The Las Vegas Convention and Visitors Authority plans to sell 10 acres of land fronting the Las Vegas Strip where the Riviera once stood.
The parcel is located near a $935 million expansion of the Las Vegas Convention Center, the massive project for which the LVCVA bought the Riviera and demolished it.
Mike Mixer, executive managing director of the Las Vegas office of Colliers International, a commercial real estate firm, told the Las Vegas Sun the land could have a variety of uses.
“Very few airport height restrictions exist at that location, as evidenced by the height of the nearby Stratosphere, which is over 1,100 feet tall. Any new owner can maximize development to build a variety of potentially dense uses, including hotel, casino, timeshare, condos or retail.”
The convention center expansion project, Mixer said, adds to the value of the land, which could be worth as much as $30 million per acre, he said.
“It greatly enhances the value of this property. This connectivity to a state-of-the-art convention center may ultimately bring a new pricing record for this property on the north end of the Strip.”
