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Las Vegas approves rent for city building leased to university system

Las Vegas approves rent for city building leased to university system

Built World Las Vegas, NV local

City Council votes 7-0 to approve a 10-year lease putting UNLV in the downtown Civic Center office building

October 16th, 2026: Heavey Named UNLV's 12th President

Overview

Updated Oct 18

Las Vegas city councilors voted 7-0 on October 7 to approve a 10-year lease putting the University of Nevada, Las Vegas into the city-owned Civic Center Office Building at 70 Bonneville Avenue. Resolution R-68-2026 found the lease of 16,435 square feet of third-floor space to be in the public interest.

UNLV will pay $5,973,496 in base rent over the initial term and holds two five-year renewal options. The city contributes $2 million toward tenant improvements. Chris Heavey, interim president when the lease was approved, became UNLV's permanent president on October 16; no opening date has been announced.

Why it matters

A decade-long lease on a public building is now approved; the public hearing was residents' only formal say.

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Key Indicators

10
Lease term
Initial term with two five-year renewal options.
$5.97M
Total base rent
For the initial 10-year term.
16,435
Square feet leased
Third-floor office space at 70 Bonneville Avenue, per the city's resolution.

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People Involved

Chris Heavey
Chris Heavey
President, University of Nevada, Las Vegas
Named UNLV's 12th permanent president on October 16, 2026; was interim president when the Civic Center lease was approved

Organizations Involved

City of Las Vegas
City of Las Vegas
Municipal government
Owns the building; approved lease R-68-2026 on October 7, 2026

Owns the Civic Center Office Building and will vote on fair market rent at the October 7 hearing.
Southwest Property Consultants
Southwest Property Consultants
Real estate appraisal firm
Prepared the Market Rent Analysis report

Independent firm that produced the September 23, 2026 rent analysis the council will use at the hearing.
Board of Regents of the Nevada System of Higher Education
Board of Regents of the Nevada System of Higher Education
State university governing body
Lessee – lease approved October 7, 2026

Governing board for Nevada's public universities, planning to lease the city-owned office building.
University of Nevada, Las Vegas
University of Nevada, Las Vegas
Public university
Was scheduled to occupy 16,435 square feet of third-floor space in the Civic Center under the lease approved October 7, 2026

The public university that will occupy the leased space in the city-owned Civic Center building.

Timeline

September 2026 October 2026

6 events Latest: October 16th, 2026 · 4 weeks ago
Tap a bar to jump to that date

  1. Heavey Named UNLV's 12th President

    Latest Appointment

    The Nevada System of Higher Education appointed Chris Heavey, interim president since April 2025, to lead UNLV permanently on a three-year contract through October 31, 2029.

  2. Public hearing on fair market rent

    Hearing

    City Council hears public comment before deciding on the rent for the proposed university lease.

  3. City Council approves lease (R-68-2026)

    Governmental

    Las Vegas City Council votes 7-0 to approve Resolution R-68-2026, finding the 10-year lease of 16,435 square feet of third-floor space at 70 Bonneville Avenue to UNLV is in the public interest.

  4. Agenda published with rent hearing

    Filing

    Las Vegas City Council posts the October 7 agenda listing the fair market rent public hearing.

  5. Market Rent Analysis completed

    Appraisal

    Southwest Property Consultants produces the rent report for the Civic Center Office Building.

  6. Regents approve lease agreement

    Regulatory

    Board of Regents unanimously approves the lease with the City of Las Vegas for the Civic Center Office Building.

Scenarios

3

Lease signed; university moves into Civic Center Office Building

Possible Resolves by Q2 2027

Discussed by: The lease is 'in anticipation' per the agenda item, pointing to a future signed agreement.

After rent is set, the City and the Nevada System of Higher Education finalize a lease agreement and the university occupies the building. This scenario depends on the council first approving the rent determination.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

2005

Chicago Skyway lease (2005)

The City of Chicago leased the 7.8-mile Chicago Skyway toll bridge to a private consortium for 99 years in exchange for $1.83 billion. Mayor Richard M. Daley's administration used the lump sum to close budget gaps, with the city council approving the terms.

Then

The city received an immediate cash infusion and handed operations to the private firm.

Now

The deal opened the door to more Chicago asset leases, including the parking meter deal that later drew public criticism over its terms.

Why this matters now

Shows how a government converts a public asset into cash through a long-term lease, with valuation and public approval at the center — the same structure the Las Vegas hearing is setting up.

December 2008

Chicago parking meter lease (2008)

Chicago leased its 36,000 parking meters for 75 years for $1.15 billion, also under Daley. The contract set rates and penalties that later drew scrutiny, including a clause where the city paid the lessor to keep meters out of service during repairs.

Then

The city received a major cash injection at the onset of the 2008 recession.

Now

The deal became a cautionary example of privatizing public assets without strong public input or renegotiation exit points.

Why this matters now

Reinforces the stakes in Las Vegas: a long-term lease sets terms for decades, and the public hearing is the window for residents to constrain the deal.

Sources

(9)
+3
City of Las Vegas PrimeGov Portal Las Vegas Sun FOX5 Las Vegas Nevada System of Higher Education Las Vegas Review-Journal UNLV News Center Las Vegas Sun City of Las Vegas PrimeGov Portal Las Vegas Sun