The City of Las Vegas recently released a Request for Proposals seeking a developer for an 11-acre site in downtown Las Vegas.
The RFP refers to the site as “Downtown Core Assemblage.” The Assemblage is located at the NEC of Las Vegas Blvd. and Stewart Avenue. The site extends northward to Interstate 11 and eastward through Seventh Street.
The site is currently intersected by Sixth Street, Seventh Street and Mesquite Avenue, but the City will allow developers to modify the parcel to create a single, cohesive site. It is currently zoned T6 Urban Core and T5 Main Street.
The RFP states, “The City envisions a mixed-use urban neighborhood with a potential 2.03-acre civic and public safety component at the SEC of Stewart Avenue and Seventh Street.” It goes on to say, “Desired uses include hospitality, entertainment, retail, office, sports, green space and residential.”
The design of the proposal should be unique and interesting enough to serve as a sort of destination. The area is intended to suit dense, walkable developments. Proposals will be considered based on the way they interact with the existing neighborhood.
Each proposal requires a mixed group of tenants with an identifiable anchor. A letter of intent must be able to be signed by the time the agreement is solidified with the City.
The requirements also list a mixed-income residential aspect alongside green space accommodating the greater area and not just residents. The RFP indicates proposals must have “adequate parking,” but does not elaborate further. In addition, each proposal must include steps to collaborate with the City to provide an employment plan.
Specific proposal elements include:
- A verbal description of the project with site plans, uses, parking, landscaping and conceptual elevation plans (25% weight);
- Statements detailing economic impact and community benefits (15% weight);
- A proforma containing financial information and “construction elements” and land purchase price/terms (15% weight);
- Estimated timeline extending from entitlements to completion (15% weight);
- Developer history, financial capacity and portfolio (25% weight), and
- Biographies of the active team members (5% weight).
Proposals are due on the evening of Dec. 16. Supporting materials are to be submitted to the City’s Economic and Urban Development Department at 495 S. Main St., Sixth Floor.
Once a developer is selected, it will be instructed to enter a Disposition and Development Agreement with Las Vegas. The land will be transferred to the private developer once the project is permit-ready and financed. The DDA is anticipated to be signed within 120 days of selection.
Downtown Market Information
The greater downtown area has a population of more than 32,000 individuals. The median age is 34, and the median household income sits at $78.6K.
There are currently roughly 7,500 existing residential units, and more than 5,000 are on the way. Downtown Las Vegas has more than 26 million annual visitors and more than 4,500 hotel rooms.
