UP courts developer for downtown land

Thursday, Oct. 8, 1998 | 12:04 p.m.

Union Pacific Railroad is courting a major national developer to buy 40 acres west of the Clark County Government Center.

Mike Forche, president of the City Centre Development Corp., which is responsible for coordinating the redevelopment of downtown Las Vegas, told the City Centre board of directors Wednesday that the railroad will bring representatives of the company to tour the area next week.

Forche said the developer is well capitalized, has a national reputation for completing major projects and has an interest in the property, but he wouldn't disclose the name of the company.

Several developers have looked at developing the land over the years. Possibly the biggest current stumbling block toward a deal: access to the property.

"We've been told on several occasions, 'It's a great piece of property, but how do you get to it?' " Forche said.

Forche said the key to successfully marketing the acreage could be to coordinate $26 million worth of improvements on Interstate 15 at Charleston Boulevard. The Nevada Department of Transportation has plans to reconstruct the Charleston exit on I-15, including a flyover exit similar to projects at Tropicana and Sahara avenues.

New ramps at Charleston would ease access to the property, which is the southernmost section of Union Pacific land between Grand Central Parkway and I-15, south of Bonneville Avenue.

Improvements to the Charleston exit could be delayed until nearby Spaghetti Bowl projects are completed.

Union Pacific officials did not comment on inquiries about the identity of the developer being courted.

Forche also updated board members about the status of 61.5 acres west of downtown Las Vegas that at one time had been targeted as a site for a domed stadium.

New York-based Lehman Bros. Holdings Inc. is studying its options on the property and isn't expected to begin marketing it until 1999. Forche said the company has agreed to discuss development options with the City of Las Vegas before selling the property.