Land buy completes downtown parcel
Las Vegas has picked up three more plots of land to complete an 11-acre parcel just east of City Hall that could be used for downtown redevelopment.
The City Council on Wednesday approved spending $1.7 million to acquire lots totaling about a half an acre in the 300 block of North Seventh Street.
"We believe this is a very important and strategic purchase," said business development director Scott Adams. "This is one of the most important purchases we've made in the assembly."
The parcel is now contiguous from Las Vegas Boulevard to Seventh Street, and from Mesquite to Stewart avenues.
City officials originally eyed the land as a potential site for an arena or a city hall expansion.
It's still the backup plan for an arena, Mayor Oscar Goodman said. The primary aim was to assemble a contiguous site. "We know that this area's getting more valuable, even in the downturn of the real estate market," he said.
As other downtown projects get started or near completion, "everybody in the world's going to be looking at downtown Las Vegas. They're going to forget about the rest of the valley."
Adams said the city's costs for parts of the parcel were $75 and $91 per square foot. The land is expected to sell for about $80 a square foot, he said.
