Cashman Center is going to auction, again.
The Las Vegas City Council on Wednesday approved the sale of the center at 850 N. Las Vegas Blvd. for no less than $36.14 million via online auction.
The auction will run from Feb. 27 to March 6 on EnergyNet.com. It will encompass all 50 acres of the center, including the ballpark, warehouse showrooms, theater, storage and parking lots.
The city will have until March 19 to review the highest bid and make final acceptance or reject all bids.
Cashman Center first went up for auction in November, but despite receiving “significant interest from numerous parties,” according to city officials, no bids were placed due the lack of an entitlement clause.
For the new auction, the minimum asking price for the site was increased from $33.95 million, with city officials saying the first appraisal was “stale,” a new land entitlement clause was included and the length of the auction was extended.
“This is a once in a lifetime opportunity here in Ward 5,” said Councilwoman Shondra Summers-Armstrong, whose ward includes Cashman Center. “I encourage those who are looking at this property to think creatively and flexible in your thought process.”
Once a bid is accepted by the city council, that bidder will have until March 24 to deposit $3.6 million.
The new land entitlement clause states that the “accepted and highest bidder” will have until May 14 to submit any entitlements to the planning commission and city council. The city also agrees to “exerting reasonable effort and undertaking reasonable and legally permissible actions” to support the highest bidder in obtaining their permits.
Some current uses and visions for the project from the city council include residential, retail, office, mixed use, tech spaces or open space, which are all in accordance with the 2045 and 2050 Master Plans for the area.
The city took control of the complex from the Las Vegas Convention and Visitors Authority in 2016 and closed the complex in 2017. Since then, the city has been unsuccessful in redeveloping the space, leading to the decision to auction it off.
Contact Emerson Drewes at edrewes@reviewjournal.com. Follow @EmersonDrewes on X.