More than 3,000 new jobs could be created in Downtown Las Vegas if the latest plans for a sports arena, live-entertainment district and a new hotel-casino go through.

The Las Vegas City Council approved an exclusive 3 year deal with the Cordish Company on Tuesday.  The Maryland-based company specializes in gaming, entertainment venues and sports arenas. It will study the possibility of replacing the current city hall with a hotel-casino, and filling land the city owns east of Las Vegas Boulevard and Stewart Avenue with an 18-thousand seat sports arena and a live entertainment district.

Cordish Company development director Port Telles says it's too early to guess how much the entire project will cost. But City of Las Vegas staff estimates the arena alone could cost about $500 million.

Stay with Action News for updates on this developing story.