LAS VEGAS (KTNV) – The city of Las Vegas is looking to auction off the Cashman Complex in downtown Las Vegas.

Earlier this month, the Las Vegas City Council approved plans to auction off 50.2 acres, which include Cashman Center and Cashman Field. The property is estimated to be worth $33,950,000.

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The property will be sold through a website called EnergyNet.com, which is a vendor the State of Nevada and the Bureau of Land Management use for real estate and oil lease auctions.

Website administrators will prequalify bidders who want to place bids during the auction, according to Assistant City Attorney John Ridilla.

“What I understand is that there is a 1.5% buyer’s premium that would be paid by the buyer,” Ridilla said. “The auction has no cost to the city.”

According to a schedule presented to the city council, the auction will open on November 12 and will run until November 19. Then, the highest bidder must submit a deposit of $50,000 by November 21.

The city council will then review the highest offer at its Dec. 4 meeting to determine whether they want to accept the highest offer or reject all offers, depending on what is in the city’s best interests.

Councilwoman Nancy Brune questioned the timing of that decision as new members joined the city council, including an elected mayor and a new District 5 representative.

“We will do our best to brief you on the background of this activity and prepare you as much as possible for the Dec. 4 meeting,” City Manager Mike Janssen said.

He added that the timing of this auction could be a good opportunity to involve more bidders.

“We met recently with Jack Robb from the state. At the same time we’re doing this auction, they’re going to auction off the 22-acre Sawyer parcel. The timing of this is very, very important because the commercial real estate brokers out there, the bidders, can see a great opportunity to bring together a 50-acre site and a 22-acre site,” Janssen explained. “The conversation we had was that it was the perfect time for both of them to go together.”

As for what could be developed at the Cashman Complex, Janssen said several groups have already approached the city.

“The land is currently entitled as a public facility, so anyone interested in the property understands they will have to go to council to get approval for the rights,” Janssen said. “What I will tell you is that many, many different groups have inquired about the property over the last few years, from various entertainment proposals, real estate developers, other types of sporting activities, medical facilities. We have had a lot of interest. And to use a saying that Mayor Oscar said a lot, with this auction it’s time to fish or cut bait. Let’s see who is most interested in this place and how much they would be willing to pay.”

Councilman Cedric Crear added that now is a good time to find the right buyer for the property.

“I think Cashman is very valuable and I think he will continue to become more and more valuable as time goes on,” Crear said. “I think it’s a great opportunity for someone to come in and find an adjacent space in downtown Las Vegas that’s growing, that’s being revitalized, and I think we’ll be able to find someone who wants to do something great in Cashman.”

According to Janssen, if the city council accepts an offer at the December 4 meeting, everything would be “signed, sealed and delivered” with a new owner in February.