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Developers paying millions for land near Raiders Las Vegas Stadium

Raiders stadium construction taking shape
Developers paying millions for land near Raiders Las Vegas Stadium
Developers paying millions for land near Raiders Las Vegas Stadium
Posted at 9:07 PM, Dec 05, 2018
and last updated 2018-12-06 13:37:58-05

LAS VEGAS (KTNV) — The recent sale of a two-acre lot across from the Raiders Las Vegas Stadium could be just the beginning as developers set their sites on projects near the stadium.

"I think what we are seeing is values being created by the venue itself," said Mike Mixer, executive managing director at Colliers International.

Whether it is parking, hotels, shopping or any number of other uses experts say all eyes are on the property surrounding the 65,000-seat stadium just off the Las Vegas Strip.

"We have clients in the area who receive multiple calls a week from speculators, and I don't know that they have specific plans for the area, they just know something is happening there," said Jerry Doty, with Colliers International.

The team at Colliers says many of those who have land around the stadium are trying to gauge the market. As the recent sale of a two-acre lot along Polaris Avenue went for $6.5 million has helped set the early trend -- that's more than 10 times the average price of property in the valley.

"With two comps in the multi-million dollar an acre range, I guess you can assume the other properties in the nearby zone will benefit," Mixer said.

Brokers say those rising prices will likely send smaller businesses renting space further south toward Blue Diamond Road.

The stadium isn't the only Raiders project stoking a hot market. The team's Henderson practice facility quickly pushed up prices near the executive airport.

That has developers, who were once thinking industrial, looking at more lucrative projects.

"We've seen more retail going out there, speculation for hotel, mixed-use," Sweetland said.

Experts expecting things to heat up even more in both areas as the team gets closer to official move-in date in 2020.