The Raiders announced earlier this week the successful purchase of 62 acres of land for their $1.9 billion stadium, which is scheduled for completion by the start of the 2020 NFL season. The land was purchased for $77.5 million or $1.25 million per acre. Now that we have a site, what’s next? There are multiple major projects that will be taking place over the next 39+ months to turn dream into reality.
- Infrastructure – First and foremost the site has to be brought up to a develop-able condition, which will include extensive upgrades for all utilities, (power, water, sewer).
- Construction – Construction of the stadium is expected to begin in December of 2017, which will provide a little over two years to complete the stadium.
- Vehicle Transportation – The Nevada Department of Transportation (NDOT) in conjunction with the Regional Transportation Commission (RTC) will be accelerating construction timelines for ingress and egress to the stadium. This is reported to include: reconfiguration of the Tropicana Ave., Russell Rd. interchanges with Interstate 15 and the Hacienda Ave. flyover into the project.
- Pedestrian Bridge – There are reports of extending the Las Vegas Monorail to the Mandalay Bay to allow fans access to a passenger bridge over Interstate 15 into the stadium.
If you have ever attended an NFL game, you know too well the stresses on infrastructure when 65,000 people leave at once. With direct access to the Las Vegas Strip, exits in all directions and immediate interstate availability, diligent design and planning can potentially provide a great user experience when getting to and leaving a game.
The next question is whether the stadium will bring improvement to the immediate surrounding neighborhood, which consists of a truck stop, industrial buildings, hotels and a few high-rise towers. We have already seen the immediate impact on the high-rise condo market, as sales jumped the day of the NFL owners vote. Will we experience gentrification in a long-time undesirable area? Will new construction and higher-end mixed-use projects come out of the ground? With the proximity to the strip, many don’t believe so, but only time will tell.
(link to RJ of Tropicana Interchange Rendering)