LAS VEGAS (KLAS) — Could 2020 be the year of growth on the north end of the Las Vegas Strip?
The Silver City Plaza sits on two acres. It was recently sold for nearly $60 million.
The small retail center is surrounded by a few upcoming projects. It’s located right across the street from Resorts World Las Vegas.
“There’s a big difference now between the south and the north end,” said Laurie Balkum from Austin, Texas.
The north end of the Strip has been stagnant for years, but investors are confident several big projects will pull through.
“If you look at The Drew, Resorts World, Convention Center, Majestic… $10 billion of development surrounds Silver City,” said Rob Ippolito, Senior Managing Director of Newmark Knight Frank.
Ippolito cooperated with local market expert, Executive Managing Director Frank Volk, to represent the California-based seller, PASSCO Companies, LLC in the sale to the buyer, Regal Acquisitions.
The retail center — located at 3001 South Las Vegas Boulevard — includes Ross Dress for Less and Walgreens, as well as Denny’s, 7-Eleven and others.
“If they have plans to do something bigger, it’ll be fun to see what happens,” said Ippolito.
It’s estimated that more than two million additional visitors per year will frequent the area near the plaza once the resorts open.
“We know it’s not going to happen overnight. But, we feel comfortable that the business will shift down to the north side,” said Scott Sibella, the President of Resorts World Las Vegas.