A $9.5 Billion arena and Las Vegas mixed use real estate project approved this week by the Las Vegas City Council anchored by a 22,000 seat luxury arena, for a professional sports team, that is part of 85 acres of land in downtown Las Vegas, Nevada and portion of the Las Vegas Strip. A Michigan based real estate development company, named REI, is the site developer.
TR Las Vegas LLC, an investment group assembled 120 parcels of Downtown Las Vegas real estate. REI purchased the property from TR. The mega development plans also include 6,000 hotel rooms, 300,000 square feet of gaming, 3.5 million square feet of office space, 1.5 million square feet of retail floor and Las Vegas commercial space, 1,600 timeshare condominiums as well as 1,500 luxury condos. REI hopes this will be a destination for both visitors and residents.
With the recent incredible real estate sales including the MGM Mirage for Project CityCenter, Elad Group for the Plaza Las Vegas, New Frontier, Sahara and Stratosphere properties, along with the planned Fontainebleau and Echelon Las Vegas, this arena will be the hub of the growing Las Vegas Strip. The iconic sports arena plans are to be placed at the north end of the development.
The partners of TR, Tom Prato and Robert Reel have worked for several years and very hard to assemble this mammoth amount of property called Project Neon Lights.
REI is a real estate firm specializing in complex planning and rezoning projects involving industrial, commercial and residential developments.
$9.5 Billion arena and Las Vegas mixed use project approved by City Council.