Friday, Sept. 30, 2005 | 9:45 a.m.
The company charged with developing the plan for the 61 vacant acres in downtown Las Vegas is running out of time, and Mayor Oscar Goodman said Thursday he wants to see a final proposal by Oct. 7 or the city might "do it ourselves."
It's unclear what impact a separation of the two sides would have on the future development of the land, which is a piece of the former Union Pacific rail yards.
The city has been working with essentially the same development plan for the land for months, and City Manager Doug Selby said the city would act as its own master developer as it has with the development of the city's business and technology parks.
If a deal with The Related Cos. can't be reached, the city would move forward with work on new roads and installing utilities on the property so a planned Alzheimer's research center and a performing arts center would not be delayed, Selby said.
"We absolutely do not want to delay those projects," Selby said.
Marty Burger, executive vice president of Related, said they are very close to settling on a development agreement. Neither would say what exactly is holding up a deal.
In describing why there hasn't been an agreement yet, Burger said that while he thinks highly of the current mayor and council, there is no way to tell who will be on the council in the future.
"We have to be able to protect ourselves. We have no way to know who we might be dealing with five years from now," Burger said. If the City Council decides against the city taking over the project, the city could request proposals from other companies interested in being the master developer of the land, which has been named Union Park, Selby said.
Related's exclusive negotiating agreement with the city expired Sept. 7, but Selby said they agreed to give Related another month to come back with a proposal.
Because it is the largest piece of undeveloped property downtown, the 61 acres is playing a key role in the redevelopment of downtown Las Vegas,
Related was touted as a strong and experienced potential partner for the city. The company has major developments around the country and a substantial presence in Las Vegas, including the World Market Center, the giant furniture mart between the 61 acres and Interstate 15.
Working development plans for the 61 acres show the two centers plus a new City Hall, office and residential high-rises, and a domed baseball stadium. The Alzheimer's center would be the first piece of a larger academic medical center the mayor is pushing to be located on the land.
For months city and Related officials have said they reached agreement on all the major points in a possible development plan and were down to finalizing the details of the plan.
But during his Thursday press conference, Goodman said time is running out.
"We will have them by Oct. 7 or not," the mayor said about Related's development proposal.
"In the process of negotiations, we reached a point where we need to bring closure to something," Selby said. "In my opinion we're very close, just not close enough to sign a deal."
If Related came with a proposal by the deadline, that proposal would not be made public until it goes to the City Council for approval, he said.
Burger said he plans to meet with the mayor on Oct. 6.
"We're very close now," Burger said.
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