A tiny edifice successful downtown Las Vegas with a retro consciousness is nether caller ownership and eyed for a question of upgrades.
Las Vegas existent property capitalist Michael Poura purchased the Downtowner edifice and a clump of adjacent properties from the property of the precocious Zappos main Tony Hsieh, according to Clark County spot records and Nevada business-entity filings.
The bulk sale, for astir $10.3 million, closed connected May 13, spot records show.
The Downtowner, 129 N. Eighth St., astatine the country of Ogden Avenue, was built successful the 1960s and underwent a $2.5 cardinal renovation respective years ago.
According to its website, the mid-century edifice blends “retro charm with modern essentials.” It has a stylish lobby bar, arsenic good arsenic a courtyard that offers a “Palm Springs vibe.”
The courtyard has a six-hole mini-golf course, fire-pit lounge, retro-style furniture, and decorative pinkish flamingos scattered about.
Poura said the 125-room edifice is successful large signifier and profitable but offers minimal amenities, and helium plans to grow its offerings.
“This edifice has a batch of potential,” helium said.
Keeping the name
He envisions turning the Downtowner into a spot wherever radical tin get affordable spa and salon treatments, bent retired by the pool, and bask unrecorded music.
As helium described it, helium besides wants to remodel the barroom and excavation areas; summation seating options astir the putt-putt course, truthful radical tin bid drinks and lounge around; and renovate 2 buildings crossed from the edifice that helium acquired arsenic portion of the purchase, to boost the Downtowner’s country count.
He said the boutique spot has an old-school, 1960s-vibe that is mostly lacking successful Las Vegas — a spot amended known for its towering, and rowdy, hotel-casinos. He besides noted that helium volition support the Downtowner’s sanction and “all the history” that came with the building.
All told, helium acquired a swath of existent property successful the Fremont Street area, and helium said that his radical wouldn’t person bought the Downtowner if the offering didn’t see the different properties astir it.
Logic Commercial Real Estate had been hired by Hsieh’s property to find a buyer. The steadfast said successful selling materials that the edifice is successful the bosom of downtown, “making it an charismatic destination for tourists and concern travelers alike,” and that the listing gave buyers a “value-add opportunity” to prime up respective further parcels.
Poura’s acquisition included a ungraded batch astatine the northeast country of Fremont and Eighth streets and 2 aboveground tons that complaint for parking and are operated by the metropolis of Las Vegas.
He said the metropolis shares the gross from those parking lots.
City spokesperson Jace Radke said the metropolis has operated these privately-owned tons for respective years to adhd parking inventory downtown, and fixed the caller sale, a “new statement is being negotiated astatine this clip to find gross percentages.”
Motel holdings
Hsieh, the erstwhile CEO of online footwear seller Zappos and look of downtown Las Vegas’ economical revival, died successful 2020 astatine property 46 from injuries suffered successful a Connecticut location fire.
He was unmarried, and his begetter has been managing his property done a probate case successful Clark County District Court.
Hsieh near down a vast portfolio of bureau buildings, flat complexes, retail properties and different sites downtown. He assembled the holdings done a $350 cardinal broadside task launched successful 2012 arsenic the Downtown Project, becoming a one-man redevelopment engine for a long-neglected portion of the city.
Hsieh acquired the Downtowner edifice successful 2013, spot records indicate. In outpouring 2019, DTP Companies, arsenic his broadside task became known, announced that it had wrapped up a $2.5 cardinal overhaul of the property.
It renovated 88 rooms and spruced up the courtyard and the exterior, DTP said astatine the time.
Hsieh’s existent property portfolio included respective different old motels on Fremont. He redeveloped one, Fergusons, into a commercialized complex, but helium didn’t bash overmuch with the others, speech from coating their plywood coverings to look similar cartoonish doors and windows.
Since his death, the shuttered motels helium near down drew vagrants, were torched successful fires, and had different problems, and successful caller months, work crews demolished the blighted buildings.
Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342.
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