Swap approved for former railroad land

Erin Neff

Thursday, Oct. 19, 2000 | 10:11 a.m.

It is touted as the best piece of urban real estate anywhere.

And on Wednesday, the 61-acre parcel downtown cleared a major procedural hurdle to becoming city property.

The Las Vegas City Council unanimously voted to approve the land swap with Lehman Brothers. The city will give Lehman 99 acres in its Technology Park in northwest Las Vegas plus $2 million in cash for the coveted property that was once Union Pacific Railroad yards.

Lesa Coder, the city's director of Business Development, presented the finalized contract to the council for approval after weeks of legal finessing and concern over environmental issues on the site.

Coder said past remediation efforts by Union Pacific, coupled with an independent study showing current contamination, gave the city a comfort level that the land could be developed.

Now the city will send requests for qualifications to prospective developers who have expressed interest in the land since the city first announced its intended deal with Lehman Brothers in June.

Commercial, residential, medical, Internet businesses, sports and cultural projects are all possible for the site.

After the city receives the qualification packages back from developers, Coder will meet with City Manager Virginia Valentine and Mayor Oscar Goodman to narrow the field and recommend projects for the council's approval.

The land swap deal should close escrow in December.