LAS VEGAS (KLAS) – The City of Las Vegas recently entered a negotiating agreement with builders to redevelop the Cashman Center.

The city-owned 50-acre property is located on Las Vegas Boulevard and Washington Avenue.

Cashman Center has been a part of the Las Vegas community for 34 years and was used for local and national events.

In the future, it could be transformed into a mixed-use medical campus.

Tru Development President Tim Deters said he has been working for months with medical providers in the valley on this project.

“We have envisioned a children’s hospital, this would be a $2.4 billion, 10-year redevelopment plan,” he said. “So our grand entrance will be right here across the street from the Grant Sawyer building.”

Having raised five children in Southern Nevada, Deters added that his goal is to improve children’s healthcare needs.

“This area is the most needy for a children’s hospital,” he said. “If we were to propose for example a children’s hospital way out in the southwest the folks that are the most needy in this area don’t really have the means to get out there.”

A recent study by the National League of Cities showed underserved communities who reside on the east side are more likely to rely on transit, walking, and bicycling to access opportunities in the Las Vegas core.

Nevada is 1 of 2 states in the United States without a stand-alone regional children’s hospital.

The mixed-use medical campus would consist of a children’s hospital, medical office space, non-gaming hospitality, residential multi-family units, shops, and restaurants.

Once approved and funding is in place, redevelopment could begin as early as 2025.

As of October 2023, the field was used by the Las Vegas Lights soccer team and XFL games.

“Ultimately, they would have to find a new location as we proceed down this development plan,” Deters said.

The campus doesn’t have an official name just yet. However, once it does, it will represent the city, the environment, and the people.

The City of Las Vegas added that the redevelopment agreement allows Tru Development to examine the area – first for possible approval or denial.

The company tells 8 News Now the negotiation agreement is for six months.