The 17 acres land will be sold for $60 million dollars to the Clark County Department of Aviation after an agenda item was approved during a Clark County Commission meeting on December 7. The sale will close by the end of this month. Parcel numbers are 16228401019 and -1004.
Tom McManus, president and CEO of Lily Funds, is the seller. McManus retains two Strip-facing parcels out of the original 22 acres of land just north of 5051 Las Vegas Boulevard, both of which sit in an Opportunity Zone and nearly adjacent to the "Welcome to Fabulous Las Vegas" sign. Lily Funds also sold the 5.25-acre property to Dream Hotel Group closed on February 14th of this year.
"This sale is just another symbol of the exponential growth Southern Nevada is experiencing. I am excited about our remaining Strip-front facing properties as Las Vegas truly is the entertainment capital of the world," said McManus.
McManus has been active in southern Nevada for decades and has successfully developed master planned projects such as Tuscany, in Henderson. Since 2013, Lily Funds LLC has initiated millions of dollars in property investments
Source: Lily Funds