By Alan Snel, LVSportsBiz.com Publisher-Writer
LAS VEGAS, Nevada — The development company proposing to build an NBA arena across from Mandalay Bay on the Strip says it has purchased 3.03 acres to complete the proposed construction site at the northeast corner of Las Vegas Boulevard and Four Seasons Drive.
An interesting feature of the proposed Las Vegas Diamond Arena site is that builder Chetak Development, Inc. says it has bought land immediately south of Four Seasons Drive to build a private jet terminal, which is being designed to connect directly to the arena via a tunnel allowing access for NBA teams, execs, entertainers and VIP guests.
“The addition of a future private aviation component further distinguishes this project from every
other proposed arena site,” arena proposal representative Tom Letizia said in a release.
Chetak said the arena is proposing 21,212 seats. The site is proposing 18,460 parking spaces, including 760 VIP spaces. The arena project is also proposing a 100,000-square-foot ground level plaza and 140,000 square feet for team and broadcast facilities.
In April when this Diamond Arena proposal surfaced, Letizia told LVSportsBiz.com, “Once Las Vegas is officially awarded a team, an ownership group will be finalized, followed by selection of the arena site. At that point, ownership, the NBA, and key stakeholders behind Diamond Arena will align to structure the financing and move the project forward.”
Tuesday morning Letizia told LVSportBiz.com, “Everything revolves around the NBA timeline. First step is approving Las Vegas for a franchise, then selecting an ownership group. Then the application process begins.”
There is talk about the NBA expanding to Las Vegas and Seattle for 2028. But don’t forget the NBA does have other initiatives like starting an NBA Europe league in 2027.
The arena proposal release noted, “The project is located within a federally designated Opportunity Zone, providing significant tax advantages for investors. Opportunity Zones allow qualified investors to defer capital gains taxes and reduce taxable capital gains, creating a powerful incentive for long-term investment while stimulating economic development.”
Just last week, NHL Golden Knights owner Bill Foley said he plans to pursue an NBA team for Las Vegas. Foley has also said he is committed to spending $300 million to upgrade T-Mobile Arena to accommodate a potential NBA team.
There is also a proposal by development company LVXP to build an NBA arena at the old Wet n Wild site on the north end of the Strip. This is a rendering of that proposed project from Nov. 2024:
PSA