Real Estate · The Strip
Investor Pays $140 Million for 70 Acres South of the Strip, a Site Bleutech Has Pitched for an Arena
A longtime land investor and partners bought about 70 acres at Las Vegas Boulevard and Blue Diamond Road for $140 million. A group has pitched an arena there, but no plans are on file with Clark County.
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What happened
Khusrow "K" Roohani, owner of Seven Valleys Realty & Construction, and his partners bought around 70 acres at the northwest corner of Las Vegas Boulevard and Blue Diamond Road for $140 million, the Las Vegas Review-Journal reported, citing property records and business-entity filings. The site sits about 3 miles from the south edge of the Strip and is still vacant.
According to the Review-Journal, the purchase came through multiple transactions over the past year from Las Vegas developer Scott Goldstein, founder and managing partner of Prospect Street Capital. The last of those sales closed the month before the newspaper's report. Roohani and Goldstein both confirmed the deal.
The arena proposal for the site
The same land is where the group behind Bleutech Park Las Vegas has said it wants to build a sports arena. In February, Bleutech announced plans for a $6.75 billion multisport venue at the corner and said it would be "NBA ready" by the second quarter of 2028, the Review-Journal reported. The paper described the announcement as offering few specifics.
No plans on file
Clark County records do not show any project plans from Bleutech for the property, according to the Review-Journal. Roohani said he was not aware of any plans either but that the group is working on it. He also indicated Bleutech was not yet under contract to buy the site, and the media contact listed in Bleutech's release could not be reached.
What the landowners and the county said
Roohani, who was quoted in Bleutech's release earlier this year, told the Review-Journal that he and his partners are land speculators and that he always looks for the best ideas for his properties. Goldstein said he has never dealt with anyone from Bleutech. Clark County Commission Chairman Michael Naft, whose district includes the property, said he has not seen details of the proposal and has not been in contact with the development team.
Naft did say the stretch of Las Vegas Boulevard south of the Strip has room for high-density development, with access to highways and Harry Reid International Airport. "The sky's the limit for what could go in that area," he told the Review-Journal.
A site with a long list of unbuilt plans
Earlier stadium and arena pitches
The Review-Journal reported in spring 2006 that a Texas development firm wanted to build an 80,000-seat domed stadium and a 25,000-seat arena on the land. In late 2016 and early 2017, then-owner Fred Nassiri and his representative offered the site to the Las Vegas Stadium Authority for the Raiders. The team instead bought more than 60 acres at Russell Road and Interstate 15 for $77.5 million.
In early 2022, live-entertainment firm Oak View Group announced a $3 billion project on 25 acres of the site, including a roughly 20,000-seat arena, a hotel-casino and an amphitheater. Goldstein was under contract to sell to Oak View, but the sale never closed and the project was never built.
How the price has changed
According to the Review-Journal, Ernie Lee bought around 67 acres at the corner for $60 million in spring 2019. He sold the land to Goldstein in early 2022 for nearly $99 million, property records show. The latest sale to Roohani's group at $140 million marks another sharp rise in value, the paper reported.
Bleutech's earlier Las Vegas project
In summer 2019, Bleutech Park Properties unveiled a $7.5 billion "digital infrastructure city" with housing, offices, retail and entertainment. The developers reached a deal to buy 210 acres along Las Vegas Boulevard at Cactus Avenue for more than $315 million from Roohani and developer Larry Canarelli, but the purchase never closed and the proposal went nowhere, the Review-Journal reported. More coverage of valley land deals is in our real estate section.
What to watch next
- Whether Bleutech files project plans with Clark County for the site, which county records do not yet show.
- Whether Bleutech goes under contract to buy the land; Roohani indicated it has not yet done so.
- The NBA's exploration of possible team expansion to Las Vegas and Seattle, which has drawn several arena pitches.
