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Las Vegas City Council set to approve agreement with developer for NBA arena
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The Las Vegas City Council will review an Exclusive Negotiation Agreement (ENA) with Baltimore-based commercial real estate developer The Cordish Company during its Wednesday, Nov. 4 City Council meeting, which - if approved - would allow Cordish to move forward with a feasibility study for a 20,000-seat downtown Las Vegas sports arena, a development the Las Vegas Mayor hopes will lure an NBA franchise to his town.
According to Las Vegas News Radio Station KXNT, Las Vegas Mayor Oscar Goodman talked up the arena during his weekly press conference last week, asking City Council to review the exclusive contract with Cordish. The ENA - a copy of which is attached to the end of this story - provides a two-year negotiation period for:
1. The Cordish Companies, Inc. to conduct feasibility studies, plan and formulate a financing plan to develop a Casino/Hotel, a Live District (Cordish's signature district of premier entertainment, retail, restaurants and bars) and Sports Arena at Las Vegas Boulevard and Stewart Avenue; and,
2. City of Las Vegas and Cordish to negotiate terms of a Disposition and Development Agreement for the sale of approximately 20 acres of city owned land at Las Vegas Boulevard and Stewart Avenue for Cordish to develop.
Cordish will provide the City with a $100,000 ENA deposit that will be fully refundable upon expiration of the Negotiation Period or termination of the ENA by Cordish due to its determination that development of either the Live District Site or City Hall Site is infeasible.
This is one of many commercial real estate headlines that can be found by clicking here from the citybiz real estate Maryland / Mid-Atlantic Commercial Real Estate Report for Monday, Nov. 2.
Follow citybiz real estate Publisher Jay Rickey on Twitter! Twitter.com/JayRickey
