Las Vegas Working To Redevelop Downtown

"The city of Las Vegas has already grabbed 61 acres of vacant prime land downtown to help entice developers to the urban core. Now the City Council is looking for more, and plans to purchase another 10 acres nearby. On Wednesday the council will likely vote to purchase a $4.2 million parcel at Parkway Center from Union Pacific Railroad. The item first must clear an early-morning Real Estate Committee meeting before the council receives the proposal during its 9 a.m. session. The property will sell for $9.25 a square foot, for a total asking price of almost $4.3 million. The city thinks the parcel, called Parkway Center Lot 4, is a prime location for an office, retail or residential project. The council will first vote to purchase the property and then immediately vote to sell it to LVDT Redevelopment, LLC. In another item, the council will create a non-profit corporation, City Parkway IV, to purchase and take title of Lot 4."