Challenge:
Liberty Media, the parent of Formula 1, was planning an ambitious new racing event and a hub of support venues for Las Vegas. Their intention to bring Formula 1 racing to town meant creating an appropriate racetrack and locating, purchasing, and developing linchpin sites for hospitality and more along the famed Las Vegas Resort Corridor. They already had worked with local officials to set the wheels in motion for the racetrack and its large-scale events. Still, they needed a skilled CRE broker with the expertise and collaborative capabilities to help them obtain the right location for the support hub. Challenges included pricing of the land in this expensive area and the availability of an appropriate parcel. The problem with availability was that most of the undeveloped properties in the area were owned by existing resorts that already had plans to develop those properties for their expansion. Additionally, a new competitor in the Resort Corridor might not have been readily accepted. Due to these challenges, Formula 1’s work to roll forward with this exciting plan needed to keep the momentum going without stalling.
Strategy:
Liberty Media worked closely with the Las Vegas Convention and Visitors Authority (LVCVA). One of the LVCVA executives who knew about their issues referred them to longtime Colliers expert Mike Mixer. As a distinguished Las Vegas CRE broker who had been on Colliers’ Las Vegas team since it launched in 1998 — and has been in business since 1993 — Mixer knew most owners in the Las Vegas Resort Corridor on a first-name basis. He fully understood how to navigate local hurdles with existing owners and seize incredible opportunities to cross the finish line. The project took five months, and the first half was spent narrowing down prospective sites to determine the right choice for this project. Mike worked with the Liberty Media team, the track designer, and other engineers to narrow down their options based on logistics and the racetrack’s requirements. Other considerations, such as utilities, also had to be optimal. Finally, they selected a parcel that met all the requirements. It was located in a prime spot along the corridor, central for foot traffic, and nestled perfectly among established high-volume attractions. Mike’s strategic maneuvering around potential obstacles kept the project on track while negotiating and purchasing this premium location. Years earlier, he had brokered the same property’s sale to private owners — a family investment firm who knew and trusted him. His trustworthiness was essential, and they were sure they could trust Mike despite non-disclosure agreements preventing him from sharing all information.
Services:
Mike Mixer provides a full-service brokerage and CRE advisory service in Las Vegas. Critical services provided for this property were research, advisory, communications on multiple levels, and negotiations. His longstanding tenure in the region was essential, as he was able to locate and determine the best property, provide advisory services to owners who trusted his services, and negotiate an agreement that worked to the satisfaction of all involved.
Results:
On June 1, 2022, Colliers announced the escrow closing of the 40-acre land parcel at the northeast corner of Harmon Avenue and Koval Lane in Las Vegas. The development is part of the world-class Formula 1 project in the Resort Corridor of Las Vegas. Colliers professional Mike Mixer represented Liberty Media on the transaction. The site is situated in the heart of the Las Vegas Resort Corridor between Planet Hollywood Hotel and Casino and the Virgin Hotel and Casino. The property will initially house the pit and paddock complex, including the grid and start/finish line for this spectacular racing venue. True to Colliers’ collaborative and innovative culture, Mike Mixer accelerated Formula 1’s success.
