Agreement may spur development in Las Vegas’ Symphony Park
Las Vegas city leaders are hoping to drum up development in Symphony Park, which has been slow to fill in as the demand for downtown housing grows.
The City Council approved a revised contract with Newland Properties, a company that has considered putting residential homes in Symphony Park for more than a decade.
Tuesday’s action dissolves the city’s previous development agreement with Newland for the development of five parcels and releases four of those parcels, which “really opens Symphony Park up,” said Bill Arent, the city’s economic and urban development director.
The measure conveys Newland the roughly 3-acre Parcel C for $1 by June 1. In exchange, Newland will terminate its exclusive rights for residential development in the former railyard, and will forgo future compensation for project management fees. The city will refund a $179,000 deposit to Newland.
Ward 5 Councilman Ricki Barlow, who represents Symphony Park, called it unfortunate that Newland wasn’t able to accomplished the “major goals and objectives” former mayor Oscar Goodman “put in place and hoped to see carried out.”
The city-Newland relationship dates back to 2005, when a master plan for Symphony Park was being developed.
The city will not be responsible to pay for necessary environmental remediation on Parcel C.
The ambitious Symphony Park master plan was developed before the worst of the Great Recession hit.
The change recognizes “we’re in a different day today” than when the 2007 development agreement was drafted, Arent said.
Contact Jamie Munks at jmunks@reviewjournal.com or 702-383-0340. Follow @JamieMunksRJ on Twitter.
