LAS VEGAS (KLAS) — Vegas Developer, Guy Inzalaco, executed a 99-year land lease assuming control of the 66-acre property located north of the future bullet train station from Southern California on the southwest corner of Las Vegas Boulevard and Warm Springs Road.
Inzalaco is also principal and executive vice president of Olympia Companies, the development company behind Southern Highlands and Skye Canyon master-planned communities. This new project is through a separate partnership.
Over the last decade, the much-anticipated train project went through several versions in the planning process.
The project became a reality when officials from the California Infrastructure and Economic Development Bank approved of a $3.2 billion bond on behalf of Virgin Trains USA and the Clark County Board of County Commissioners at their Dec 3. public hearing in 2019.
Virgin Trains USA currently operates existing rail lines in Florida.
In addition to the new transit hub, the southern end of the resort corridor is undergoing rapid development and expansion such as the Las Vegas Raiders’ Allegiant Stadium. Easily accessible from Interstate 15, the 215 Beltway, Las Vegas Boulevard, and McCarran International Airport, the 66-acre property is strategically positioned for high traffic, including the estimated 5.5 million annual train passengers using the adjacent transit station.
The property is zoned H-1 with the opportunity for the construction of a casino, resort and or retail, mixed-use. The project is currently in the planning phase with construction to begin upon completion of land use entitlements. From initial design through ongoing operations, the project will generate hundreds of construction and retail jobs.
“We are pleased to partner with Guy Inzalaco again. He has developed some very desirable and high-profile real estate projects in Las Vegas. He is a seasoned developer of both commercial and residential projects that add value to our community,” said Brian Sorrentino, CCIM Director for ROI Commercial Real Estate, leasing agent for the property.
Guy Inzalaco has also recently spearheaded the North Las Vegas project Sedona Ranch also through a separate venture.