Las Vegas council approves Internet auction for 50.25-acre Cashman site, staff outlines timeline and terms

The Las Vegas City Council on Feb. 5 approved a resolution declaring the city's intent to sell the 50.25-acre Cashman property at 850 Las Vegas Boulevard North through an Internet auction.

Real estate manager Theresa Boyce told the council the parcel comprises two APNs totaling 50.25 acres and carries an indicated value of $36,140,000. City attorneys and staff said the auction will be Internet-based and described terms and timing for bidders.

Why it matters: The Cashman parcel is a large city-owned site in Ward 5 that city staff and a council member described as having potential for mixed uses, including housing and commerce. The council's action starts a public sale process that could move entitlement and development discussions forward once a purchaser is identified.

Theresa Boyce said, "we had previously put this up to auction in November and we had a lot of interest, but we didn't receive any bids because of a concern about length of time we were requiring for closing," and that staff adjusted timing for the new offering. Assistant City Attorney John Rodilla explained that, if approved, the auction would be conducted by energynet.com and that the buyer will pay a 1.5% buyer's premium. Rodilla described the intended schedule as follows: staff said the auction would open Feb. 27 and conclude March 6; the council will review the highest bid on March 19 and may accept or reject bids; staff said a deposit of $3,600,000 would be required of the accepted highest bidder in March (transcript wording: "March 20 fourth"); negotiations on a purchase-and-sale agreement were described as starting April 17 if the council accepts a bid. Staff said they anticipate closing between September and December, subject to entitlement timelines and planning commission and council review.

Rodilla also said the city prepared a potential-uses and vision statement consistent with the 02/1945 and 02/1950 master plans to guide evaluation of zoning and entitlements. He noted the state would mirror the auction terms for the Grant Sawyer Building.

Ward 5 Councilwoman Summers Armstrong, who represents the area containing the Cashman site, called the parcel a "once in a lifetime opportunity" for Ward 5 and encouraged bidders to consider housing and community-focused development.

The council approved the resolution. Staff said the city will post auction materials online and proceed with the advertised timeline.

Ending: If the highest bid is accepted by the council, staff will move into purchase-and-sale negotiations with the highest bidder and return to the council for further action on entitlements and closing schedules.