The City Council of North Las Vegas, Nevada, has approved plans for a $52.95 million buyback of 135 acres of land that was sold two years ago for a medical property development.
According to a report in the Las Vegas Review-Journal, the property was acquired by Pacific Group in 2022 for the development of Helios, a mixed-use medical campus that would have featured a hospital, research space, office buildings, hotel, restaurants and retail. Construction on the first phase of the development was supposed to begin early this year, but no activity has occurred on the land. The full project was scheduled for a 10-year construction schedule.
The city’s repurchase of the land terminates the development agreement with Pacific Group. A spokesperson for the city said the developer did not provide a reason why the construction never happened, but also added the city remained “committed to establishing a vibrant medical district that caters to the needs of its residents” at the property site.
Photo: Artist’s rendering of the abandoned Helios project; image courtesy Pacific Group.
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