Plans have been announced today (Monday) for a new experiential mixed-use development on the Las Vegas Strip that would be anchored by an arena that could house an NBA franchise.
The project will be delivered by Las Vegas-based real estate development company LVXP. The development would be located on a 27-acre site at 2601 South Las Vegas Boulevard, which was formerly home to the Wet ‘n Wild waterpark.
The site is located across from the newly expanded Las Vegas Convention Center, adjacent to Fontainebleau Las Vegas and near Resorts World Las Vegas. As well as a potential arena, LVXP has proposed that the district could host a retail plaza, convention space, casino, and “ultra-luxury” hotels and residences.
The “multi-billion dollar” development will seek to create a “highly immersive, technology-driven” environment. The project will prioritise sustainable development and green initiatives.
LVXP’s leadership team includes chief construction officer Nick Tomasino, who most recently served as senior vice-president of construction at Madison Square Garden Entertainment, where he managed construction of The Sphere in Las Vegas. Architecture firm Steelman Partners, which is based in the Nevada city, will design the project’s architectural plans.
The 27-acre site had previously been targeted by former NBA player Jackie Robinson’s Dribble Dunk company, which had been seeking to build a 23,000-capacity facility, All Net Resort & Arena. It was hoped that the arena could potentially attract an NBA franchise.
In November, the long-proposed $5bn (£4bn/€4.7bn) project was dealt a blow after Clark County Commission refused to grant another extension to its land use permit. All Net Resort had been envisioned as a non-gaming, business, and family-friendly destination and was designed by Cunningham Group.
The new project announced by LVXP has received backing from Clark County Commission chairman Tick Segerblom, who said: “This is a well-conceived project that has the potential to transform a valuable undeveloped land parcel into a highly productive destination that contributes meaningful long-term value to the community and visitors alike.”
Tomasino added: “My experience leading the construction of some of the most iconic developments on the Strip has provided me with the insight and expertise necessary to bring this project to fruition. I am thrilled for the opportunity to yet again build a destination that will transform Las Vegas Boulevard and leave a long-lasting positive impact for future generations.”
In an interview with the Las Vegas Review-Journal, LVXP chief executive James Frasure Jr said the company’s project is the “antithesis” of the All Net project. Frasure said that LVXP is pitching an arena with a capacity of between 18,500 and 20,000, with the wider district to be Las Vegas’ first “seven-star property”. No renderings of the proposed arena have been released.
The All Net project was first proposed in December 2013 and received Clark County approval in August 2014, with the arena initially scheduled to open in late 2016. In the time the All Net project was on the table, three major venues opened in Las Vegas: T-Mobile Arena, Allegiant Stadium and The Sphere.
Global venue development, advisory and investment company Oak View Group has also detailed plans for a new district in Las Vegas that would be anchored by a 20,000-seat arena. The plans were announced in March 2022 but OVG is yet to break ground.
A new 30,000-seat stadium for Major League Baseball’s Oakland Athletics is also set to open in Las Vegas in 2028.
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