“Project Neon Lights” consists of approximately 56 net acres and is being offered approximately 50% below market value of comparable properties. The site had achieved zoning for a mixed use development including gaming, retail, condo, hotel and a 22,000 seat events arena. This property has approximately 17 acres of City-owned streets and alleyways which previously had been vacated at no additional expense to the buyer and presented a +/-73 gross acre development site. These past entitlements still exist today and have the potential to be negotiated with the sale of this project. Additionally, Project Neon Lights may be acquired in its entirety or in portions with financing options available.
Our site also had obtained an approximate $600 Million Tax Increment Financing (TIF) package. This was based on the total valuation of the future development which was previously approved by the City of Las Vegas and provided a substantial public subsidy to the buyer. Furthermore, the development has potential for the City’s assistance in securing bond financing for arena construction.
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