New downtown building

LAS VEGAS (FOX5) -- A development group said it had acquired a 1.25-acre site in downtown Las Vegas that will incorporate hotel and residential units, retails space, entertainment, restaurant facilities and more.

601 Fremont LLC, alongside Four Queens hotel-casino and Binion's Gambling Hall owner Terry Caudill, and entertainment entrepreneur Carlos Adley, bought the site.

Located at the corner of Fremont and 6th streets, the property includes a three-story, 50,000 square-foot building and an acre of surface parking, 601 Fremont said.

"While formal development plans have not yet been announced, the partnership expects development of the site to include a mixed-use tower incorporating hotel units, residential units, retail space, entertainment, restaurant and bar facilities and more," the company said. 

The site was formerly known as the Sears building.

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