CHINATOWN VEGAS GATEWAY | 6.88 ACRES
3520 SPRING MOUNTAIN ROAD, LAS VEGAS
Chinatown Vegas Gateway | 6.88 Acres
3520 Spring Mountain Road, Las Vegas, NV 89102
Property Details
Highlights:
Offering Price:
Total Number of Parcels:
Total Parcel Size:
Gross Land Square Feet:
Proposed Zoning:
Proposed Land Use:
$19,000,000
Seven
6.88 Acres
+/- 299,693 Sq Ft
Commercial (C-2)
Entertainment Mixed Use (EM)
Rare opportunity to acquire 6.88 acres adjacent to the Las Vegas Resort Corridor in the rapidly growing Chinatown district. This 7 parcel assemblage with Planned Land Use of (E-M) Entertainment Mixed Use and planned Zoning of C2 Commercial.
PROPERTY SUMMARY
Marcus & Millichap is pleased to present the opportunity to purchase a rare assemblage of seven parcels totaling +/-6.88 acres of land between West Spring Mountain Road with Procyon Street on the west and Polaris Avenue on the east.
LOCATION AND ACCESSIBILITY
The portfolio is centrally located in Las Vegas just west of Interstate 15 (I-15) with the Las Vegas Strip to the east side of the highway. Spring Mountain Road is a major east/west thoroughfare that is amongst the most heavily trafficked Las Vegas roadways and connects with the Strip and I-15. It has also recently been announced that the future Vegas Loop has received County approval to add a station at the corner of West Spring Mountain Road - included in this land assemblage.
EXISTING ENTITLEMENT WORK
Current ownership has completed years of entitlement work and has engaged the services of EV&A Architecture for design renderings for a full-scale commercial development to include a large parking facility to allow for income to accommodate the high demand for parking spaces, all of which can be made available to potential purchasers.
SURROUNDING AMENITIES & ECONOMIC DRIVERS
The immediate surrounding area is complemented by casino & resort destinations including Wynn, Encore, Venetian, Palazzo, Resorts World Las Vegas as well as the Fashion Show Mall which boasts 243 stores including Neiman Marcus, Nordstrom, Saks Fifth Avenue and Dick’s Sporting Goods, and many more amenities.
Las Vegas has a strong economy, a growing population, and a limited supply of available centrally located commercial land. These factors have contributed to a steady increase in the demand for commercial space. Additionally, Nevada offers a number of tax advantages to commercial real estate owners.
DEVELOPMENT POTENTIAL
The Las Vegas Chinatown district is located on Spring Mountain Road, west of the Las Vegas Strip. It is a thriving commercial district that spans several blocks and includes a wide variety of businesses from restaurants and shops to hotels and medical clinics. The area is known for its authentic Chinese cuisine, as well as other pan-Asian influences.
Current plans include +/- 94,300 Projected Net Rentable Square Feet of commercial development across a six-building, two-story retail and parking development.
INFRASTRUCTURE AND TRANSPORTATION (VEGAS LOOP)
Clark County and the City of Las Vegas have approved a total of 68 miles of underground tunnel including 93 stations for the Vegas Loop, including one station at 3520 Spring Mountain Road.
The Vegas Loop will provide fast and convenient transportation to and from the Strip and to Las Vegas communities, its visitors and beyond. The Vegas Loop includes the LVCC Loop and any future service extensions including those to casinos along the Strip, Harry Reid International Airport, Allegiant Stadium, and Downtown Las Vegas. Once complete, the Vegas Loop will transport more than 90,000 passengers per hour.
Seven Parcel Portfolio with +/- 6.88 Acres for Development
600 Linear Feet of Spring Mountain Frontage
Ideally Located Within Chinatown & Adjacent to the Las Vegas Strip
Immediate Proximity to Interstate 15 on West Spring Mountain Road at the Entrance to Chinatown
Tremendous Traffic Counts of 53,500 Vehicles Per Day
Population Density Exceeds 156,031 Residents in the Three Mile Radius
Located Across the Highway from the Center of the World-Famous Las Vegas “Strip”
At the Gateway to the Unique Retail and Dining Experiential Destination that is the Chinatown and Asian district Frequented by Locals and Tourists Alike
Significant Daytime and Nighttime Traffic from Both Las Vegas Residents and Tourists with +/- 53,500 VPD on Spring Mountain Road
Projected Net Rentable Building Square Feet of +/- 94,300 SF Across a Six-Building Two-Story Retail & Parking Development
Developing Commercial Area with Favorable Long-Term Economic Outlook
Proposed Las Vegas Loop Station Has Been Approved by the County at the NWC of Spring Mountain & Procyon
