Updated December 8, 2023 - 7:22 pm
Elon Musk’s Boring Company purchased a plot near Chinatown where a future Vegas Loop station is planned.
Open Dash, an affiliate company of Boring Co., purchased the 1.4-acre site for $3.7 million, from Fairgrounds Drive Retail, an affiliate of California-based commercial real estate development and investment firm HMV Group. The deal was announced Thursday by HMV, with Clark County property records showing the land transaction was made in July.
The property at 3682 S. Valley View Blvd. was previously leased to United Rentals and features two, one-story buildings totaling 6,650 leasable square feet of space, according to HMV.
The Boring Company plans to construct the Vegas Loop featuring 68 miles of tunnels which will transport passengers via Tesla model vehicles in a point-to-point system. There are 93 planned stations between areas on the Strip, downtown Las Vegas and adjacent neighborhoods.
HMV has plans to construct a pair of retail developments on adjacent land it owns in the Chinatown area.
“We continue to make progress on our retail and mixed-use developments in Las Vegas’ booming Chinatown/Asian District that are directly adjacent to the site that we sold to The Boring Company,” Maxwell Nuremberg, a director of HMV said in a statement. “It made perfect sense to collaborate with them, since the Vegas Loop station will eventually bring customers and residents to the doorstep of our Spring Mountain Vegas Loop retail development and Valley View Vegas Loop retail development projects.”
Both projects are expected to begin construction in late 2024, Nuremberg added.
Logic Commercial Real Estate’s Jason Otter represented the buyer, while CBRE’s Michael Hsu represented the seller in the transaction.
In 2022, the Boring Company purchased a 2.2 acre site for $12.8 million on South Las Vegas Boulevard, also under the Open Dash name.
The only portion of the Vegas Loop in operation is the Convention Center Loop that links three portions of the Las Vegas Convention Center, with one offshoot to Resorts World. Work is underway on Westgate and Encore station links.
Details of when the company plans to begin tunneling outside of the convention center’s vicinity have not been released.