The University of Nevada, Las Vegas (UNLV) is once again looking to put a 10.2-acre piece of property near the Las Vegas Strip on the market for close to $40 million, despite previous attempts to sell all or part of the site failed to move in the right direction for the institution.
Headspinning Price: $4 Million per Acre
UNLV announced last week that it was seeking to get roughly $39.9 million for the vacant property located at the southeast corner of Tropicana Avenue and University Center Drive, right across from the Thomas & Mack Center.
The site is located about 1.5 miles east of the Strip, and it used to host the university’s Paradise Campus in the past.
Possible Hiccups for Future Owners
According to UNLV, the property could be used for a range of future projects, with the list including mixed-use or hospitality developments. As per the current asking price announced by the university, the land is valued at nearly $4 million per acre.
However, developers interested in the site will have to account for several restrictions. The property sits just east of the edge of the runways at Harry Reid International Airport, meaning potential projects could face height limits imposed by the Federal Aviation Administration, along with airport-compatible development requirements and other land-use restrictions.
David Frommer, UNLV’s associate vice president of planning, construction and real estate, said the asking price is based on appraised values.
Any sale would also require approval from the Nevada System of Higher Education Board of Regents, which can consider legitimate offers below the appraised value.
The property has been subject to a number of changes throughout the years. For instance, before it became part of UNLV, it was home to Paradise Elementary School.
The former Paradise Campus had six buildings, including four that dated to 1949. The university demolished the buildings in spring 2024 after they were deemed obsolete and costly to maintain.
Previous Talks
UNLV had previously considered selling the property back to the Clark County Department of Aviation. Earlier appraisals put its value between about $9.5 million and $13.3 million, but the aviation department ultimately purchased another property south of the airport instead.
The university also held talks with The Boring Co., Elon Musk’s civil engineering firm that focuses on creating underground transportation systems, about selling a 2.35-acre section of the site.
The respective portion had been appraised at close to $8.2 million, but the deal never reached a final agreement, and the plans eventually ended after the company secured approval for a station on the western edge of the UNLV campus.
UNLV now has no formal commitment for the property, which means its future is open to potential buyers and developers.