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Rightpath Inks $132M Lease for Private Air Terminal

LAS VEGAS- Rightpath Limited Development Group leases 13 acres at McCarran International Airport for development a private air terminal and hangar.

By Brian K. Miller | Updated on June 05, 2008

LAS VEGAS-Rightpath Limited Development Group has signed a 30-year ground lease with the Clark County Department of Aviation for the development of a private air terminal and hangar at McCarran International Airport. The lease is the culmination of a high-profile public auction conducted by the Clark County Commission in December 2007.

The development site is located within the secured area of the airport and adjoins the taxiway. Rightpath’s project will total 300,000 sf at build-out and will cost approximately $60 million to develop, according to Rightpath partner Robert Banovac. The completed project will be operated by Lux Air Jet Centers, a Rightpath affiliate.

Rightpath says it outbid the likes of Wynn Las Vegas, Marnell Corraro Associates and Las Vegas Sands Corp. for the right to lease and develop the 13.09 acres at the Las Vegas International Airport. The lease is valued at $132 million, or $4.4 million dollars per year.

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