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What could be developed on 21 acres near F1 and the Strip?

Updated April 17, 2024 - 6:12 pm

It’s been just under a year since Formula One opened its pit building on Harmon Avenue, but it could help direct a big development next door and near the Las Vegas Strip.

A 21-acre parcel at 370 E. Harmon Ave. is listed for sale at $159 million, and the listing agent said the property, located just east of the F1 Pit Building, is prime for redevelopment as a hotel, sports arena or another tourist attraction because of its location.

“I think that area really bodes well for it, with its proximity to the Virgin Hotel and Casino and the (F1 Pit building),” said Mike Mixer, chairman of Colliers International Las Vegas.

After being on the market for almost two years, Colliers International has put out a final call for offers on the property, with a deadline of April 25.

With the deadline for final offers set, Mixer said he hopes the buyer will be selected by the summer, with the sale closing in the fall.

Mixer said the land is zoned H-1 and is suited for entertainment-focused proposals, and there are very few restrictions for what could go onto the site.

Formula One isn’t currently focused on who could be its new neighbor at 370 Harmon, but Betsy Fretwell, chief operating officer of the Las Vegas Grand Prix, said F1’s presence in the area could spur more redevelopment nearby.

F1 also hopes to use the pit building, which has a rooftop terrace, for other events throughout the year.

“It creates new value in that area and basically takes an underperforming property, and now (it’s) a performing property, which is a really good thing for everybody,” Fretwell said. “It creates an opportunity for others in the area to potentially invest differently than they may have.”

Mixer said there has been interest in the 370 Harmon site since it was listed in 2022, but the opening of F1 Pit Building last year has “amplified” the interest and generated more international attention for the listing.

“We had many more eyeballs coming from overseas on this property than I think would normally have occurred,” he said.

Mixer said he has heard of “loose” conversations between the landowners in the area on bringing more sports-focused development just off the Strip.

“Maybe there’s a complex and a cohesive development plan that utilizes multiple product properties to allow for an MLS stadium, an NBA arena, a surf park, more hotels, and potentially casinos and create a real destination development plan as an offshoot to the Strip,” Mixer said.

While the current price for the 370 Harmon site is $159 million, Mixer said he hopes to get multiple offers to drive the final price higher.

Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on X.

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