under contract

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Stephen Siegel and John U. Tippins IV are having conversationsabout potential plans for the entire block with Covin and others,including national boutique hotel developers. The properties sitone block from Fremont Street Experience, a pedestrian-only,canopy-covered entertainment corridor that attracted nearly 19million visitors last year, and the city's new Fremont Eastentertainment district, which is under development.

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"We believe in the potential of Downtown Las Vegas," saysTippins, who with partners is among the biggest landownersDowntown. "I bought into his vision four years ago and haveinvested significant time and the majority of my financialresources in Downtown."

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The purchase price was $5 million. The seller was BanamexCapital. Acquisition financing was provided by First Regional Bankof California. "This is an incredible redevelopment opportunitythat will complement our existing Las Vegas portfolio," saysSiegel.

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Siegel Group's real estate division owns a portfolio ofmultifamily and flexible-stay units, commercial shopping centers,office buildings and hotel developments. Its Vegas holdings includeseveral large apartment properties and a shopping center.In January,it paid $15 million for a 186-unit extended stay hotel and acontiguous seven-acre parcel located five miles southeast ofDowntown at 3625 Boulder Highway, near Exit 70 from Interstate515.

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Tippins Holdings owns a variety of product-types includingapartment, hotel, casino, retail, office, land and bars throughoutNevada, Colorado and Arizona. Tippins is also the owner and brokerof Northcap Commercial, a commercial brokerage company that hasdone hundreds of millions of dollars a year in transactions duringthe last three years.

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