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Forest City Buys Stake in Downtown Site

LAS VEGAS-The Cleveland-based company acquires a 60% interest in a 12.7-acre, five-block site valued at $136 million.

By Brian K. Miller | Updated on July 30, 2007

LAS VEGAS-Forest City Enterprises has acquired a 60% interest in a 12.7-acre, five-block area of Downtown Las Vegas valued at $136 million. Forest City says it and Livework intend to work with city officials to develop a major regional transportation terminal, city office buildings and other commercial buildings on the property.

The Cleveland-based company paid $81.6 million for an interest in nearly 50 parcels of land in the vicinity of South Casino Center Boulevard and East Bonneville Avenue, according to Clark County property records. The seller, Livework LLC, retained the remaining 40% interest in the property.

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