Online retailer buying up lots of Fremont Street
Zappos CEO Tony Hsieh, who made himself a force in the Downtown Las Vegas renaissance when he moved his company’s headquarters to the area last year, has acquired the shuttered Western Hotel for $14 million, reports Vegasinc.com.
The resort was built in 1970 on Fremont Street in Downtown Vegas. It closed last January after 40 years in business. Former owner Tamares Real Estate sold it this month to a limited liability company controlled by developer Andrew Donner and affiliated with Hsieh’s Downtown Project.
“It’s definitely in furtherance of Tony Hsieh and his vision,” said Harry Braunstein, a lawyer for Tamares.
The Downtown Project plans to invest $200 million in real estate in the vicinity. Last year, it bought at least eight acres for about $19.5 million.
“If you look at what they’re doing, they’re trying to buy everything on Fremont Street,” said real estate broker Brandon Wiegand, of Focus Commercial Group.
