UNLV moves to sell land to Boring Co. for Loop station
UNLV is set to sell 1.3 acres of land near the Thomas & Mack Center to The Boring Co. for a planned Vegas Loop station.
The land deal, up for approval at the March 9 Nevada System of Higher Education Board of Regents meeting, would allow The Boring Co. to develop and construct an on-campus station for the Vegas Loop.
Boring initiated the land deal to allow the company to move forward with the planned Vegas Loop, NSHE documents stated.
The financial terms of the deal were not included in the documents, but it is stated the university will receive fair market value for the cost of the 56,628 square feet of space within the parking area of the Thomas & Mack. It’s noted in the documents that Boring is aware UNLV cannot sell the land at a price lower than what a licensed real estate appraiser determines the land to be worth.
If approved next week by the board, the purchase and sale agreement for the site would be completed by June 23. The Boring Co. would be required to deposit $100,000 in earnest money into an interest-bearing account while that deal is finalized.
The planned loop project will feature Tesla model vehicles transporting riders in a point-to-point system that is set to include 69 stations along Las Vegas Boulevard, downtown Las Vegas and other points of interest including Allegiant Stadium. UNLV football plays its home games at Allegiant Stadium.
The Las Vegas Convention Center, where the loop is operational now, would serve as the central charging station for the Teslas used in the system. The current loop shuttles passengers between three convention center exhibit halls and Resorts World.
The UNLV station would serve as a main connector to Allegiant Stadium and the convention center, the documents state.
Future stops on the Vegas Loop could include Harry Reid International Airport and the Las Vegas Medical District, where UNLV’S medical school is located, according to the documents. That would open new transportation options for students who attend class in that area, in addition to employment opportunities at the loop’s other stops.
The filing also notes that the Vegas Loop system received a gold standard award from the U.S. Department of Homeland Security. That is a key designation, as Homeland Security would need to approve the use of the system for any event deemed as SEAR Level 1, or the highest threat level ranking for an event. The Super Bowl is a SEAR Level 1 event.
Once fully operational the system is projected to be able to transport 57,000 people per hour with sample fares between $6 and $12, the NSHE documents noted.