Lennar Homes Bids $36.1M for Historic Las Vegas Cashman Center

The potential sale and redevelopment of the historic Cashman Center in Las Vegas is moving forward as Lennar Homes emerges as the highest bidder for the 50.25-acre site. The Las Vegas City Council is set to vote on Mar. 19 to either accept Lennar's bid, which exceeds the $36.1 million appraised value or reject all offers. If approved, negotiations will begin on a purchase and sale agreement, including timelines for land-use entitlements necessary for redevelopment.

Initially opened in 1948, the Cashman Center has served as a mixed-use complex, transitioning to city ownership in 2017 after being managed by the Las Vegas Convention and Visitors Authority. The property was appraised by Southwest Property Consultants in December 2024 and was subsequently returned to auction in February 2025, following a failed November 2024 auction that left buyers wary over entitlement issues. No plans for redevelopment have been announced, but speculation is that Lennar Homes would demolish the existing building to build housing.

Bidders in the latest auction, including Lennar Homes, requested a 90-to-120-day land entitlement clause, allowing them to withdraw if entitlements are denied. Lennar is engaging in discussions with council members ahead of the vote to outline their vision for development.

The Cashman Complex remains home to the Las Vegas Lights soccer team, which has not publicly commented on the potential sale. The City of Las Vegas intends to use proceeds from the sale to support the general fund and offset the city's $286 million Badlands liability.

The limited bidding activity in the most recent auctioning process highlights the significance of this redevelopment opportunity. If the City Council feels it can accept the Lennar bid, further steps will lead to negotiating agreements and obtaining land-use approvals to shape the future of such a historic property.