After nearly a decade of being closed, the Riviera casino may soon see new life. Las Vegas developer Brett Torino and New York-based Flag Luxury CEO Paul Kanavos have announced plans to build two mixed-use towers on the site of the former iconic casino. The proposed 600-foot-tall structures will feature a hotel, residential units, restaurants, outdoor dining space and a theater.
Torino and Kanavos acquired the ten-acre parcel from the Las Vegas Convention and Visitors Authority for $125 million. This prime location is situated just south of Fontainebleau in Las Vegas. In fact, Fontainebleau has already purchased five acres from this newly acquired land.
The project will be completed in two phases with an expected waiver needed for building height restrictions. The first phase will include retail shops, restaurants and a swimming pool facing towards the Strip while phase two will consist of residential units and hotel towers.
Overall it seems that there are exciting developments ahead for this once-famous location as it transforms into an impressive mixed-use destination on one of America’s most famous streets -the Las Vegas Strip.
