CityCenter Holdings, LLC, a venture between MGM Resorts International and Infinity World Development Corp, has agreed to sell its two-acre site in Las Vegas to 63SLVB, LLC, owned by locally-based long-time national retail developers Brett Torino of Torino Development and Paul and Dayssi Kanavos of Flag Luxury, for $80 million.
Located in the heart of the iconic Las Vegas Strip, this undeveloped parcel of land sits within the CityCenter campus, adjacent to The Shops at Crystals on the corner of Las Vegas Boulevard and Harmon Avenue.
Under the terms of the agreement, 63SLVB, LLC intends to develop a multi-level retail complex comprising 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 transaction is expected to close in the second quarter of 2021.