Thursday, Jan. 6, 2005 | 11:06 a.m.
In what Las Vegas leaders called a significant step toward the development of downtown, the City Council on Wednesday entered into an exclusive negotiating agreement with The Related Cos., giving the company 120 days to hammer out a plan to fill 61 acres of vacant former rail yards with new construction that could include residential high rises, a new City Hall, and a baseball stadium.
Marty Burger, Related executive vice president, said if the two sides concur on a development agreement for the 61 acres, the first building there could be completed in two years. He said the first building would probably be a planned Alzheimer's research center.
Mayor Oscar Goodman, who has been a cheerleader for the site, said the approval of the negotiating agreement marked a big day for the city.
Goodman said he sees "high rises and skyscrapers" on the land.
"It's so awesome I can't believe it," he added. "Major league baseball will come to Las Vegas ... the performing arts center will be funded. ... This is a big, big day."
City Councilman Lawrence Weekly said, "this is one of the best projects coming to Southern Nevada."
Goodman added, "this is not a five-year project or a 10-year project -- this is a forever project"
The council voted 6-0 to approve the exclusive negotiating agreement. Councilwoman Janet Moncrief was not present for the vote.
The agreement calls for Related to give the city a $500,000 deposit, half of which can be used on studies for the property. Related would also have to give the city another $1.5 million if a development agreement between the company and the city is approved.
During the next 120 days, Burger said the company will spend more than $1 million examining the property and developing construction, financing, and other plans for the potential development that were required by the agreement approved Wednesday.
"Obviously a lot of time and money will be spent in the next 120 days," Burger said.
There might be environmental concerns with some of the land, because of contaminants leftover from when Union Pacific used the property as a rail yard.
Burger said remediation of the property is always an option, and said part of the work the company will do in the coming months will include looking at the soil.
"We don't know what's there yet," he said.
Goodman and Burger said there has been no decision on whether a City Hall or baseball stadium would be part of the phase one development of the property, which Goodman said would cover about 25 acres.
Both said the plan for the property will probably designate land for a stadium.
"We're creating a place holder for a stadium," Burger said.
Goodman has been working to lure a major league baseball team to Las Vegas, and on Tuesday said he hopes to make an announcement within the next month about a Major League Baseball team coming to Las Vegas.
Goodman also said he is working on a funding plan for a new baseball stadium that he thinks will be welcomed by taxpayers, but has refused to give any details.
Late last month, Goodman, Burger and baseball Hall of Famer Reggie Jackson met for lunch. Burger said he was there just to introduce Jackson to Goodman.
Goodman said Jackson told him he was next in line for a major league team and wanted to bring a team to Las Vegas.
Other possible development for the land, as listed in the negotiating agreement, includes a casino and hotel, academic medical center, performing arts center, and residential and commercial buildings.
Related is also a partner in the World Market Center, which is nearing completion on land near the 61 acres, and is involved in several other potential high-rise developments in the city.
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