LAS VEGAS (KTNV) — Plans for a new parking garage in the Arts District are moving forward.
In Wednesday's city council meeting, city officials announced they bought two parcels, that are about 1.13 acres, to build a new parking garage. It will be located at 201 East Utah Avenue and 1405 South Casino Center Boulevard.
The city said they paid $5 million for the property, which is "in alignment with comps on parcels of that size in the area."
According to Ryan Smith, the director of economic and urban development, the garage would include about 500 parking spaces and between 10,000 to 15,000 square feet of retail space. During a presentation to city council, Smith said a new garage is desperately needed.
"We currently have a 200-applicant waitlist for new parking spaces in the garage and over 400 monthly parkers, currently in the Arts District, just south of Charleston," Smith said. "We anticipate generating $1.3 million of revenue by the end of the first year and stabilizing around $2 million by year 10."
Smith said the next step is to go into a design-build contract with public works to figure out things like where entry and exit points will be and where retail locations will be. However, he anticipates the structure will be about five stories tall.
According to Smith, city officials are hoping to have the project complete by the end of 2025.
