The City of Las Vegas has initiated plans to auction off the Cashman Complex, a substantial tract in the downtown area, including the Cashman Center and Field. This decision, confirmed by the Las Vegas City Council, puts up 50.2 acres of real estate with a valuation of approximately $33.95 million. The Review Journal reported that the auction is scheduled to run from November 12 to November 19.
The online auction will be hosted by EnergyNet.com, a platform with a history of handling auctions for the State of Nevada and Bureau of Land Management. The city won't incur any cost from the auction, said Deputy City Attorney John Ridilla to KTNV, and added, "What I understand is there's a buyer's premium of 1.5% that would be paid for by the buyer." Bidders will be pre-qualified by the website administrators to ensure a credible auction process.
According to a timeline discussed by the city council, after the auction concludes, the highest bidder will need to deposit $50,000 by November 21. The city council is set to review the top bid in their December 4, 2024, session to either endorse or reject it, based on the city’s interests. With incoming members to the council, the timing of this decision has drawn queries from Councilwoman Nancy Brune, about which City Manager Mike Janssen assured in a statement obtained by KTNV: "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."
The potential for reinvention at the Cashman Complex site is vast, with the city having received interest from various industries. "The land is currently entitled as a public facility so anyone who is interested n the property, they are under the understanding that they would have to come to council to get entitlements approved," explained Janssen in a statement obtained by KTNV. While Councilman Cedric Crear indicated that the site could be a magnet for development, "I do believe that Cashman is very valuable and I think it will continue to get more and more valuable as time goes on," he told KTNV.
Previously controlled by the Las Vegas Convention and Visitors Authority until 2016, the City of Las Vegas has faced challenges redeveloping the Cashman Complex since its closure in 2017. Proposals have ranged from stadiums to diverse commercial uses, though the Oakland A’s declined an offer for a stadium site there. Should the council accept a bid on Dec. 4, as per KTNV, the transfer of ownership could be "signed, sealed, and delivered" by February.
