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What is going to happen to land on Las Vegas Strip?

Posted: 4:28 PM, Aug 15, 2019
Updated: 2019-08-16 09:25:08-04

LAS VEGAS (KTNV) — 38.5 acres of dirt sit off Las Vegas Boulevard. On the property, two towers are what's left of a scrapped project that started as competition for the The LINQ's observation wheel.

"They realized that probably only one wheel in town would make sense," said Mike Mixer, broker of the property.

Mixer, who works with Collier International, says the next owner of the property will likely demolish the towers. But who is moving in?

Mixer says with H-1 zoning, the possibilities are endless.

"With that zoning, you can do a hotel-casino like you see on the Strip, we can do a time share, we can do a high-rise residential," Mixer added.

Walking distance from Allegiant Stadium, the property has potential for all the football fans who will need somewhere to park their car.

"We can do a parking garage wrapped with interesting retail concepts," Mixer said.

The FAA says whatever developers decide to build can be up to 500 feet, which is taller than the Mandalay Bay, The Paris, and MGM Grand.

Colliers International is hoping for sale by the end of the year. The asking price is $300 million.

Interested buyers could buy the whole lot or a smaller piece.

The property is also in what's called an "opportunity zone," meaning there is a federally mandated tax incentive.