Towering NBA arena project on North Strip gets an assist
The developers of a North Strip resort with an NBA-ready arena cleared their first hurdle Tuesday when the Winchester Town Advisory Board unanimously recommended approval of their multibillion-dollar project at the former Wet n’ Wild site between Fontainebleau Las Vegas and the Sahara.
Representatives of LVXP, a team of Las Vegas-based real estate professionals that hopes to build a 752-foot, 2,605-unit hotel and condominium project with an 18,000-seat arena and a 6,000-seat theater, fielded questions from board members and residents of nearby properties before winning support of the town board to the Clark County Commission. The proposed resort also would have a casino, restaurants and other retail.
It’s unclear when commissioners would schedule a presentation on the LVXP project.
County Commission Chairman Tick Segerblom said Wednesday developers would not schedule a hearing on the project until the Federal Aviation Administration signs off on any requested height waivers. The FAA hasn’t cleared the project yet, but LVXP officials said earlier this year that the process is underway and that they didn’t expect any problems considering the project’s close proximity to Fontainebleau, which has received clearance.
Turnberry questions
Residents of the nearby Turnberry Towers asked questions about whether the three project towers would block their views as well as general questions about parking, traffic and the financing of the project.
Gregory Borgel of the Fennemore law firm of Las Vegas led the hour-long session that also included comments from attorney Rory Reid, architect Alfredo Alcantar of Steelman Partners, and Chief Construction Officer Nick Tomasino.
Residents were mostly concerned about how the views from their residences would be affected by what possibly would be the tallest hotel and residential dwellings in Southern Nevada.
The tallest structures among hotel and residential towers are planned at 752 feet, 15 feet taller than the next-door Fontainebleau. Other towers within the complex would stand 600 and 560 feet high with one tower having a curved design swoosh dipping between the buildings. The parking garage, which would be part subterranean and part above ground, would be 380 feet tall and the arena, which would be among several in Southern Nevada that could someday court an NBA basketball franchise, would be 250 feet tall.
The resort would have a Las Vegas Boulevard address, but it’s expected the property also would be accessible from Paradise Road to the east where Turnberry residents could be affected.
The LVXP team is in discussions with the Las Vegas Monorail, which has its northern terminus at the Sahara. Two underground Boring Company stations are planned for the resort and bus service is frequent on Las Vegas Boulevard on the west side of the development.
Parking plan
Alcantar said the county would require parking for 5,800 vehicles, but developers are planning for 5,900.
The development team said a traffic study as well as drainage studies would be required before any construction could begin. The company plans to tie in to city water and sewer lines.
When asked about financing, Borgel said developers wouldn’t be able to negotiate lending terms until a county entitlement is in place — and that’s what developers got started with Tuesday’s initial meeting with the Town Board.
Once the county signs off on the project, Borgel said they’d seek the necessary financing to build it and he said prospective financiers are “lining up” to participate. He named no specific institutions wanting to be involved, but said reaching out to multiple parties is a standard procedure once entitlement is achieved.
Recession reminder
Residents who questioned the financial aspect of the project said what they didn’t want was another Fontainebleau disaster in their neighborhood. They were referring to the continuous delays Fontainebleau experienced when it was built. Fontainebleau was first proposed in 2005 and didn’t open until a year ago after numerous delays related to a shaky economy in 2009 resulting in a bankruptcy filing and multiple ownership changes.
For the years it was dormant, Fontainebleau stood as a hulking blue representation of the Great Recession.
Tomasino said it would likely take four years for all planning and construction to be completed.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.