New development could be coming to the Las Vegas Strip as a plan to sell publicly owned land along the north end was approved Tuesday.
The Las Vegas Convention and Visitors Authority voted unanimously to split a 10 acre-parcel at Elvis Presley and Las Vegas boulevards to two entities: 65SLVB, a partnership of developers Brett Torino and Paul Kanavos, and the development group behind neighboring Fontainebleau resort-casino. The land is part of the former Riviera hotel-casino site.
The Torino-backed group will purchase the five acres directly adjacent to Las Vegas Boulevard, dubbed the Front Five Acres, for $12.5 million and Fontainebleau Development will purchase the Back Five Acres from Torino’s group for $112.5 million.
