Siegel Group in $75M Deal to Buy 10 Acres on Las Vegas Strip
Commercial real estate investment and management company The Siegel Group says it has acquired three parcels totaling approximately 10 acres on Las Vegas Boulevard for $75 million.
The seller was an out of state lender who had taken back the properties from the previous owner.
Situated along Las Vegas Boulevard and Convention Center Drive, the three parcels are sandwiched in between some of the largest and best known developments on the Las Vegas Strip, The Siegel Group says.
These include luxury hospitality resorts Encore at Wynn to the south, the Genting Group’s $4.3 billion Resorts World directly across the street to the west, the $2.3 billion Fontainebleau to the north and the recently completed $1 billion Las Vegas Convention Center expansion to the east.
The Siegel Group says it owns an additional 3 acres that are contiguous to the three parcels which currently house Siegel Select Convention Center, a location operated under the company’s extended-stay brand, and Siegel’s Bagelmania, a popular modern-day Jewish delicatessen and bakery.
These additional parcels increase the total acreage of the development site to approximately 13 acres. All five parcels are zoned H-1 Limited Resort and Apartment, which is the most valuable and versatile designation as it allows for a variety of developments, including gaming enterprises, compatible commercial, and mixed commercial and residential uses, according to The Siegel Group.
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