Thursday, Feb. 21, 2002 | 11 a.m.
Sixty-one acres of land downtown is a prime site for an academic medical center, residential housing, office space and a performing arts center, though not necessarily a minor-league baseball stadium, according to an independent study.
A draft of the feasibility study, crafted by Economic Research Associates for the city and Southwest Sports Group, the proposed developer of the parcel, was presented to the Las Vegas City Council on Wednesday, though a decision on the final development concept was delayed until the council's March 6 meeting.
The city paid $74,000 to Economic Research Associates to study the 61 acres, $15,000 to JR Research to study a performing arts center, and $50,000 to Ellerbee Beckett to study an academic medical center as part of the overall development. Southwest Sports Group, the proposed developer, did not contribute money for the study.
Coder said her office is looking for direction from the council, including what development concepts should be pursued. She said the report is the "mile mark" in determining whether the city and Southwest Sports should move forward to a final development agreement.
Representatives of Southwest Sports Group -- which specializes in building mixed-used developments with a baseball stadium as the anchor -- saw a draft of the study, Coder said, and have indicated they want to proceed to a final development agreement, expected to be finalized in April.
The report found that, besides baseball specifically, the other proposed developments would make for an effective mix.
An academic medical center is viewed as the catalyst to spur other development, including retail and residential.
"What the study does is confirm what we thought might occur," Coder said. "To see the association of those uses in close proximity to one another becomes something like magic."
The study found the land is "highly suitable" for an academic medical center because of its central location and that Las Vegas is one of the few cities its size without a first-class medical facility.
The complex should include an affiliated hospital dedicated to advanced procedures with a minimum of 200 to 400 beds, the study says.
After the academic medical center is established office developments would likely follow, the consultants wrote.
A 300-bed hospital would generate the need for more than 150,000 square feet of medical office space.
Professionals and students who work at the hospital would create the opportunity for an "urban-style living environment that does not currently exist in Las Vegas," ERA wrote.
A significant market for premium housing for higher-income households employed on-site at the medical center and office buildings would also exist, the study's authors say.
The consultants recommended that the project originally include 100 mid-rise urban-style rental apartments; condos and high-rise units would be built later.
The study suggests a strong retail presence on the parcel, saying the potential for retail spending is nearly $9 million if high-end grocery stores, drug stores, restaurants and convenience stores are built. ERA also recommended considering a non-gaming hotel for the site.
The study drew no conclusions on minor-league baseball, but pointed out that most new stadiums are built with taxpayer money. However, the consultants recommend that the city of Las Vegas not provide a significant subsidy to attract a stadium.
In terms of minor-league baseball, the study found that a new stadium would help boost attendance for the Las Vegas 51s.
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