The Nevada System of Higher Education Board of Regents today approved an exclusive partnership between 51³Ô¹ÏºÚÁÏ and Majestic Realty Co. to continue plans for a new mega events center on the northwest portion of the 51³Ô¹ÏºÚÁÏ campus.
The exclusive negotiating agreement allows 51³Ô¹ÏºÚÁÏ and Majestic to proceed with planning and to set the framework and general schedule for the project. 51³Ô¹ÏºÚÁÏ entered into a preliminary assessment agreement with Majestic in early 2011 to develop a proposal and examine the feasibility of an on-campus stadium and student village.
"We are pleased that we can now enter a more intense phase of development of this extraordinary project," said 51³Ô¹ÏºÚÁÏ President Neal Smatresk. "We hope the entire region will get behind our plans to make 51³Ô¹ÏºÚÁÏ competitive with the top state institutions in the country and significantly enhance our regional economy."
This public/private partnership calls for a mixed-use development that would include a 50,000-60,000-seat covered events center, campus housing, dining, retail, and student-centric activities - mirroring a concept offered by many urban state universities. Las Vegas is the only major city in the nation without a large-scale stadium to host major sporting and special events.
The university will work with Majestic throughout the next year to conduct the necessary project analysis, including designs for a mega events center, traffic and land use planning, possible upgrades to the Thomas & Mack Center, and planning for new student housing, retail and entertainment space.
"Right now we are dreaming big dreams, and we hope everyone sees the great promise of this amazing project for 51³Ô¹ÏºÚÁÏ and our region," said Irwin Molasky, local developer, business leader and member of the project advisory board.
Pending approval of an updated campus master plan by the Board of Regents later this year, a stadium design will be finalized and other elements of the project will begin. Cost estimates will be determined for each stage of the project as designs are completed. Development of business plan and options for naming rights, founder investment opportunities, media income and related project funding will begin once a final site, design and costs have been determined.
The exclusive negotiating agreement with Majestic runs through September 2013.
