UNLV Wants About $39.9 Million for 10 Acres Across From the Thomas & Mack

by Ryan Rose

What Happened

UNLV announced on Wednesday, Sept. 30, that it had listed the 10.2-acre parcel for about $39.9 million. The Las Vegas Review-Journal reported the news on Oct. 2. The lot is at the southeast corner of Tropicana Avenue and University Center Drive. It is about 1.5 miles east of the Las Vegas Strip and right across from the Thomas & Mack Center, the arena where UNLV basketball plays.

In its news release, UNLV said the property offers room for a range of projects, including mixed-use, hospitality, or other kinds of development. The for sale sign on the lot itself lists the size as about 10.18 acres and gives a UNLV real estate email address and phone numbers for anyone who wants to ask about it.

David Frommer is UNLV's associate vice president of planning, construction and real estate. He told the Review-Journal that the asking price is based on appraised values. That matters, because it means the number did not come out of thin air. Someone looked at the land and said this is roughly what it is worth on today's market.

Still, a listing price is not a sale price. Any sale has to be approved by the Nevada System of Higher Education Board of Regents. That is the group that oversees the state's public colleges and universities. Frommer said the board does have the power to consider real offers that come in below the appraised value. In plain words, UNLV is asking for about $39.9 million, but a lower deal is possible if the board signs off.

The location is the big selling point and the big headache at the same time. The lot is just east of the edge of the airport's runways. According to UNLV's release, any project would face height limits from the Federal Aviation Administration, airport-friendly building guidelines, and land-use rules from the university or other agencies. That could limit what a developer is able to build there. And when you can build less, you are usually willing to pay less for the land.

Here are the quick facts in one place:

Where: 851 E. Tropicana Ave., at the southeast corner of Tropicana Avenue and University Center Drive
Size: about 10.2 acres of vacant land
Asking price: about $39.9 million, or nearly $4 million an acre
Distance to the Strip: about 1.5 miles east
Who has to approve a sale: the Nevada System of Higher Education Board of Regents
Big limit: FAA height limits and airport-compatible building rules, because the lot sits just east of the airport runways

A jet lands at Harry Reid International Airport behind the vacant UNLV land on Tropicana Avenue, showing how close the lot sits to the runways

Why It Matters to Las Vegas Residents

First, this is a big piece of land in a part of town that almost never has big pieces of land open. The area around UNLV, the airport, and the east side of the Strip has been built out for decades. A 10-acre empty lot in the middle of it is rare. Whatever goes there will change how that stretch of Tropicana looks and feels for a long time.

Second, think about traffic. Tropicana near the Thomas & Mack is already busy on game nights, concert nights, and every day with airport and Strip traffic. A hotel, apartments, shops, or a mixed-use project would bring more cars, more people, and more activity to that corner. For people who live in the neighborhoods east and south of campus, or who commute through there, that is worth watching.

Third, the price is a signal about land values across the valley. Nearly $4 million an acre is a lot of money. When land close to the Strip carries that kind of value, it puts upward pressure on what nearby land is worth, too. Higher land costs often lead builders toward denser projects, like apartments and mixed-use buildings, instead of single-family homes. That is one reason you see so many apartment and condo projects close to the resort corridor while new single-family neighborhoods keep popping up on the edges of the valley.

Fourth, there is the UNLV angle. This is public land owned by a public university. The money from a sale would go to the university, not to a private owner. How UNLV and the Board of Regents handle this deal is something every Nevada taxpayer has a stake in. If you care about how the school manages its property, this is a good one to follow.

Finally, for homeowners in the east valley and around the university area, a well-planned project can be good news. New development can bring jobs, places to eat and shop, and fresh investment to an older part of town. Of course, it depends a lot on what gets built and how it fits with the area around it. That part is still a big question mark.

It is also worth asking who this land is really for. UNLV pitched it for mixed-use, hospitality, or other projects. Being across from an arena, next to a major university, and a short drive from both the Strip and the airport is a strong mix. Students, staff, visitors, and event crowds all pass this corner. That kind of foot traffic is exactly what hotel groups, restaurant operators, and apartment builders look for. The airport rules are what make it tricky, since a buyer may not be able to go as tall as the location would normally support.

View across Tropicana Avenue from the vacant UNLV parcel toward the Thomas and Mack Center and its parking lot

Background and History

This lot has a long story. Before UNLV ever used it, the site was home to Paradise Elementary School. A Board of Regents briefing paper says the property had six buildings, and four of them were built in 1949. That makes them older than most of Las Vegas.

UNLV leased the site from the Clark County Department of Aviation from 1998 through 2008. After that, the university took ownership of the property through a real estate swap with the aviation department. UNLV called the cluster of buildings its Paradise Campus. A briefing paper from late 2022 described the old buildings as "obsolete, difficult and costly to maintain." They had to come down, and Frommer confirmed the demolition was finished around spring 2024.

