Boyd Gaming Corp. has sold the site of the former Eastside Cannery property in the eastern Las Vegas Valley for $28.8 million, following approval of plans to develop a 279-lot residential subdivision on the plot, the Las Vegas Review-Journal reported.
Clark County commissioners last month approved homebuilding giant Lennar Corp.’s plans for the roughly 29.5-acre property along Boulder Highway at Harmon Avenue. The proposed development calls for two-story single-family homes, two park areas and a trail.
The September 10 transaction transferred the property from Boyd to a New York investment firm, according to Clark County property records and state and federal corporate filings. The investment firm simultaneously granted Lennar an option to acquire the property.
The buyer is operating as a land banker, a type of group that typically purchases property for homebuilders and later sells individual plots to them when they are ready to begin construction.
The transaction also reflects a lower sale price than Boyd paid for the property. Boyd purchased the land beneath Eastside Cannery for $45 million early last year, according to property records. The company later announced plans to demolish the shuttered hotel-casino and sell the site for residential development.
The sale concludes the redevelopment process for the former Eastside Cannery property. The hotel-casino was demolished and imploded less than 20 years after it opened, leaving the site vacant before its sale for the planned housing project.