Cashman Center has officially been sold.
The highest bidder, national homebuilder Lennar, registered as Greystone LLC, was approved by the Las Vegas City Council on Wednesday to purchase Cashman Center for $36.15 million.
This is after the 50-acre center was put back up for auction for the second time. It drew two bids — the second bidder’s identity was not released by the city.
A Lennar representative was present at the meeting, calling the site a “special redevelopment area.” Councilmember Shondra Summers-Armstrong said during the meeting that the site is being considered for housing in Ward 5, which she represents.
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.
Lennar will have until April 17 to negotiate a purchase and sale agreement with the city, which will include a timeline for entitlements on the project, with an anticipated close of mid-September.
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.
The purchase comes after 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.
