The group behind the proposed Las Vegas Diamond Arena is spending nearly $30 million to secure 3.5 acres of land needed to build a more than 21,000-seat NBA-ready arena and planned private aviation terminal.
A 3-acre parcel was purchased by Chetak Development from Desert Loan Acquisitions for about $23 million in a deal made official Tuesday, according to Clark County records. The 3 acres acquired completed an 11-acre cluster on the northeast corner of Las Vegas Boulevard and Four Seasons Drive needed to build the proposed arena.
A separate $5.12 million deal between Chetak and Buccaneers Investments for a 0.64-acre parcel is in escrow. The parcel is just south of the area planned for the arena and is surrounded by land owned by the Clark County Department of Aviation.
Chetak plans to construct a private air terminal on the 0.64-acre parcel that would connect to the proposed arena via an underground tunnel that could be used by an NBA team, VIPs and other notable attendees to reach the arena.
The project is dependent on the NBA awarding Las Vegas an expansion team and an ownership group choosing the site and partnering with the Chetak group to construct what would be the future home of the pro basketball team.
The NBA announced in March that it was exploring Las Vegas and Seattle for potential expansion teams. An answer on whether the league plans to expand to Las Vegas and Seattle is expected to be revealed by the end of this year.
The Diamond Arena project is one of 10 possible NBA arena locations. Eight of the other sites are vacant land, while one, T-Mobile Arena, is home to the Las Vegas Golden Knights. In June, Knights owner Bill Foley announced his bid for an NBA expansion team, with the intention of the pro basketball team playing at T-Mobile Arena.
Other ownership groups are also interested in pursuing a Las Vegas expansion team, which includes notable individuals such as NBA great Earvin “Magic” Johnson and former Disney CEO Bob Iger.
Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on X.
