The city of Las Vegas issued a request for proposals (RFP) July 20, looking for a developer to take on about 11 acres in the heart of downtown. Interested firms have until Dec. 16 to submit applications.
Officials envision a mixed-use urban district on the property and call it a once-in-a-generation opportunity to build at the core of one of the region’s best-known entertainment areas. According to reports, the city owns the land, a set of vacant lots on the east side of Las Vegas Boulevard below the Interstate 11 corridor.
Rather than selling the land outright, the city plans to sign a disposition and development agreement (DDA) with the developer it picks. That agreement holds the land until the project is permit-ready and financing is proven, allowing officials to maintain leverage over what actually gets built. A signed DDA is expected within 120 days of selection.
The available land runs from the Las Vegas Boulevard and Stewart Avenue corner north to the highway and east to take in a half-block at Seventh Street. The 11 acres are not one continuous block, with public streets currently running between the parcels. Those streets can be modified or closed permanently and removed from public use, which would let a developer build across them and treat the property as a single site.
About 2.03 acres at the southeast corner of Stewart Avenue and Seventh Street are included in the parcels and set aside for a possible civic and public safety use.
The site is zoned for dense, walkable development up to 20 stories. City documents call for a mix of hospitality, entertainment, retail, office, sports, green space and residential on the property, along with the civic and public safety component. Utility connections are already in place, with the city saying it will work with the selected developer and NV Energy to move underground or relocate electrical infrastructure so more of the site is buildable.
The RFP notes that applicants must include a full project description, financing details, purchase price and terms in their proposals, along with a timeline from entitlements through opening and examples of comparable work.
Officials have also laid out what they hope to see in the projects themselves. Proposals should identify the commercial tenants a developer is targeting and how it plans to attract them. Housing should be high-quality and, per the RFP, preferably mixed-income. Green space should also function as a gathering place for downtown as a whole rather than just the residents of the new development.
The city also asks for adequate parking and a plan, developed alongside officials, to hire from the surrounding area.
The RFP weighs six criteria when evaluating applicants. A developer’s background, financial capacity and comparable portfolio account for 25% of the score, while the project description carries another 25%. Economic impact and community benefit are worth 15%, along with the pro forma and purchase terms and the project timeline. Team biographies make up the last 5%.
The city has been building a case for the site through nearby investment. It reports putting more than $221.5 million into downtown infrastructure over the past five years, including stormwater lines, sewer lines and streetscape work on Main Street, Las Vegas Boulevard and Charleston Boulevard. Symphony Park, a half-mile away, has added 924 residential units with more in the pipeline. The Arts District is also adding more than 600 market-rate residential units in the coming months.
Once responses to the RFP are in, the city will narrow the field and ask finalists to present to its evaluation team.
Photo by Stephen Leonardi from Pexels
For more of the latest from the expansive government marketplace, check Government Market News daily for new stories, insights and profiles from public sector professionals. Check out our national contracting newsletter here.
