UNLV relists Las Vegas Strip-adjacent land for $39.9 million

The University of Nevada, Las Vegas is putting a 10.2-acre parcel of vacant land near the Las Vegas Strip back on the market, seeking close to $40 million after two earlier attempts to sell the site failed to close.

UNLV announced last week that it is asking $39.9 million for the property, located at the southeast corner of Tropicana Avenue and University Center Drive, directly across from the Thomas & Mack Center. The land sits about 1.5 miles east of the Strip itself and once housed the university's Paradise Campus, according to GamblingNews.com.

Why the price works out to $4 million an acre

At the asking price, the land values out to nearly $4 million per acre. UNLV says the figure is based on appraised values rather than a negotiating opener, though the Nevada System of Higher Education Board of Regents, which must approve any sale, can still consider offers below that appraisal.

the asking price is based on appraised valuesDavid Frommer, UNLV associate vice president of planning, construction and real estate

What could be built there

UNLV says the parcel could support a range of future projects, including mixed-use or hospitality developments, given its location near the Strip and the Thomas & Mack Center. Any buyer, however, will need to work within constraints tied to the site's neighbour: Harry Reid International Airport.

The property sits just east of the airport's runway edge, which means projects there could face Federal Aviation Administration height limits, along with airport-compatible development requirements and other land-use restrictions. Those conditions have likely weighed on previous negotiations.

Two deals that did not happen

UNLV previously discussed selling the property to the Clark County Department of Aviation, with earlier appraisals putting its value at between roughly $9.5 million and $13.3 million, well below the current asking price. That deal never materialised, as the aviation department instead bought a separate property south of the airport.

A second attempt involved The Boring Co, the tunnelling firm founded by Elon Musk, which considered buying a 2.35-acre section of the site appraised at close to $8.2 million. Those talks also broke down, and the company ultimately secured approval for a station elsewhere on the western edge of the UNLV campus instead.

A site with a long history

The land has changed hands and uses repeatedly over the decades. Before becoming part of UNLV, it was home to Paradise Elementary School. The university's former Paradise Campus occupied six buildings on the site, four of which dated back to 1949. UNLV demolished all of the structures in spring 2024 after deeming them obsolete and too costly to maintain.

With no formal commitment currently in place, the parcel's future now depends on whether a developer is willing to accept the airport-related restrictions at a price UNLV and the Board of Regents consider acceptable.