NEWS RELEASE: City of Las Vegas Approves Acquisition of Historic Douglas Avenue Property

FOR IMMEDIATE RELEASE

Friday, September 11, 2026

Media Contact:

Amanda C. Salas, PIO

City of Las Vegas

Cell: 505-426-5703

Email:clvpio@lasvegasnm.gov

City of Las Vegas Approves Acquisition of Historic Douglas Avenue Property

LAS VEGAS, N.M. — The City of Las Vegas is moving forward with the acquisition of the historic property located at 622 Douglas Avenue, currently home to Southwest Capital Bank’s main branch, following unanimous approval by the Las Vegas City Council during a Special City Council Meeting held August 31, 2026. The Governing Body unanimously approved Resolution No. 26-42, authorizing the City to acquire the property for $1.5 million.

Earlier in August, the City Council authorized Mayor David Romero and City Manager Robert A. Anaya to negotiate the potential acquisition through a letter of intent. Working with City leadership, City Planner Scott Zunker and Community Development Director Lucas Marquez helped guide the process and advance the proposed purchase. Those efforts led to the development of a formal Real Estate Purchase and Sale Agreement, which was prepared in accordance with applicable law and reviewed for legal sufficiency. The property is currently owned by Bank of Las Vegas, doing business as Southwest Capital Bank.

“This is something that has been discussed over many years, and I think sitting in this chair, I am excited about the opportunities that are in front of us if the Mayor and Council choose to approve,” Anaya said during the meeting. “These are exciting times to see an area that potentially could be revitalized for use by our City government in that historic district.”

The purchase agreement outlines the standard review, due diligence and closing steps associated with the acquisition. The resolution also authorizes the Mayor, City Manager, City Clerk and other appropriate City officials and employees to take the necessary steps to complete the purchase. Any material change to the purchase price, property or other major terms would require further approval by the Governing Body.

The property carries more than a century of Las Vegas history. According to Southwest Capital Bank, the building was originally constructed for San Miguel National Bank more than 100 years ago. Shortly after its completion, San Miguel National Bank ceased operations, and Las Vegas Savings Bank moved from its original location on the Plaza into the building at the corner of Sixth Street and Douglas Avenue.

In the 1960s, the bank changed its name to The Bank of Las Vegas and, in 2012, to Southwest Capital Bank. In the early 1980s, the bank acquired and remodeled the former Montgomery Ward building next door, increasing the facility to nearly three times its original footprint. The bank later acquired the former dental office property to the north, allowing for additional parking and drive-through banking facilities.

Over the decades, the building has housed nearly every aspect of community banking, including customer service areas, administrative offices, a law office, an apartment and generations of banking operations. “This building has been such an important part of the Bank’s story, and it holds so many memories for my family and for generations of employees and customers,” said Greg W. Levenson, Chairman and President of Las Vegas Bancorporation, parent company of Southwest Capital Bank. “We are extremely pleased that it will remain an active and important part of the Las Vegas community. This is a great outcome for the Bank and for the City.”

Chez Steel, CEO of Southwest Capital Bank, said the transition provides an opportunity for the historic property to remain active and serve a new purpose. “This isn’t simply about leaving an old building behind,” Steel said. “It is about giving an important building a new chapter. Instead of sitting partially occupied or underutilized, it will remain a working building serving the people of Las Vegas. We think that is the right outcome for the Bank, the City, and downtown.”

The Douglas Avenue branch is scheduled to close November 30, 2026. Southwest Capital Bank will continue to maintain a significant presence in Las Vegas through its branches on Mountain View Drive and Hot Springs Boulevard. The bank plans improvements to both locations and will add staff and capabilities as operations currently housed at the Douglas Avenue branch are transitioned. Bank representatives have emphasized that Southwest Capital Bank is not leaving Las Vegas and will continue serving customers locally.

The City plans to use the Douglas Avenue property as the future City Hall. While some renovations and updates will likely be needed to accommodate City offices, staff and public services, the building offers a more immediate solution to a space need the City has faced for many years.

As City operations have grown, the current City Hall has become increasingly limited in space. The acquisition of the Douglas property would provide room for current needs and future growth while offering a quicker path toward establishing a future City Hall within the Douglas Avenue Historic District.

 At the same time, work continues on the old City Hall building on Sixth Street, also within the district. That property will require additional planning, restoration and redevelopment, with potential future uses that could include City administrative space, community and stakeholder use, public programming, meeting areas and possibly a museum or other cultural use.

The City is also making other improvements throughout the district, including road maintenance and sidewalk upgrades, with additional projects and opportunities planned to further strengthen the area. Mayor David Romero said the acquisition supports the City’s broader vision for its historic districts. “We are committed to improving all three of our historic districts — the Plaza, Douglas and Railroad Districts,” Romero said. “Purchasing this building gives us an opportunity to look at a future City Hall and bring more foot traffic and economic activity into the Douglas area.”

Councilor Marvin Martinez also spoke in support of the acquisition. “This is a great day,” Martinez said. “We are in a good point in the City of Las Vegas to make such a big investment in the community. We are revitalizing that downtown area, and this is big for our community. We have a lot of plans moving forward, and I hope this goes full circle.”

Councilor Barbara Casey recognized both the bank and City staff for their preparation throughout the process. “The bank has been very diligent and has already sent letters to those who are with the bank,” Casey said. “I think it is a great thing. The City also has the opportunity to get experts to review the building and identify any improvements that may be needed. I am very happy with the preparation of this and very happy with Community Development and all of their hard work.”

The $1.5 million purchase price, authorized closing costs and other allowable expenses will be paid from legally available and appropriated City funds, subject to applicable budget and financial requirements. The agreed purchase price also represents a substantial reduction from amounts associated with previous discussions regarding the property, creating a more favorable opportunity for the City and its taxpayers.

The property purchase is one of the most significant municipal property investments undertaken by the City in recent years. It addresses a longstanding need for additional municipal space while creating an opportunity to preserve an important historic property, strengthen the Douglas Avenue corridor and plan for the future of City government in downtown Las Vegas.

9.11 Douglas Property Acquisition.pdf

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