Las Vegas, NV – October 17, 2008 – (RealEstateRama) — The city of Las Vegas, in cooperation with the Las Vegas Convention and Visitors Authority (LVCVA), is currently soliciting requests for proposals (RFPs) for the land parcel located at the intersection of Las Vegas Boulevard and Washington Avenue known as Cashman Center. Proposals will be accepted by the city until Jan. 9, 2009. The hope is to create greater economic stimulus in this area just north of downtown Las Vegas.
The Las Vegas City Council approved a memorandum of understanding with the LVCVA on Aug. 6, 2008, which allows the city to solicit proposals for the reuse of the Cashman site. The LVCVA approved a similar measure on August 14, 2008.
City officials envision a large-scale urban reuse project on the downtown site located within the city’s designated Redevelopment Area.
Being located within the city’s Redevelopment Area is an important consideration for potential developers, as it brings with it the possibility of project funding incentives including, but not limited to, tax increment financing.
Cashman Center is currently a 50-acre, multi-use campus that includes 98,100 square feet of exhibit space; 12 meeting rooms; a 1,922-seat theatre; more than 2,500 parking spaces and a 10,000-seat baseball stadium that is home to the Las Vegas 51s, an AAA affiliate of the Toronto Blue Jays baseball team. Each segment of the facility is capable of functioning independently or in any combination for conventions and trade shows, business and group meetings, theatrical presentations and sporting events. All current leases are being honored. This includes the Las Vegas 51s’ lease, which runs through 2010. The LVCVA will continue to operate the facility until a suitable development agreement is reached with a prospective company.
The 50-acre land parcel boasts 610 feet of Las Vegas Boulevard frontage, direct access to local and interstate freeway systems and proximity to other large-scale development projects.
For further details and to request an RFP package, please contact the city of Las Vegas Office of Business Development at (702) 229-6551.
