Anticipating the 1.8 billion dollar project for the Raiders move from Oakland to Las Vegas that is to be completed in 2020, many Vegas homeowners are beginning to wonder how the team’s arrival will change the price of real estate in Las Vegas.
The Raiders’ 65,000-seat football stadium will live on Russell Road, and Interstate 15. The massive build has sparked a swell of interest in the area that’s mostly industrial west of the Strip. Plenty of locals have figured developers will want to put up projects there to accommodate the influx of traffic to the sports venue.
To date, a Boston real estate firm, TA Realty, has picked up numerous industrial buildings near the Raiders stadium. According to a broker on the deal, the company believes that the massive project will boost rental property growth in the area. TA Realty acquired six buildings within a mile radius of the newly named Allegiant Stadium for $51.1 million.
Back in August 2017 an investment firm, Global Trust Group, purchased a deserted 2.5-acre space on Hacienda Avenue, north of the stadium site, for $7.25 million.
Then in November of 2018, the developer Osprey Real Estate Capital and Huntington Hotel Group purchased a 2-acre industrial site located west of the stadium on Polaris Avenue for $6.5 million.
Interestingly, those who already own property within the area are not planning on moving anytime soon. Cushman & Wakefield broker Travis Noack revealed that many landlords are not making any moves as of yet. They don’t want to run the risk of “leaving any money on the table” as it will be much valuable once the arena is complete. Research shows that the 2 million square feet radius of tenants currently living around the Raiders stadium will be displaced due to the high rents, redevelopment, and increased traffic.
David Copperfield, the famed magician, owns a private magic museum as well as a parcel of land near the soon to be built 65,000-seat football stadium. When asked if he would be interested in selling the potential goldmine he’s sitting on, he said, “not at all.” The magician did not indicate that he is trying to put the area up on the market; he’d instead protect the land and expand the magical history in his building.
Jennifer Joseph’s family has maintained a 2-acre parcel on Polaris Avenue directly across from the stadium site since the 1970s.
“Of course we have been approached by people testing our interest in selling, but we are definitely not interested,” Josephs said in an email to the Review Journal. Joseph’s added that her current tenant had spent over $2 million into renovating the space for a marijuana cultivation and production company.