Downtown Project Buys Gold Spike; Redevelopment Plans Coming Up

By Alex Girda, Associate Editor

The Downtown Project is continuing a steady stream of acquisitions intended to transform central Las Vegas into what the non-profit redevelopment group calls “the most community-focused large city in the world.” Its latest purchase: the Gold Spike Hotel and Casino, which organization acquired from The Siegel Group Nevada Inc. The Downtown Project will announce its plans for the property in the next several months.

The Gold Spike has been a Downtown staple since its opening in 1976 as the 112-key Rendezvous. Downtown Project’s acquisition is the latest in a series of ownership changes during the past decade. In 2002, Barrick Gaming acquired the property from Jackie Gaughan. Most recently, the Siegel Group bought the Gold Spike five years ago in a $21 million deal.

The property is located near old Las Vegas City Hall, which is itself the subject of a redevelopment project. Zappos, the online retailer, is converting into the building into its new headquarters and plans to move in this fall. Tony Hsieh, Zappos’ CEO, also oversees the Downtown Project.

Gold Spike employees will be redirected towards new job opportunities at The Siegel Group’s other local properties, which include the Artisan Hotel Boutique and the Resort on Mount Charleston, or to the Downtown Project itself.

Image courtesy of user Wtstoffs via Wikimedia Commons

Forest City Launches $7M Makeover of Galleria at Sunset

By Alex Girda, Associate Editor

A makeover is in store for one of the region’s biggest retail properties: Galleria at Sunset, the 1 million-square-foot regional mall in Henderson. Forest City Enterprises Inc., the property’s owner-operator, is launching a $7 million upgrade that is scheduled for completion this fall,The Las Vegas Review-Journal reports. VCC USA will serve as contractor for the project.

Aside from a 2004 expansion, the project will be the first of its kind at the center since it opened in 1996. Galleria at Sunset is one of only three enclosed non-outlet malls in the Las Vegas Valley outside of the Las Vegas Strip.

Remodeling plans call for using materials like stone and wood to bring a more refined design to the Galleria’s current colorful exterior. The mall’s 140 stores and 13 food spots will also receive upgrades. In addition to the style revamp, Galleria at Sunset will feature a brand new family restroom which will include private nursing rooms and a family waiting area.

The renovations will also create room for a major new tenant: H&M, which will take a 20,000-square-foot, two-level space. To accommodate the store, Boutique Talulah, Express, Express Men’s and Bath & Body Works will relocate. Galleria at Sunset’s current anchor tenants include Dillard’s, Dick’s Sporting Goods, Macy’s, J.C. Penney and Kohl’s.

Photo credit: Forest City Enterprises Inc.

Hsieh’s Downtown Project Adds Vintage Western Hotel to Portfolio for $14M

By Alex Girda, Associate Editor

The Downtown Project has taken another step in its $350 million drive to revitalize central Las Vegas, acquiring the 116-key Western Hotel in a $14 million transaction, VegasINC reports.

The acquisition reflects the latest move by the organization spearheaded by Zappos CEO Tony Hsieh to restore the luster of the area surrounding Fremont Street.

An affiliate of the Downtown Project led by developer Andrew Donner bought the property from owner Tamares Real Estate, which closed the hotel in January 2012, Vegas Inc. noted. All told, the Downtown Project’s stated goal is to acquire $200 million worth of properties.

The Western’s guest rooms and 8,925-square-foot casino opened in 1970 under the ownership of Jackie Gaughan and Mel Exber. Among the property’s claims to fame was its giant bingo parlor, which could accommodate up to 1,020 players. The Western was among several primarily low-roller properties owned by Gaughan that included The Las Vegas Club, The Plaza, the Gold Spike and El Cortez.

Image courtesy of user Wtstoffs via Wikimedia Commons, GNU 1.2

Caesars Unveils $185M Makeover for Bill’s Gamblin’ Hall

By Alex Girda, Associate Editor

The city of Las Vegas might look back one day and identify the period following the Great Recession as a watershed era. Today’s trends—reinventing aging properties, a new focus on business, art and sport, a fresh take on the Strip’s megaresorts—are likely to shape the city’s success for years to come.

The latest vintage venue targeted for a makeover is Bill’s Gamblin’ Hall & Saloon. Caesars Entertainment shuttered the property on Feb. 3 and will re-launch it in 2014 as the Gansevoort Las Vegas after a $185 million renovation, The Las Vegas Sun reported.

In Bill’s place will be a boutique resort co-owned by Caesars; New York City-based Gansevoort Hotel Group; and Victor Drai, a high-end nightclub owner who also owns a location at the site. Gansevoort Las Vegas will offer guests 188 guest rooms, a Parisian apartment-style design by local company Tandem, and 19 suites. Also planned are a 40,000-square-foot casino, a lobby bar, lounge and retail space.

Drai’s current venue will remain in its location after the renovation, joined by the 65,000-square-foot Drai’s Beach Club and Nightclub near the hotel’s new rooftop pool.

Rendering: Caesars Entertainment

Genting Group Eyes $2B Resort on Former Stardust Site

By Alex Girda, Associate Editor

In a step that could help speed the comeback of large-scale development on the Las Vegas Strip, Genting Group wants to build a $2 billion resort on the site once proposed for the abandoned Echelon project, the Las Vegas Review-Journal reported.

The Malaysian hospitality company, which bought the parcel from Boyd Gaming Corp. for about $350 million, plans a 3,500-key hotel and a 175,000-square foot casino component for the project’s first phase. The site is the former location of the Stardust.

Taking a cue from Genting’s properties in New York City and Singapore, the property would be named Resorts World Las Vegas. According to the Review-Journal, the new attraction is set to open in 2016, featuring a palette of dining choices and  plenty of retail space, as well as 500,000 square feet of convention space, outdoor pool and a theater.

Image of Resorts World Genting, Malaysia, courtesy of user Thecatcher09 via Wikimedia Commons