City Approves 85-acre Project
Author: Diana Heeb Bivona
Last week, the City Council approved plans for an 85-acre development along the West side of Main Street. The project would include more than 9,000 hotel, timeshare and condo units, 3.5 million sf of permanent exhibition space, 1.2 million sf of commercial/retail space, a 22,000-seat sports arena and 300,000 sf of gaming area.
The developer, Real Estate Interests Group has the property under contract to close later this year. The group has also secured senior debt financing and expects to start moving dirt next year for the first phase of the project.
While the land cost has not been disclosed, the estimated construction budget is projected to be $8.5 million. The project’s total value upon completion is estimated at $9.5 billion.