When the Raiders purchased the 63-acre lot located at the corner of Russell Road and Polaris Avenue, owners of the land in the mostly industrial area must have smiled. According to a story by the Las Vegas Review-Journal, the land is changing hands and big plans are afoot across from the team’s new home.
Las Vegas is an entertainment destination and when the Oakland Raiders were approved to move to Sin City, the thoughts of a new stadium entertainment district popped into the heads of planners and landowners in the area.
According to a report in today’s Las Vegas Review-Journal, some of those dreams are becoming a reality as development is slowly moving forward to build hotels, restaurants, and bars near the Raiders future home.
The lot across from the stadium is said to be home of a hotel and retail project.
According to the story, Osprey Real Estate Capital has partnered with Huntington Hotel Group to buy the 2-acre industrial site at 5575 Polaris Ave., west of the fast-building stadium. According to Clark County records, the purchase closed Nov. 26 for $6.5 million. Although development plans for the site have not been finalized, Osprey founder Sean Dalesandro told the newspaper the group is “contemplating a 300-room hotel and around 50,000 square feet of retail space.”
Dalesandro also told the R-J he “envisions restaurants, bars and entertainment venues that would draw people before events at the stadium, as well as locals, he said. He hopes to break ground in late 2019.”
Sources close to the stadium development have told Silver and Black Today landowners in the area have been asking exorbitant amounts for parcels of all sizes after the project was announced. Sales of those adjacent properties have moved slower as a result although with the stadium just 574 days away from completion, more movement is expected in the next 12 months. The Raiders are not expected to acquire any land themselves adjacent to the stadium project.