In a March 10 meeting, the Nevada System of Higher Education’s (NSHE) Board of Regents gave the University of Nevada, Las Vegas (UNLV) permission to finalize the sale of a parcel of land to The Boring Company (TBC).
The purchase involves 1.3 acres of land near the Thomas & Mack Center owned by UNLV. The land is located on the corner of Tropicana Avenue and University Center drive, making it ideal for a Vegas Loop station.
“UNLV is proposing [the sale] of the Property for the construction of a Vegas Loop station thereon because it will allow the Buyer to continue planning construction and operation of a Vegas Loop station to connect UNLV to multiple destinations, including the LVCC, Las Vegas Boulevard, Allegiant Stadium, and possibly the Harry Reid International Airport, and Las Vegas Medical District (the “LVMD”). The transportation system would also provide UNLV students the ability to commute to employment centers throughout the Las Vegas valley,” noted public documents about TBC’s purchase.
With approval from the NSHE Board of Regents, UNLV and Elon Musk’s tunneling company can negotiate a PSA and open an escrow with a title company. The parties expect to finish a PSA by June 30, 2023, requiring TBC to deposit $100,000 into an interest-bearing account under the title company handling the escrow.
UNLV President Keith Whitfield noted that the university is negotiating reduced rates on the Vegas Loop for UNLV students, faculty, and staff. Vegas Loop fare is estimated to cost between $6-12 per person. The university is also seeking compensation from TBC for the 150 parking spaces and more than $25,000 worth of parking revenue it will lose due to the purchase.
The purchase price of UNLV’s property has not been officially announced. The sales price will be determined by a licensed real estate appraiser. Tyler Fairbanks, TBC’s head of project development, noted that the tunneling company might complete the UNLV station as early as late 2023—provided the purchase is conducted smoothly.