LAS VEGAS, NV --- Looks like Zappos is a done deal downtown.
Representatives of Resort Gaming Group and Zappos announced today the terms on the lease agreement for the existing Las Vegas City Hall in downtown Las Vegas.
The City Hall building and surrounding property is planned to become the corporate headquarters for the Zappos Family of Companies in 2013.
“Finalization of lease terms with Zappos is a significant step in bringing to fruition a pivotal transaction for the redevelopment of downtown Las Vegas,” said Andrew Donner, owner and founder of RGG. “My partners and I are humbled to be a part of something so special and are excited about the future of our great city.”
Ranked the sixth Best Place to Work in America by Fortune Magazine, the Zappos Family of Companies intends to relocate its corporate headquarters to the current Las Vegas City Hall site in late 2013, after completing building renovations. Zappos’ plans for the site include adapting the site to accommodate up to 2,000 employees.
In November 2010, RGG announced plans to purchase Las Vegas City Hall to lease the site to Zappos. The 2010 agreement between RGG and Zappos allowed for 16 months to finalize lease terms. The negotiations were completed in 12 months, four months ahead of the deadline.
The lease is contingent upon passage of a modification to RGG’s development agreement with the city of Las Vegas. The modifications to the agreement are necessary to conform to legal points in the lease between Zappos and City Hall LLC, a Donner company managed by RGG.
The modifications are not monetary and do not result in increased risk to the city. The amendment to the development agreement is expected to be on the January 18 city council agenda.
