Cashman Center Auction: No One Wants Las Vegas Venue
When we heard that the Cashman Center auction was happening, we were interested to see what happen. The City Of Las Vegas, in the midst of a big cash crunch in their never-ending lawsuits in the Badlands Golf Course case, decided to put the aged venue up on the auction block to see what it would get.
They set the reserve price at a paltry $33.9 million. Quite a bit for the property as it is, but the potential of the massive site is through the roof.
Lots Of Interest, No Buyers For Cashman Center Auction
No one bid.
That’s a gut punch for sure, but the City of Las Vegas says while the Cashman Center auction was a swing and a miss, they did get plenty of interested parties. There was just one issue: they wanted to be able to back out if things didn’t go according to plan.
Land entitlements are the approvals that are needed to get from the local governments to build whatever project they desire to build. If they buy it, but can’t get approved for their plan, they don’t want to be stuck with the property. Can you blame them? Kind of defeats the purpose.
The Las Vegas City Council may revisit the Cashman Center auction with such a clause included. There have been plenty of hopes and dreams from the land from a government perspective. Offering up the land to the Athletics, building a Major League Soccer stadium and more. But nothing seems to come to fruition.
Right now the property is host to the Las Vegas Lights USL soccer team, who just made it into the playoffs for the first time. A couple years ago the XFL’s Vegas Vipers called the stadium home for one season and, as you can imagine, the venue didn’t wow many for football.
Here’s hoping they can do something with the land sooner rather than later. The Neon Museum is picking up and moving to the Arts District and this area of the city is ripe for redevelopment.