Agora Realty &Management confirmed Friday that the company closed escrow on the 73-acre site at Lake Mead Boulevard and Rancho Drive for around $59 million for three parcels that were owned by Station Casinos.
“Through this acquisition, we are thrilled to expand our footprint in the vibrant city of North Las Vegas,” said Ryan Lefton, chief of operations for Agora Realty &Management. “We eagerly anticipate contributing to the community and fostering growth and opportunities in this dynamic landscape.”
The real estate developers presented their vision of a mixed-use neighborhood on the site called Hylo Park to the city of North Las Vegas Planning Commission on July 12, where they asked to rezone the land from resort commercial to a mixed-use neighborhood. City council members unanimously voted in favor of the rezoning on Aug. 16.
The build is expected to be divided into a three-phase project that will cost the developer $380 million, Lefton said.
The project will feature a hotel with at least 150 rooms, an outdoor recreational space, retail, restaurants and a highly anticipated remodeling of the hockey facility that was a part of the Fiesta Rancho casino. The NHL’s Golden Knights will work with the developers on a partnership for the two hockey rinks.
On the southeast corner of the property will sit 665 residential units, including outdoor entertainment, a convenience store and child care center.
Construction is expected to begin in early 2024 and to be completed by the end of 2025.