City Council is scheduled to consider an exclusive negotiating agreement (ENA) with The Renaissance Companies Inc. to explore a mixed-use live, work, and play development including building a new soccer stadium at the Cashman Field site to house a Major League Soccer (MLS) expansion franchise for the Las Vegas Lights FC. The item will be on the Wednesday, June 5, City Council agenda following the 8:30 a.m. Redevelopment Agency meeting in Council Chambers on the second floor of Las Vegas City Hall, located at 495 S. Main St.
If approved, the ENA would allow for discussion of plans for a new stadium and mixed-use development on the 62 acres where Cashman Field is currently located at 850 Las Vegas Blvd., North. During the 180-day term of the agreement, the city and Renaissance will work to draft a master development agreement that would then be brought back to the City Council for consideration.
The ENA also calls for Renaissance to present the city a detailed plan for the financing of the development of the stadium for review and approval by the City Council. Further, the agreement calls for a master development agreement that requires team ownership working with the city to make an application to MLS for the Las Vegas Lights FC to become an expansion team.
Renaissance is a project manager and financial structuring advisor to financial institutions and investors on real estate developments, mergers, acquisitions, dispositions and public/private partnerships. Founded in 1987, Renaissance provides market and economic research with a focus on sports and entertainment, smart city innovations, and operating partners. Renaissance’s corporate base has been in Nevada since 2000 with other offices in California, New York and Florida, and with affiliate wealth management partners in London and Dubai.