An entity affiliated with the American casino and resort company Las Vegas Sands Corp. is sitting on more than 100 acres of undeveloped land in Irving near the Texas Rangers and Dallas Cowboys Stadiums.
Village Walk RE 2 LLC purchased over 100 acres of land in July located at State Highway 114 and Loop 12 in Irving, Dallas Central Appraisal District (DCAD) and county deed records show, reported the Dallas Business Journal. The eight parcels are earmarked for development, but it is unclear what Village Walk is planning for the $22.5 million site.
Economic development officials in Irving have long called for the area to become a commercial business hub, but making that happen has been a struggle for the city over the past decade.
The 108-acre site “is one of the most exciting development opportunities in the North Texas region,” said Beth Bowman, president and CEO of the Irving-Las Colinas Chamber of Commerce, per the DBJ.
Irving officials “are committed to unlocking its vast potential with a transformational project that will drive economic success for our city and region for generations to come,” she added.
While it is so far unknown what the Sands entity will do with the undeveloped land, company spokesperson Ron Reese says the purchase was part of the company’s interest in the Dallas-Fort Worth area.
“Sands purchased this in anticipation of at some point its long-held desire to build an integrated resort property,” said Reese, The Dallas Morning News reported. “… additional purchases down the road shouldn’t be surprising and could candidly be expected.”
Once development plans for the parcels become finalized, the area is expected to become one of the major development hubs in North Texas.
As development growth spreads out across North Texas suburbs, Dallas is finding it increasingly difficult to incentivize builders to develop their projects in the city and surrounding neighborhoods. With improvements to commercial permitting at the top of the City’s 2024 agenda, Dallas may start to attract more development projects.
The family behind the Sands Casino recently acquired a majority stake in the Dallas Mavericks, as reported by The Dallas Express.
