42°F
weather icon Clear

Las Vegas soccer stadium deal talks extended

The city of Las Vegas will have at least two more months to reach a deal to bring a Major League Soccer franchise to a new stadium near downtown, city officials say.

Las Vegas and The Renaissance Companies Inc. have been in talks for six months seeking consensus on a master development agreement for construction of a soccer stadium, where city officials hope a Major League Soccer expansion franchise will one day play near Cashman Field.

The two sides entered into a 180-day exclusive negotiating agreement in June but that window was set to expire Sunday. However, city spokesman Jace Radke confirmed this week that both sides have agreed to push the deadline to Feb. 5.

“The extension has no bearing on how the negotiations are going as they are continuing to move forward,” Radke said.

Mayor Carolyn Goodman, who has championed the idea of luring an MLS club to the city, said the extension came as a result of scheduling issues amid the holiday season.

“I feel very comfortable that we’re moving in the right direction,” Goodman said this week about a possible deal.

Floyd Kephart, chairman of Renaissance, did not respond to messages seeking comment on the extension.

The city and Renaissance, a project manager and financial adviser, are well known to each other: Kephart has said they had been engaged in conversations for 17 months prior to entering into negotiations with hopes of pulling the trigger on a master development agreement.

The proposed project calls for building the stadium and mixed-use development, including residential and retail outlets, on at least 62 acres where city-owned Cashman Field is located just north of downtown. Las Vegas Lights FC, which plays at Cashman Field in a professional league a tier below the MLS, would become the MLS expansion team under the plan.

While Renaissance is expected to present the city with a detailed plan for new stadium financing during the ongoing negotiation period, much of the heavy lifting is reflected in the master development agreement, according to city documents.

It would outline the project developer and master plan, and the feasibility of certain public financing options through tax credits. The expected sale of the Lights to Baupost Group LLC, a hedge fund managed by billionaire Seth Klarman, is also contingent on an agreement.

Within 30 days of the effective date of the deal, the city and Lights ownership would submit an application to MLS in an effort to secure the league’s 30th expansion franchise. But ultimately the stadium project deal is not tied to a successful pitch to join the league, according to Kephart.

While the preliminary stadium proposal calls for a covered roof with a retractable field and 25,000-person seating capacity, Kephart said in June that a scaled-back version of the stadium for the Lights would move forward if the MLS did not approve the city’s application.

Las Vegas faces competition for an MLS expansion squad from Golden Knights owner Bill Foley and other cities, most notably Charlotte.

Contact Shea Johnson at sjohnson@reviewjournal.com or 702-383-0272. Follow @Shea_LVRJ on Twitter.

Don't miss the big stories. Like us on Facebook.
Politics Videos
Trump administration OKs new water rule - VIDEO
Environmental Protection Agency Administrator Andrew Wheeler signed a new rule Thursday replacing a 2015 definition of “navigable waters” created in the Obama administration that farmers, developers and others found overly restrictive. (James Schaeffer / Las Vegas Review-Journal)
Yvanna Cancela Speaks on Supporting Biden - Video
The RJ Politics podcast crew sits down with Nevada State Senator Yvanna Cancela to discuss why she is supporting former Vice President Joe Biden in the 2020 presidential race.
RJ Politics Podcast with Deval Patrick - VIDEO
2020 Presidential Candidate Deval Patrick joins hosts Rory Appleton and Steve Sebelius on the RJ Politics Podcast.
Tom Steyer on Donald Trump and the economy - Video
Tom Steyer joins the RJ Politics podcast to talk about his campaign presence in Nevada and how he plans to take Trump on when talking about the economy. (Las Vegas Review-Journal)
Las Vegas City Council Votes On Homeless Ordinance - Video
The Las Vegas City Council on Wednesday will discuss expanding on a controversial camping and sleeping ban aimed at deterring the homeless from bivouacking on city streets to include hours when public sidewalks are being cleaned.
Biden meets with Vegas Latino community - VIDEO
Presidential candidate Joe Biden met with members of the Latino community at Rancho High School. (James Schaeffer / Las Vegas Review-Journal)
Henderson, other Nevada cities consent to refugee resettlement - VIDEO
Henderson will continue to welcome refugees for resettlement, according to a December letter from Mayor Debra March. (James Schaeffer / Las Vegas Review-Journal)
Pete Buttigieg Speaks At Black Empowerment Event - Video
Pete Buttigieg speaks at a black empowerment event to talk about his Douglass plan.
Joe Biden at the national hospitality workers union.
Democratic presidential candidate, former Vice President Joe Biden speaks to members of the national hospitality workers union during UNITE HERE's town hall on Wednesday, Dec. 11, 2019 at Culinary Union Hall in Las Vegas. @bizutesfaye
Elizabeth Warren at Culinary Union
Elizabeth Warren speaks at a Culinary Union town hall in Las Vegas on Dec. 9, 2019.
Secretary of Education visits Henderson school
Secretary of Education Betsy DeVos visited students at Pinecrest Academy in Henderson to talk about college planning on Dec. 4, 2019. (Erik Verduzco/Las Vegas Review-Journal)
Trump dropped from Terry Fator’s show on Las Vegas Strip - VIDEO
Fator has edited out one prominent figure: President Donald Trump, a focal point of Fator’s regular stage show and also Christmas show over the past 3½ years. The Trump puppet, with his pop-up hairpiece, has been sidelined from both shows until further notice. (James Schaeffer / Las Vegas Review-Journal)
Accused murder mastermind Frank LaPena is granted a pardon - VIDEO
A onetime Las Vegas casino bell captain who spent 25 years in prison as the accused mastermind in a notorious 1974 contract murder won his last legal battle for freedom Wednesday when the state Pardons Board granted him a conditional pardon restoring all his civil rights. (James Schaeffer / Las Vegas Review-Journal)
The Middle: Nonpartisan voters and the 2020 election
How will the growing segment of nonpartisan or independent voters — those who have not registered with either political party, or who have left partisan politics behind — vote in 2020?
THE LATEST