California developer Agora Realty acquired 73 acres in North Las Vegas for a planned $380 Million mixed-use development that's expected to bring much-needed housing and retail to the former site of two closed casinos.
For its potential to diversify residential and business offerings in the area, the transaction received a 2024 CoStar Impact Award for sale/acquisition of the year for the Las Vegas region, selected by a panel of local judges.
About the Project: Plans are underway in an area of North Las Vegas known as Hylo Park, where Argo is seeking to develop elements, including 37 acres containing about 1,300 residential units, along with a 10-acre commercial area to include a grocery-anchored shopping center and a state-of-the-art sports and entertainment complex. The developer plans to break ground in the summer of 2024 after purchasing the former casino land from Red Rock Resorts for approximately $59 million.
What the Judges Said: Deshone Brunswick, Director of Marketing at SVN The Equity Group, said the Hylo Park project is expected to bring significant benefits to the neighborhood. "By providing diverse housing options, it addresses the critical need for residential spaces that cater to a range of preferences and incomes," Brunswick said. Terence Farr, president of Farr Valuation, said the project would add needed multifamily housing and retail while preserving and enhancing existing components including a public ice arena.
They Made it Happen: Aaron Lefton of Agora Realty represented the buyer, and Kevin Higgins of brokerage CBRE represented the seller.