Selling the land has been tried before. Back in 2022, UNLV was working on a deal to sell the property back to the Department of Aviation. The briefing paper from that time said past appraisals put the value somewhere between $9.5 million and $13.3 million. In the end, the aviation department passed. It bought a different property south of the airport that fit its needs better.

Next came The Boring Co., the company that runs the underground tunnels where Tesla cars carry people around the Las Vegas Convention Center and some nearby hotels. Board meeting minutes show that in 2024, UNLV planned to sell a 2.35-acre piece of the old Paradise Campus site to Boring. That piece was appraised at almost $8.2 million, or close to $3.5 million an acre. But the two sides never signed a final purchase agreement.

Then, this past June, the Board of Regents approved plans for a Boring station on the western edge of campus, in part of the parking lot around the Thomas & Mack Center. Once that happened, Boring did not need the Paradise Campus land anymore, and Frommer said those sale talks ended. That brings us to today, with the whole 10.2 acres back on the market.

Look at how the numbers moved. In 2022, appraisals pointed to $9.5 million to $13.3 million for the site. Now the asking price, based on appraised values, is about $39.9 million. Some of that gap may come from the buildings now being gone, and some from how much land near the Strip has gone up in value. Either way, it is a big jump in a few short years.

What Happens Next

For now, the lot is simply on the market. UNLV will be looking for buyers, and any serious offer will have to go before the Nevada System of Higher Education Board of Regents for approval. The board meets on a regular schedule, and its agendas and briefing papers are posted publicly. If a deal comes together, that is where it will show up first.

A buyer will also have to work through the rules that come with being so close to the airport. That means FAA height reviews and airport-compatible design guidelines, plus any land-use rules from UNLV or other agencies. The lot is in unincorporated Clark County, in the Paradise area, so any actual project would also go through the normal county planning and zoning process. That usually includes public hearings where neighbors can weigh in.

No timeline has been announced for a sale. No buyer has been named, and no project has been proposed. Given that two earlier sale attempts fell through, it would be smart not to expect shovels in the ground anytime soon. Big land deals near the Strip can take months or years to come together, especially when height limits and public approvals are part of the picture.

Here is what to watch for over the coming months. First, whether UNLV says it has received offers. Second, whether a sale shows up on a Board of Regents agenda, and at what price. Third, whether the board accepts an offer below the appraised value, which Frommer said it has the authority to do. And fourth, once there is a buyer, what kind of project they propose and how tall it can go under the airport rules. Each of those steps will tell us a little more about how much demand there really is for land near the Strip.

Las Vegas Strip towers and a plane on approach seen from the corner of Tropicana Avenue and University Center Drive near the UNLV land

Ryan's Take

Here is what jumps out at me. Nearly $4 million an acre is a number most people in Las Vegas never see, because most of us shop for homes on lots measured in square feet, not acres. But land prices are the foundation under everything else. When land near the Strip is valued like this, builders have to build up and build dense to make the math work. That is why so much of the new housing close to the resort corridor is apartments, while new single-family homes keep moving out toward the southwest valley and Summerlin edges where land costs less. If you have ever wondered why a new house costs what it does, the price of the dirt under it is a big part of the answer.

I also think the airport rules are the real story to watch. A great location with tight height limits is a tricky combination. The final sale price, and whether this one actually closes this time, will tell us how buyers feel about land near the Strip right now. I will be watching the Board of Regents agendas, and I will share what I find.

For everyday homeowners, the takeaway is simple. Land close to jobs, schools, and entertainment holds its value. That is true for a 10-acre lot on Tropicana, and it is true for a house in a well-located neighborhood. Location still drives the price of real estate in Las Vegas, at every size.

Cable spools on a trailer beside the cleared former UNLV Paradise Campus site, with the Thomas and Mack Center in the background

What You Can Do

If you live near UNLV or drive Tropicana often, keep an eye on this one. The Nevada System of Higher Education posts Board of Regents meeting agendas and briefing papers online. That is the best place to see if a sale is coming up for a vote. Board meetings also allow public comment, so you can share your thoughts if a deal reaches that stage.

Once a buyer has a plan, it will likely go through Clark County's planning process, since the site is in unincorporated Clark County. Watch for notices about zoning or land-use hearings for 851 E. Tropicana Ave. Those hearings are open to the public, and they are where neighbors have the most say about what gets built.

If you own a home in the east valley, the Paradise area, or around the university, this is also a good time to know what your own home is worth. Big projects can shift how buyers see a neighborhood. Knowing your numbers helps you make calm, smart choices, whether you plan to stay put or are thinking about a move in the next year or two.

Have questions about how this affects your home or neighborhood? Reach out to Ryan Rose or text/call 702-747-5921 anytime. Ryan Rose | Real Broker, LLC | 702-747-5921 | ryan@rosehomeslv.com | rosehomeslv.com