LAS VEGAS (KTNV) — The Cashman Complex might soon have a buyer if all goes to plan.
The downtown complex received two bids in its latest auction, with the highest coming from Lennar Homes.
The property was previously up for sale in November.
Although the auction received significant interest from different parties, according to the City of Las Vegas, prospective bidders wanted to include a clause allowing the highest bidder to seek land entitlements for a 90- to 120-day period and if unsuccessful in getting those land entitlements, would be able to be released from the purchase.
A land entitlement is the legal process of gaining all the necessary approvals to develop a piece of land.
Because of a lack of an entitlement clause, there were no bidders.
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The city council will vote to accept the $36,150,000 bid at its March 19 meeting.
Proceeds from the sale of Cashman Field would go to the general fund of the City of Las Vegas and will be used to help pay the city's $286 million Badlands tab. Lennar Homes was also approved for the purchase of that land.
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As part of the auction terms, the city and Lennar will negotiate a purchase and sale agreement, including a timeline to secure land use entitlements and a closing date.
Cashman is currently home field for the Las Vegas Lights soccer team. When Channel 13 reached out to a representative from the team, they declined to comment at this time.
WATCH | Las Vegas Mayor Shelley Berkley "couldn't be more thrilled" for the Cashman bids
