The Las Vegas Convention and Visitors Authority has retained CBRE Group Inc. to sell 10 acres of land it owns on the Strip.
The Los Angeles-based real estate firm will work to find a buyer for the former Riviera property at the southeast corner of Las Vegas Boulevard and Elvis Presley Way, according to a news release.
CBRE’s Global Gaming Group, led by John Knott and Michael Parks, will take the lead on the assignment.
Steve Hill, CEO of the LVCVA, announced in February the land would likely be sold.
“Typically, parcels that have become available on the Strip have been significantly larger or smaller in size,” Knott said in a statement.
The last parcel listed and sold by Knott and Parks on the Strip was nearly 35 acres just south of Fashion Show mall in 2017. It sold for $300 million to Wynn Resorts.
Hill has said the land, next to a $935 million expansion of the Las Vegas Convention Center, could be a prime site for a high-rise development. It’s located directly across from the $4 billion Resorts World casino that is under construction.
“This is an extraordinary property,” Parks said.
The site is now being used by the LVCVA as a construction staging area for the convention center expansion project.
“As visitation to Las Vegas remains strong and is expected to increase due to a continued trend of new and enhanced offerings, this is an ideal time for the right buyer to execute on a big plan,” Hill said. “The potential of this land is remarkable. These 10 acres provide exceptional opportunity for the right visionary.”