The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
April 13, 2021
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
Reno City Center Renovation Project on Track with $100 Mil Loan

3/10/21

Parkview Financial has provided a $100 mil loan to Reno City Center LLC, an affiliate of Las Vegas-based CAI Investments, for the renovation and redevelopment of Harrah’s Reno Hotel and Casino to a mixed-use project named Reno City Center. Equity was provided by Gryphon Private Wealth Management’s opportunity zone fund.

Located at 219 N Center St in downtown Reno, the project is planned to include 528 apartment units and more than 250k sf of office and retail space. The renovation work is being performed by Luxe General Contracting and has commenced with completion anticipated for summer 2022. Equity was provided by Gryphon Private Wealth Management’s opportunity zone fund.

The 6.13-acre, 15-building property comprises approximately 1.4 msf of gross building area and includes three hotel towers with 17, 24, and 26 stories; a seven-story parking garage with additional parking area on the top of the structure; casino and sports book, convention and meeting areas; multiple restaurants and coffee shops; retail sales areas; administrative offices; back of house support areas; and maintenance and storage areas. Once the transformation is complete, the residential portion of the property will feature a rooftop pool and amenity deck, outdoor plaza and fountain, fitness center, theater room, bar and game room.

The 528 rental units will feature a home office alcove, full kitchen with stainless steel appliances, quartz countertops, and in-unit washer/dryer, among other upgrades. The commercial space will provide retail and office space including bars, coffee shops, restaurants, grocery store, gym and entertainment, within a park-like setting.

Reno City Center is located no more than 30 minutes from all major employers in the area, including Tesla’s Gigafactory.

“While the nation was affected by the pandemic, Reno has continued to experience remarkable demand for apartments,” said Paul Rahimian, CEO and Founder of Parkview Financial. “This metro area has all the fundamentals including an evolving economy, strong in-migration and a tight unemployment rate. Because of these factors, the demand for housing has been intense.”

“The goal for this property is to offer much-needed housing, offices and services to allow companies like Tesla, Google, and many other businesses to expand their labor force in the Reno metro market. An abundant labor force is instrumental to the continued diversification of the Reno economy,” said CAI Investments, CEO Christopher Beavor.





Return to the previous page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2021 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media