The Oakland Raiders have completed a major step in their eventual move to Las Vegas, as the team has closed on the acquisition of the stadium site.
It was confirmed on Monday that the Raiders have closed on their purchase of a 62-acre site that will be used for their new stadium. The location offers a few advantages the team had been seeking, including a view of and close proximity to the Las Vegas Strip and accessibility to major roadways. The stadium site is bordered by Russell Road, Hacienda Avenue, Polaris Avenue, and Dean Martin Drive, and is located just west of Interstate 15.
The Raiders had been looking into buying property for some time, making news of their closing a major step in the process of moving to Las Vegas. More from The Las Vegas Review-Journal:
The purchase price disclosed in documents posted Monday morning on the Clark County Recorder’s Office website is $77.5 million. Early estimates projected that the Raiders would spend $100 million for stadium land.
Michael Parks, first vice president of CBRE, who brokered the deal for the Raiders with Executive Vice President John Knott, said there are no post-closing considerations on the deal.
Parks said he and Knott first approached the Raiders about the Russell site about a year ago.
“The site selection was a very public process, and there was a lot of speculation and media reports on where the stadium would go,” Parks said in a telephone interview. “This site wasn’t one of those originally mentioned. The Raiders were looking for a site in close proximity to the east side of Interstate 15. Through many months of reaching out to the Raiders directly and making sure they were aware this site was available, they decided this was their preferred site.”
Moving forward, there will still be a few key tasks to address. The Federal Aviation Administration (FAA) is likely to review the plan to see whether the stadium will affect operations at nearby McCarran International Airport. In addition, the Raiders still have to finalize their lease agreement with the Las Vegas Stadium Authority, and officials could consider whether other properties need to be acquired for parking.
The Raiders had their request to relocate to Las Vegas approved by the NFL in March. The stadium is expected to open for the 2020 season.
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