LAS VEGAS (KTNV) — There could be a new retail complex and hotel in the works for the Las Vegas Strip.
The LVCVA unanimously approved selling a parcel of land at Las Vegas and Elvis Presley boulevards where The Riviera once stood to two developers.
"I have loved Vegas, it is amazing," Candace Thomson said.
It's Thomson's first time in Las Vegas as she's visiting from Australia. She says she is overwhelmed with the number of resorts and buildings along the the Strip.
"It just seems pretty common for Vegas, doesn't it?"
Thomson says she's excited to hear about a new retail complex and hotel coming to the north end of the Strip.
"It feels like there is a big gap missing," she said. "Like there should be something more here."
"The new retail complex and hotel will be located near Fontainebleau on the corner of Las Vegas and Elvis Presley boulevards," said CEO and president of the LVCVA, Steve Hill. "This will bring a major economic boost to our city."
"That land is a meeting point really for some of the great things that are being built around the convention center," he said. "It's a focal point for the neighborhood."
The LVCVA is planning to sell the 10-acre parcel for $125 million to Las Vegas developer Brett Torino and Paul Kanavos from New York. The two have teamed up before in Las Vegas to build the Harmon Corner and Project 63, both large retail complexes on the Strip.
Hill says this sale will help fund their $600 million Las Vegas Convention Center renovation.
"It gives us more flexibility and more cushion in the renovation to make sure we get it, and get it right," he said.
The Riviera hotel was the first high-rise resort on the Strip standing nine stories tall. It opened in 1955. LVCVA purchased the hotel in 2015 and imploded it in 2016.
Now, they are excited for what the future holds north end of the Strip.
