Likely site of billion-dollar stadium for Raiders has had peaks, valleys
LAS VEGAS (KSNV News3LV) —
It's a real estate gold mine today, but the land that is the favored NFL stadium site was virtually unwanted 20 years ago.
The property that sits west of Interstate 15 at Russell Road is 63 acres and has never been developed.
Since 1997, the land has been on a real estate roller coaster.
"At that time it was valued by the assessor’s office at $10 million," says Clark County Assessor Michele Shafe.
Based on property records, it appears to have been owned by an investor who was waiting for the right buyer. Its value surged in 2005 during the Las Vegas land boom and after the Russell Road off ramp was added from I-15.
In 2007, property records show the land valued at $173 million.
However, the property endured a reversal of fortune just two years later. In November 2009, the county assessor's office valued the land at $40 million — a decline in value of $133 million.
That's when the owner appears to have given up on the land's future and allowed it to be sold at public auction.
"The investor that owned it when the recession hit decided to let it go," says Shafe.
In 2010, the property dropped again — to $33 million. It only started to recover in value this year.
Today the county assessor values the land at $40 million — and its future looks bright.
If the land becomes home to the NFL's Raiders football franchise, the land will become a billion-dollar asset.
"It would be right up there, close to what some of the Strip properties are valued at," declares Shafe.
After the land is improved, her office will be tasked with declaring its new value.