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New lease at 601 Fremont Street may be shot in arm for entertainment district
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LAS VEGAS REVIEW-JOURNAL
An old downtown building has a shot at a new life now that Las Vegas has inked a deal with a nightclub developer who wants to move into 601 Fremont St.
The city-owned building across the street from the El Cortez has long been vacant. On Wednesday, the City Council approved leasing it to Terry Caudill, owner of Binion's and the Four Queens casinos, and Carlos and Ava Adley, owners of a club in the Hollywood Entertainment District in Southern California.
There will be a restaurant, a nightclub and retail space on the first floor, said Bill Arent, director of the city's business development office. The other two floors will have retail and condominium space, said Carlos Adley, who is known professionally as Big Daddy Carlos.
A more detailed plan is due in 90 days.
The annual lease on the 48,700-square-foot building and adjoining parking lot is $233,000, although that will be abated for the first six years. After that, the rent increases 1 percent per year.
The deal should mean a $10 million private investment downtown, according to city documents, as well as the return of $9 million of property to the tax rolls.
It could also be a shot in the arm to Fremont East, an area downtown that boosters are trying to turn into a nightclub and entertainment district.
So far only four nightspots are open there, although a fifth, Azul Tequila, is under construction on Seventh Street near Ogden Avenue.
The building at 601 Fremont is more than 50 years old and has had several uses, which prompted a stroll down memory lane.
"I was fingerprinted there many times," said Caudill. The building was once where people went to get fingerprinted for work cards.
It also had some police office space, and Councilman Stavros Anthony once occupied a cubicle there during his early days on the force. Las Vegas took over the property from Clark County in 2003.
Mayor Pro Tem Gary Reese's memory went back the furthest. He remembered when the building was a Sears department store.
"I used to buy my underwear there," he said.
Contact reporter Alan Choate at achoate@reviewjournal.com or 702-229-6435.
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The project sounds promising, especially if - as suggested - the club offers music other than that found all around the Strip to appeal to all ages.
I wonder about the condos, though. How many can they possibly fit in there? I worked in that building years ago and the second and third floors aren't that big. It was a real mish-mash of stairwells and connecting mid-level floors, too... a bizarre layout unless it was reconfigured when Metro's offices were there.
And will they remodel the building so it's no longer walled-in like a Poe story? I imagine condo tenants would appreciate a window or two. I'd be very surprised if the building could pass fire codes now.
This is just what is needed for that area. The downtown joints will get a chance to serve new customers that otherwise wouldn't be downtown.
The strip is for suckers and the locals should know that. This is a much needed shot of energy Fremont street needs NOW.
Metro will need to police the area very closely. There are many cockroaches in the area and they will need to be delt with.
Downtown has a very rich history of success. The visionaries like Jackie, Mel,Sam,Benny and a few others made this possible.
I wish them luck with this project.
East Fremont is different. It is about live music and hanging out with your friends in Retro Vegas. Way better than those awful mega-clubs that rip you off on the Strip. Downtown is cool again, and it is safer than the burbs since Oscar cleaned it all up.
How many clubs do we need in Vegas????
Good idea in theory. And I always hope for the best. But... The problem is even the clueless tourists know to stay away from that part of town. They would have to somehow lure tourists in and calm their fears about going to such a part of town. I'm not sure how they could do that. Considering how poorly neonopolis is doing, can we expect much more here?
can't wait.....good idea Mayor Goodman. Especially because that property will go back on the tax rolls.
I think that this will be totally awesome. The city did a great job creating the East Fremont entertainment district. I love all the big neon signs in the street. Terry and Big Daddy Carlos will do us all proud and make a great club that anchors the district like Velvet Margarita now anchors their live entertainment area.
The rest of you negative bad people can stay in Henderson and not have any fun with us!