Group secures final piece of land needed for Las Vegas NBA-ready project

The backers behind the planned NBA-ready Las Vegas Diamond Arena now control all 11 acres needed to build the proposed project after acquiring the final parcel of land.

The acquisition of a 3.03-acre parcel at the southeast corner of Las Vegas Boulevard and Four Seasons Drive, announced Monday by the group that includes Chetak Development Inc., gives the developers control of the land needed to build the proposed 21,212-seat arena.

In March, the NBA announced it was exclusively exploring Las Vegas and Seattle for potential expansion teams. A decision on expansion is expected by the end of the year. The league is expected to provide an update following next month’s Board of Governors meetings in Las Vegas during NBA Summer League.

The Diamond Arena site is one of 10 being pitched as the home of an NBA-ready arena should Las Vegas land an expansion team. The project would include multiple stakeholders, including Chetak, an NBA ownership group and other partners.

“This is a major milestone for the Diamond Arena project,” Diamond Arena spokesman Tom Letizia said in a statement. “By closing escrow on the final parcel, we now own the entire arena site and have solidified our position as the premier venue for a future NBA franchise in Las Vegas.”

In addition, Chetak is in the process of acquiring land just south of Four Seasons Drive, where it plans to develop a private jet terminal. The terminal would be part of the group’s transportation plan for the arena, which includes a private underground tunnel linking the terminal to the arena to provide secure access for NBA teams, entertainers and VIP guests.

“The addition of a future private aviation component further distinguishes this project from every other proposed arena site,” Letizia said.

The project also calls for a 100,000-square-foot ground-level plaza and 140,000 square feet of team and broadcast facilities.

The site is within a federally designated opportunity zone, which the group said would provide investors with capital gains tax advantages.

The South Strip site is within walking distance of more than 20,000 hotel rooms and sits just south of the Athletics’ Las Vegas ballpark under construction.

The site is one of the few proposals not tied to an existing gaming or hospitality company.

Project backers believe their proposal offers one of the region’s strongest transportation plans because of its proximity to Harry Reid International Airport, Interstate 15 and the 215 Beltway, the planned private jet terminal and tunnel connection, and more than 18,000 planned parking spaces nearby.

“This isn’t just another arena project — it’s a global stage for the NBA,” Letizia said. “The league is looking for a long-term home in Las Vegas, and this site delivers everything needed to define the future.”