An ambitious project with a price tag of nearly $400 million is expected to revitalize North Las Vegas. The project is planned to use the land that was formerly the home of Station Casinos’ Texas Station and Fiesta Rancho hotel casinos. The two properties, owned by the leading gaming and entertainment company were shut down back at the start of the pandemic early in 2020. The site of the former Fiesta Rancho and Texas Station is expected to be the new home of a mixed-use project that will feature residential units, hotel rooms and other amenities.
Agora Realty and Management, a leading real estate developer, confirmed its plans to invest in the area. Last week, the company announced via its website that it closed escrow on the 73-acre site located at Lake Mead Boulevard and Rancho Drive for approximately $59 million. “The demolished site where the Texas Station and Fiesta Rancho hotel-casinos once stood will soon see the beginning of a new development after the lot was sold Thursday,” explained Agora Realty and Management.
Ryan Lefton, Agora Realty and Management’s chief of operations, who was recently cited by the Las Vegas Review-Journal, revealed that the price tag of the new project is approximately $380 million. As a three-phased project, the construction is expected to start early next year. Based on current estimations, the project is expected to be finalized by the end of 2025.
The Site Would Offer Residential and Hotel Units, Additional Amenities
The project called, Hylo Park, gained traction earlier this year after the company submitted a request for rezoning the land from a resort commercial to a mixed-use with the North Las Vegas Planning Commission. The request, submitted early in July, was greenlighted in August following a unanimous voting of the Commission.
Speaking on the topic, Lefton said: “Through this acquisition, we are thrilled to expand our footprint in the vibrant city of North Las Vegas.” Moreover, he pointed out: “We eagerly anticipate contributing to the community and fostering growth and opportunities in this dynamic landscape.”
The project is expected to offer more than 660 residential units, along with a childcare center, shops and recreational and entertainment areas outdoors. Additionally, Agora Realty and Management’s project is expected to offer 150 hotel rooms, different retail and food and beverage outlets. The mixed-use project is also planned to offer two ice rinks.
Ultimately, the project is expected to play a vital role in the revitalization of North Las Vegas by creating new jobs and economic stimulus for the region.