|Old City Hall to become new ZAPPOS headquarters|
Senior partner, Harry Braunstein, recently handled a real estate transaction for one of the largest landowners in downtown Las Vegas who finds his properties in the midst of some very interesting changes occurring in downtown Las Vegas.
In addition to three casino hotels containing approximately 1500 rooms, our client’s holdings originally included numerous parcels of vacant land and a full square block, previously the site of the Ambassador Hotel, all located on East Fremont Street, just east of the Fremont Street Experience canopy of lights. This part of Fremont Street is now rapidly being gentrified by Tony Hsieh, the almost billionaire founder of ZAPPOS, the online shoe retailer.
Working with local counsel we’ve recently completed the sale for our client of 23 separate tax parcels, including the former Ambassador site, to Tony Hsieh’s real estate subsidiary for a sum in excess of $9 Million. Retail shops, parks, and other entertainment and office uses are on the way along with thousands of new residents.
Tony’s vision is to create an all-encompassing modern village containing not just high tech incubators but all the entertainment and other amenities that make a downtown environment a great place to live. Our client has befriended Tony Hsieh and embraced his plans for changing the downtown environment.
Further to this vision, ZAPPOS has purchased the old Las Vegas City Hall, is renovating it and is creating a new worldwide headquarters. As many as 2000 young, upwardly mobile employees will soon be moving into the downtown market.