LVCVA approves first phase of $2.5 billion convention center overhaul
By Richard N. Velotta (contact)
26 February 2013
The Las Vegas Convention and Visitors Authority today approved the concept and the first phase of a $2.5 billion overhaul of the Las Vegas Convention Center that includes a World Trade Center building and a multimodal transportation center.
The board voted unanimously to back what is being called the Las Vegas Global Business District, which would be developed over eight to 10 years.
The first phase, which would include assessing land acquisition needs, approving financing arrangements, arranging requests for proposals for proposals for planners, architects and project managers and making some minor improvements in existing space, would cost an estimated $150 million.
The first phase of the project is expected to run through 2014, and the LVCVA board is expected to see some of the first requests to approve budgets and financing by its May meeting.
The LVCVA already has the bonding capacity to handle the $150 million in financing for the initial phase of the project and about 25 percent of the capacity for the entire plan. Ralenkotter said his office is exploring a variety of financing options, including seeking grants that it would qualify for making it an environmentally sustainable development.
In addition, Ralenkotter is exploring proposals for private companies to build the World Trade Center component and lease it back to the LVCVA. He’s also formed a committee of shareholders from the transportation industry – representatives of the Regional Transportation Commission, the Las Vegas Monorail and the bus, limousine and taxi industries – to work on the details of the transportation hub.
There’s also a plan to develop more outdoor gathering spaces and to enhance the Convention Center campus with some iconic design elements. Ralenkotter, who has been with the LVCVA for nearly 40 years, looks to bring some historic imagery to the campus with classic resort signage, representations of the “Welcome to Fabulous Las Vegas” sign and a large structure reminiscent of the rotunda that served as the first Convention Center in the 1960s and '70s.