Downtown feasibility study nearly done

Diana Sahagun

Tuesday, Dec. 11, 2001 | 9:25 a.m.

Las Vegas officials are at the midway point in negotiations with Southwest Sports Group to develop 61 acres downtown and expect to have a study outlining the best use for the property within the next month.

Lesa Coder, the city's business development director, said a much-anticipated feasibility study could be presented to the City Council as early as January.

The study, which is being drafted by ERA Consulting Inc., is a critical tool in helping with the negotiations, expected to continue over the next three months.

Ultimately, the study will determine the feasibility of a mixed-use development that could include an academic medical center, retail and office space, a performing arts center, hotel or a minor-league baseball stadium.

The study's results will help in crafting a final development agreement between the city and Southwest Sports. The final negotiated agreement is expected to be presented to the council in April.

"No one element of that project will be considered by me to work or not work until we have done our homework," Coder said. "No financier is going to move forward on a project without it."

The council on Sept. 5 gave the go-ahead for staff members to proceed in negotiating a development agreement with Southwest Sports within 180 days. The first step was hiring ERA Consulting to determine whether the market can support the proposed uses on 61 acres west of downtown between I-15 and U.S. 95.

The firm is nearing completion on the study, which should give the city and developers a better idea of what should be included in the master plan before preparing a final development agreement, Coder said.

"Until the market feasibility study comes back, we won't have a good tool on which to base the final decision, nor will Southwest Sports or the city have a good basis to move forward with a final development agreement," she said.

Coder said the study should be completed by Christmas. By January, Coder said she hopes to present the study to the council.

"The study will give us a real good snapshot about what concepts are the most feasible, which ones the market can absorb, and over what amount of time," Coder said. "It's a prudent part of development when you have a multi-use type proposal."

Mayor Oscar Goodman has had several meetings with the academic community about building a medical campus. Goodman said for the city to remain competitive in retaining doctors and students trying to break into the field, the city must have a top-notch academic teaching college.

Goodman has also had recent meetings with residential developers, who have expressed interest in building condominiums. While other nearby entertainment and retail projects are being built, Goodman maintains that the community must promote a livable downtown.

"This is going to be my legacy," Goodman said.

Although Southwest Sports has proposed a minor-league stadium as part of the overall development, Goodman said last month that there have been no recent discussions on the topic.

Coder said her office plans to update the Board of Regents in late January regarding the academic medical center. If all goes according to plan, Coder said a final development agreement should go to the council in April.

The final agreement would outline what components would be built on the property, as well as any financial obligations incurred by the city, including land or development costs.

The study would also give the city a time frame for construction and completion dates of certain phases. Coder said that once the council approves a typical development agreement, phase one construction begins within 12 months, with completion of the first phase in 18 months.