the intersection of Elvis Presley Boulevard and Las Vegas Boulevard between two entities.

New sale agreement approved for Riviera site

New development could be coming to the Las Vegas Strip as a plan to sell publicly owned land along the north end was approved Tuesday.

The Las Vegas Convention and Visitors Authority voted unanimously to split a 10-acre parcel at Elvis Presley and Las Vegas boulevards to two entities: 65SLVB, a partnership of developers Brett Torino and Paul Kanavos, and the development group behind neighboring Fontainebleau resort-casino. The land is part of the former Riviera hotel-casino site.

The Torino-backed group will buy the five acres directly adjacent to Las Vegas Boulevard, dubbed the Front Five Acres, for $12.5 million, and Fontainebleau Development will purchase the Back Five Acres from Torino’s group for $112.5 million.

It’s a diversion from what was originally contracted. 65SLVB has been under contract with the LVCVA to purchase the 10 acres for $125 million since March 2023. Under the new sale agreement, a Fontainebleau Development-backed LLC will make a $10 million nonrefundable deposit to the authority. Both Fontainebleau Development and Torino’s group will be expected to close on the full parcel if the other fails to close on their portion

Categoría:Others

Tags: Sin tags

País: United States

Región: North America

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