Cashman Center might have a buyer.
After the 50-acre center was put back up for auction for the second time, it drew two bids. The highest bidder was national homebuilder Lennar, registered as Greystone LLC, for $36.15 million, according to the city of Las Vegas.
The second auction ran from Feb. 27 to March 6. The first auction in late 2024 drew no bids because of the lack of a 90-to 120-day period included in the contract for the highest bidder to seek land entitlements, according to the city. The new auction included that land entitlement period.
Negotiations for the site are not over yet, as City Council must approve or reject the homebuilder’s plans for the site at its March 19 meeting. According to the city, Lennar plans to meet with each city council member individually to discuss the proposed development plan for the site.
Additionally, the city and homebuilder will negotiate a purchase and sale agreement, as well as a timeline to secure land use entitlements and a closing date.
If the bid is accepted, the winner will have until March 24 to deposit $3.6 million.
The second bidder has not been released by the city.
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 — even offering the land to the Oakland A’s for their new stadium. That offer was turned down.
Contact Emerson Drewes at edrewes@reviewjournal.com. Follow @EmersonDrewes on X.
