Council to vote on Lehman land swap

Erin Neff

Tuesday, Oct. 17, 2000 | 10:25 a.m.

Weeks of legal wrangling will end Wednesday when the Las Vegas City Council votes to swap land and cash for what is termed the best piece of downtown real estate nationwide.

Under the agreement, the 61.5-acre parcel will be turned over to the city to serve as a keystone to downtown revitalization plans. Lehman will get 99 acres in the city's northwest Technology Park, plus $2 million in cash.

"For years we've been driving by the property, and all we've ever known is dirt," City Councilman Lawrence Weekly said Monday during the council's Real Estate Committee meeting.

The two-person committee of Weekly and Councilman Michael Mack agreed to forward the land deal on to the full council for a vote Wednesday.

"I know the city of Las Vegas is very excited about seeing this move forward," Mack said.

Lesa Coder, the city's director of Business Development, said attorneys for both the city and Lehman's representative PAMI, worked out most of the legal and contractual concerns about the deal.

Further issues including types of land use, density and mixture of uses will likely arise in the future, Coder said.

"I don't think there's anything there that can't be worked out," she added.

Weekly expressed concerns about the environmental contamination of the property, which was once a Union Pacific Railroad switching yard.

"We have an environmental report that says they're manageable," said Deputy City Manager Steve Houchens, referring to ground contaminants found in the soil.

Even before the land deal closes escrow -- likely in December -- the city will be hard at work seeking prospective developers for projects on the site.

In addition to sending a request for qualifications to hundreds of prospective developers, the city will have a video and CD-rom about the property available for would-be players.

"We don't have any idea of anticipating how many requests would come in," Coder said.

But when developers do submit proposals, the city will begin narrowing them down in hopes of forming an exclusive negotiating agreement with one or more of the companies.

Already the land is drawing nationwide attention, including a visit last week from Chicago-based MCL Companies. MCL has developed numerous residential projects in Chicago, luxury town homes in Denver and is building an exclusive resort, Fisher Island, off the coast of Miami.

"I'm elated at the attention this property is getting," Weekly said.