LAS VEGAS (KLAS) — Developers bought nearly 600 acres in the northwest valley at a BLM auction last week that will bring almost $80 million for parks and other environmental projects.
The largest parcel of land — 505 acres near the west end of Centennial Parkway — sold to developer Lawrence Canarelli for $55 million. Many of the smaller parcels are located in the area near the Kyle Canyon Road (SR-157) interchange with U.S. 95.
The BLM announced Thursday that nine parcels covering 589.53 acres sold for a total of $93,141,000. From that total, 85% will go to “development of parks, trails, and natural areas; capital improvements on federal lands; acquisition of environmentally sensitive land; hazardous fuels reduction; and landscape restoration projects,” under the terms of the Southern Nevada Public Land Management Act of 1998.
The remaining 15% will go to the State of Nevada General Education Fund (5%) and the Southern Nevada Water Authority (10%).
The BLM said local governments nominated the parcels for sale, often after interested parties expressed interest in purchasing them. BLM removed a 225-acre parcel from the sale, due to an appraisal issue. This parcel will be included in a future sale.