Raiders close escrow on Las Vegas stadium site

The Raiders are making progress on their move to Las Vegas.

Clark County Commissioner Steve Sisolak, a key proponent of the Raiders move, announced that the Raiders and the NFL have closed escrow Monday on the proposed 62-acre stadium site near Polaris Avenue and Russell Road, just west of Interstate 15.

According to the Clark County Recorder's Office, the record as of 11:30 a.m. Monday shows a $77.5 million deal between Nevada Land Group LLC and the LV Stadium Company LLC. 

One of the brokers on the deal said he was initially told by developers they were not interested in the site, but later got a call from the Raiders.

"We started with hard no's on this property and at the end of the day this is the property that was selected," John Knott, Executive Vice President of CBRE said.

Knott says he has also checked with neighboring businesses about their willingness to sell their properties, and says he's found prices are already on the rise.

For months, the location has been considered the front runner for the stadium site. The stadium itself is expected to cost $1.9 billion with $750 million coming from the room tax increase.

The Raiders hope to begin playing in Las Vegas during the 2020 season.

 

 

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