The University of Nevada, Las Vegas (UNLV) has submitted a proposal to the Nevada Board of Regents to enter into a 99-year ground lease with G2 Capital Development for a 42-acre plot the school owns near the Strip close to the intersection of Koval Lane and Tropicana Avenue.
According to the proposal, the agreement would allow G2 to build a mixed-use development on the plot but no exact details were included in the filing.
UNLV is estimating that the lease would generate approximately $1.25 billion in revenue for the school over its term, which would go towards its “goals and initiatives.”
The land was first acquired by UNLV for $50 million in 2015—at the time, school officials said that a campus building or perhaps a stadium could be built there, but it has remained vacant.
According to the Las Vegas Review-Journal, the school currently spends $3 million per year in expenses related to maintaining and securing the plot.
G2 declined to comment on the proposal to the newspaper, but its website says that the land could feature entertainment, hospitality and gaming offerings, though exact plans are still in progress.
The lease was originally set to be considered at the Regents’ meeting April 19, but never came to fruition as the meeting was canceled last minute. It is now unclear when exactly it will be heard.
UNLV started the requests for proposals (RFP) process for the land in October 2022 and closed it in December, with G2 ultimately coming out victorious.
Interestingly, the Review-Journal reported that Regent Patrick Boylan did not support the proposal, saying that the lease term was too long. He also was not aware of the RFP process or the details of G2’s plans.
