LAS VEGAS (KTNV) — The City of Las Vegas is looking to auction off the Cashman Complex in downtown Las Vegas.
Earlier this month, the Las Vegas City Council approved plans to auction 50.2 acres, which includes Cashman Center and Cashman Field. The property is estimated to be worth $33,950,000.
The property will be sold through a website called EnergyNet.com, which is a provider that the State of Nevada and Bureau of Land Management both use for real estate and oil lease auctions.
Website administrators will pre-qualify bidders who want to place bids during the auction, according to Deputy City Attorney John Ridilla.
"What I understand is there's a buyer's premium of 1.5% that would be paid for by the buyer," Ridilla said. "The auction is at no cost to the city."
According to a timeline presented to the city council, the auction will open on Nov. 12 and will run through Nov. 19. The highest bidder will then be required to submit a $50,000 deposit by Nov. 21.
The city council will then review the highest bid at their meeting on Dec. 4 to determine whether they would like to accept the highest bid or reject all bids, depending on what is in the best interest of the city.
Councilwoman Nancy Brune questioned the timing of that decision due to new members joining city council, including a Mayor Elect and a new Ward 5 representative.
"We're going to do our very best to brief them on the background on this activity and get them as prepared as possible for that Dec. 4 meeting," City Manager Mike Janssen said.
He added that the timing of this auction could be a good opportunity to get more bidders involved.
"We met recently with Jack Robb from the state. At the same time we're doing this auction, they'll be auctioning off the 22-acre Sawyer parcel. The timing of this is very, very important because the commercial real estate brokers that are out there, the bidders, may see a great opportunity to join a 50-acre site and a 22-acre site," Janssen explained. "The conversation we had is that the timing is perfect to have them both go together."
As for what could be developed on the Cashman Complex, Janssen said the city has already been approached by several groups.
"The land is currently entitled as a public facility so anyone who is interested in the property, they are under the understanding that they would have to come to council to get entitlements approved," Janssen said. "What I will tell you is that many, many different groups have inquired about the property over the last few years, everything from various entertainment proposals, housing developers, other types of sporting activities, medical facilities. We've had a lot of interest and to use a saying that Mayor Oscar used to say a lot, with this auction, it's time to fish or cut bait. We're going to see who is the most interested in this site and what they'd be willing to pay for it."
Councilman Cedric Crear added that now is a good time to find the right buyer for the property.
"I do believe that Cashman is very valuable and I think it will continue to get more and more valuable as time goes on," Crear said. "I think it's a great opportunity for someone to come in and find some contiguous space in the core of Las Vegas that is growing, that is revitalizing itself, and I think we're going to be able to find someone who's going to want to do something great at Cashman."
According to Janssen, if the city council does accept a bid at the Dec. 4 meeting, everything would be "signed, sealed, and delivered" with a new owner in place by February.
