Stephen Siegel and John U. Tippins IV are having conversations about potential plans for the entire block with Covin and others, including national boutique hotel developers. The properties sit one block from Fremont Street Experience, a pedestrian-only, canopy-covered entertainment corridor that attracted nearly 19 million visitors last year, and the city's new Fremont East entertainment district, which is under development.
"We believe in the potential of Downtown Las Vegas," says Tippins, who with partners is among the biggest landowners Downtown. "I bought into his vision four years ago and have invested significant time and the majority of my financial resources in Downtown."
The purchase price was $5 million. The seller was Banamex Capital. Acquisition financing was provided by First Regional Bank of California. "This is an incredible redevelopment opportunity that will complement our existing Las Vegas portfolio," says Siegel.
Siegel Group's real estate division owns a portfolio of multifamily and flexible-stay units, commercial shopping centers, office buildings and hotel developments. Its Vegas holdings include several large apartment properties and a shopping center. In January, it paid $15 million for a 186-unit extended stay hotel and a contiguous seven-acre parcel located five miles southeast of Downtown at 3625 Boulder Highway, near Exit 70 from Interstate 515.
Tippins Holdings owns a variety of product-types including apartment, hotel, casino, retail, office, land and bars throughout Nevada, Colorado and Arizona. Tippins is also the owner and broker of Northcap Commercial, a commercial brokerage company that has done hundreds of millions of dollars a year in transactions during the last three years.
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