CityCenter Holdings, LLC, a joint venture of MGM Resorts International and Infinity World Development Corp, on Monday said it has entered into a definitive agreement to sell a two-acre site to 63SLVB, LLC, for approximately $80m.
63SLVB is owned by Las Vegas-based, longtime national retail developers Brett Torino of Torino Development and Paul and Dayssi Kanavos of Flag Luxury.
The transaction is expected to close in the second quarter of this year.
The undeveloped parcel of land sits within the CityCenter campus, in the heart of the Las Vegas Strip, adjacent to The Shops at Crystals on the corner of Las Vegas Boulevard and Harmon Avenue.
63SLVB said it intends to develop a multi-level retail complex featuring specialty retail and casual and fine dining.
Arquitectonica of Miami Beach has been engaged to create a design that is “commensurate with the image, standards, and mixed-use nature of the CityCenter campus,” the parties said in a statement.
CityCenter, which is 50% owned by a wholly-owned subsidiary of MGM Resorts International and 50% owned by Infinity World Development Corp (a wholly-owned subsidiary of Dubai World), is a mixed-use development on the Las Vegas Strip located between the Bellagio and Park MGM resorts that includes ARIA Resort & Casino, a 4,004-room casino resort; Vdara Hotel and Spa, a 1,495-room luxury condominium-style hotel; and the Veer Towers, which contain 669 luxury condominium residences.
