DALLAS – The Las Vegas families who bought a controlling stake in the Dallas Mavericks have now gained a prime development site near downtown Dallas.
A company set up by the Las Vegas Sands Corp.’s owners took the deed to more than a dozen acres on Stemmons Fwy. at Inspiration Dr. in the city’s Design District. The high-profile property is across the freeway from Victory Park and includes a building now used as the Mavericks practice facility.
Companies set up by Mark Cuban, now the Mavericks’ minority owner, have owned the properties since 2016. The properties are valued for tax purposes at $42.9 million, according to county records.
In addition, a separate company formed by the Sands Corp. purchased more than 200 acres on SH 114 near Irving. The central 108-acre tract was previously occupied by a trucking firm’s shipping hub and is across the street from the former Texas Stadium site.
The Sands Corp affiliate, Village Walk RE 2 LLC, also purchased two smaller tracts of vacant land totaling more than 57 acres along the highway frontage. A 63-acre property included in the purchase is in the Trinity River floodplain and cannot be developed.
The Irving properties are valued for tax purposes at just over $36 million.