LAS VEGAS, Aug. 20, 2018 /PRNewswire/ -- Lance Bradford and the team at Stable Development have agreed to pay more than $8 million for land near the Raiders' future corporate headquarters and practice facility in Henderson. A live auction was held before the Henderson City Council meeting, with Mayor Debra March acting as auctioneer. Two companies submitted initial bids of $6 million to purchase 8.15 acres at St. Rose Parkway and Spencer Street. But Las Vegas-based Stable Development eventually agreed to pay $8.25 million for the lot.
The group plans to build "The Village," a mixed-use project with office and retail space, said CEO Lance Bradford. Deals are still being finalized with potential tenants. "We are ready to go," Bradford said.
The parcel is just down the parkway from where the Raiders complex will be constructed on 55 acres. Earlier this year, The City of Henderson sold the Raiders the land for $6.05 million, which represents half of its appraised $12.1 million value. The deal was agreed to on the basis that having the complex in the area would attract other businesses to the stretch of St. Rose that is mostly vacant lots.
Lance Bradford stated that the Raiders facility being nearby did influence Stable Development — which also owns the nearby Seven Hills Plaza on St. Rose Parkway — to be aggressive in the bidding process.
With all the development going on along St. Rose Parkway and further south, Lance Bradford sees the area becoming one of the more attractive parts of the valley once all the projects are complete.
"It's going to be another Summerlin Parkway, a central part of the city," he said. "You can see where things are going to continue growing south, so Henderson—mainly St. Rose Parkway— will become more and more the middle of the city."
Stable Development has experienced tremendous growth over the last eight years even though the Las Vegas real estate market was enduring one of the worst economic downturns in its history. Known for its Shared Equity Ownership Model, Stable Development identified a need in the market place and brought the solution to Southern Nevada.
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SOURCE Lance Bradford