The Metro Police Department's public information officer has thus far been unable to provide GlobeSt.com the details of the lease, such as the term and rate information. GlobeSt.com will update this story when the lease terms are made available. The agreement reportedly includes an option for the agency to acquire the property after the third year of the lease for fair market value.
The three- and four-story buildings will rise on 14 acres off the northwest corner of South Martin Luther King Boulevard and Alta Drive. The developer will also provide approximately 2100 parking spaces. The new headquarters complex is meant to benefit both police and citizens by having more departments in a single location.
Under the name Project Alta LLC, Fine acquired the property in 2006 for $27.69 million. The acquisition included an additional 2.74 acres that were sold to Nevada Power Co. earlier this year. Fine, who also owns two other parcels fronting Martin Luther King in the same block, did not return a phone call seeking comment.
All space requirements for Metro are paid for through agreements between the City of Las Vegas and Clark County, as required by state law. The city and the county are still deciding how much each will pay toward the lease.
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