Raiders close escrow to buy 62.5 acres on Russell Road for stadium
LAS VEGAS (KSNV News3LV) —
The Oakland Raiders have closed escrow to buy 62.5 acres on Russell Road near Mandalay Bay for a future domed stadium.
The closing was filed late this morning at the Clark County recorder's office. Clark County Commission Chairman Steve Sisolak also sent a Tweet about the deal.
The total value was listed at $77.5 million.
The purchase closed a major hurdle on the road to constructing the projected $1.9 million stadium.
Sisolak has said organizers and officials have about 6 to 8 months to complete the design, lease and all related plans for the stadium in order to provide construction crews about 30 months to have the stadium ready for the 2020 NFL season.
Despite the Raiders signing the check on Monday, the deal was finalized long ago.
According to CBRE Vice President Michael Parks, who was part of the sale. “it got done last year.” Parks told us in his office. “If you look back at the minutes they announced they had control of the site back in August of last year.”
Now, that the site has been confirmed the question is how will a stadium impact the neighborhood. The area around the Russell Road site is mostly industrial, the State initially made plans for an area with retail and restaurants.
The closest restaurant to the future home of the Black and Silver is a small BBQ joint named Jessie RaE’s. Inside you’ll find a hard working family with Raider’s flags in the window and a fear for the future.
The reality is no one knows how the development will affect the industrial park. The State has been on record wanting retail shops and restaurants nearby, which could mean a land grab. Potentially great news for property prices but an ominous future for a small restaurant that leases their shop.
“Hopefully there's some sort of barrier that will protect us from development,” owner Mike Ross tells us, but he adds “my landlord is already getting offers on the building.”