Las Vegas Council approves Greystone's $36M bid for Cashman property redevelopment

The Las Vegas City Council made significant strides towards addressing the housing crisis during their meeting on March 19, 2025, by approving a resolution to accept a bid for the redevelopment of the former Cashman Field property. The council unanimously supported the highest bid of $36.15 million from Greystone Nevada LLC, a subsidiary of Lennar Corporation, marking a pivotal step in revitalizing the area.

City officials highlighted the importance of this project, particularly for Ward 5, which has been facing a severe housing shortage. Councilwoman Summers Armstrong emphasized the urgency of developing housing in the community, calling this opportunity a "once in a lifetime" chance to enhance local living conditions. The council's approval sets the stage for negotiations on a purchase and sale agreement, which is expected to be finalized by April 17, 2025. This agreement will outline the necessary timelines for project entitlements, with an anticipated closing date in mid-September.

The redevelopment of the Cashman property is seen as a crucial move to not only provide much-needed housing but also to stimulate economic growth in the area. The council's decision reflects a commitment to addressing the housing needs of residents while fostering partnerships with developers to realize the city's vision for the future.

As the city moves forward with this project, stakeholders are optimistic about the potential benefits it will bring to the community, paving the way for further developments that align with the city's growth objectives.