LAS VEGAS, NV - The Siegel Group Nevada, Inc., a Commercial Real Estate & Business Development Company, today announced that it had acquired a parcel of land located on Las Vegas Boulevard in Downtown Las Vegas. The property, situated on .45 acres, had previously served as a Union 76 gas station and had been vacant for years, serving as an eyesore to the surrounding community. The Siegel Group, which has a well-documented history of renovating and redeveloping undervalued and problem properties throughout Las Vegas, is presently exploring various redevelopment uses for the property. The 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, which will extend the complex to Las Vegas Boulevard, creating an additional thoroughfare for residents while increasing the visibility of the property. 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.
Over the last few years The Siegel Group has made major investments in the downtown area with its acquisition of The Gold Spike Hotel & Casino, the adjacent former Travel Inn Motel which is part of the Gold Spike redevelopment in addition to hundreds of apartment units. Michael Crandall, Director of Business Affairs for The Siegel Group, states: "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. 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. Like Mayor Oscar Goodman, we continue to believe in the long-term viability of downtown and plan to continue our aggressive investment in the area."
The Siegel Group, a Commercial Real Estate Investment & Business Development Company founded by Stephen Siegel with offices located in Las Vegas, Nevada and Studio City, California, specializes in the acquisition, disposition and development of under-performing, value-added real estate and businesses with significant turn-around potential. The company's extensive expertise in the areas of operations, management, finance, marketing, branding, leasing, renovation, design, entitlements, construction, and redevelopment enable The Siegel Group to elicit an operational turnaround on the assets it acquires which include a variety of businesses and a commercial real estate portfolio comprised of multi-residential apartment complexes, extended-stay, boutique resorts, hotel-casinos, retail and office. The Siegel Group is actively seeking new investments and joint-venture opportunities with upside potential.
Source: The Siegel Group