Siegel Adds To Downtown Holdings
June 23, 2009
The Siegel Group announced Monday it had expanded its downtown holdings, which include the renovated Gold Spike hotel and casino and adjoining Travel Inn Motel.
The company’s new property is a half-acre parcel on Las Vegas Boulevard, just north of Ogden Avenue. It was formerly a Union 76 gas station, but had been vacant for years, serving as an eyesore to the surrounding area.
The Siegel Group said its first order of business will be connecting the property with Siegel Suites Bonanza, an apartment complex situated directly contiguous to the east which is owned and operated by The Siegel Group.
Redevelopment possibilities presently being discussed include ground-leasing the location to gas station operators or constructing a new building to lease to national franchises that have shown interest in the project.
“Even though this is a small piece of land in comparison to our standard acquisitions, we believe the property has tremendous redevelopment opportunities and we are actively engaged in discussions with parties interested in establishing a presence in Downtown Las Vegas,” said Michael Crandall, the company’s director of business affairs. “Not only will this newest acquisition allow us to connect one of our Siegel Suites properties directly to Las Vegas Boulevard but it will also provide us with the opportunity to clean-up a blighted corner that has been neglected for years and negatively impacted the surrounding area.”
The Siegel Group, a Commercial Real Estate Investment & Business Development Company, owns and operates thousands of extended-stay apartment units in Reno and Las Vegas.
Over the last year, its has invested commercial gaming property, including the Barcelona Casino in North Las Vegas, as well as the Mount Charleston Lodge.