UNLV Listed 10.2-Acre Parcel for $39.9 Million
The university has placed the former Paradise Campus site near Tropicana Avenue on the real estate market.
Updated on Oct. 2, 2026 in Commercial
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UNLV has officially listed a 10.2-acre parcel of land near its Las Vegas campus for $39.9 million. The site, previously home to the university's Paradise Campus, sits at the intersection of Tropicana Avenue and University Center Drive.
Why it matters
The university is divesting from the property because it no longer requires the land for its own operational use. The move allows the institution to capitalize on the site's value through a sale that requires approval from the Nevada System of Higher Education Board of Regents.
The property spans 10.2 acres at the intersection of Tropicana Avenue and University Center Drive, priced at an asking rate of approximately $39.9 million. The site is located just 1.5 miles from the Las Vegas Strip.
The players
UNLV
The University of Nevada, Las Vegas is a public research university that maintains a primary campus and managed the former Paradise Campus.
Clark County Department of Aviation
This agency manages local aviation facilities, including Harry Reid International Airport, and previously held ownership of the parcel.
The Boring Co.
This infrastructure and tunnel construction company, founded by Elon Musk, previously held negotiations to purchase a portion of the site.
Federal Aviation Administration
This federal agency regulates civil aviation and maintains strict height restrictions for structures near regional airports.
Nevada System of Higher Education Board of Regents
This governing board oversees the state's public higher education institutions and must approve the sale of university property.
The details
The site was cleared following the demolition of the Paradise Campus buildings, which was completed in the spring of 2024. Project proposals for the land are subject to Federal Aviation Administration height restrictions due to the proximity of runways at Harry Reid International Airport.
Timeline
Four buildings were originally constructed on the site in 1949.
UNLV leased the land from the aviation department between 1998 and 2008.
The Paradise Campus buildings were fully demolished by the spring of 2024.
The university officially listed the property for sale in October 2026.
Roadmap
The sale reflects a broader trend of educational institutions liquidating underutilized real estate holdings to bolster university endowments or operational budgets. Development potential for this specific Las Vegas land is governed by strict building height limits mandated by the Federal Aviation Administration.
The sale of this prominent parcel, located across from the Thomas & Mack Center, will likely dictate the future commercial or residential density of the surrounding neighborhood. Interested developers must account for significant land-use restrictions that will limit the scope of any potential construction.
The takeaway
Potential developers must carefully weigh the site's proximity to the airport against its prime location near the Las Vegas Strip. Long-term stakeholders should monitor the required Board of Regents approval process as the primary indicator for when a sale might be finalized.
Further reading
For more on property developments, visit the Commercial section.
Source note: This article includes information reported by Las Vegas Review-Journal.
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