Clark County looks to buy south Strip land near airport for $55M

In a $55 cardinal deal, Clark County aviation officials are looking to bargain a chunk of the southbound Strip close adjacent the airport.

The Clark County Commission is scheduled Tuesday to see a connection for the Department of Aviation to acquisition astir 17.3 acres of mostly vacant existent property on Las Vegas Boulevard betwixt Four Seasons and Dewey drives, crossed from Mandalay Bay.

According to region documents, the income process “was conducted successful accordance” with national requirements to beryllium eligible for the Federal Aviation Administration to screen up to 75 percent of the acquisition done a aboriginal grant.

Department of Aviation spokesperson Joe Rajchel said it’s not uncommon for airports to bargain adjacent existent estate, and successful this case, the acquisition would assistance information and information and “operational efficiencies” astatine McCarran International Airport.

He said a program for the tract would beryllium developed aft the merchantability is finalized.

The onshore is vacant but for a state presumption and convenience store that occupies little than an acre. According to region documents, the Department of Aviation’s $55 cardinal connection “has been accepted by the spot owner.”

The seller, owe lender TPG Real Estate Finance Trust, declined to remark for this story.

TPG acquired the tract and 10 acres on the northbound Strip little than a twelvemonth agone done a process that lets radical transportation ownership of a spot portion avoiding foreclosure.

TPG has said successful a securities filing that it acquired the 27 acres done a negotiated deed-in-lieu of foreclosure aft a indebtedness “reached last maturity without repayment oregon restitution of hold conditions, which triggered a maturity default.”

Prior proprietor Triple Five, developer of the Boca Park retail halfway successful Las Vegas, had tried to merchantability its parcels connected Las Vegas Boulevard for large prices implicit the years.

In 2019, for instance, it sought $30 cardinal an acre for its northbound Strip holdings.

Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342. Follow @eli_segall connected Twitter.