Reno, Nev. – Parkview Financial has granted a loan of $ 100 million to Reno City Center, a subsidiary of CAI Investments, based in Las Vegas. The funds will be used for the renovation and redevelopment of Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use project. Gryphon Private Wealth Management’s opportunity zone fund provided the equity.
Located at 219 N. Center St. in downtown Reno, the development will include 538 apartments and over 250,000 square feet of office and retail space. The existing 6.3-acre, 15-building property comprises approximately 1.4 million square feet of gross building area, including three hotel towers of 17, 24 and 26 floors; a seven-story parking garage with additional parking at the top of the structure; casino and sports betting; congress and meeting areas; several restaurants and cafes; sales area; administrative offices; support areas at the back of the house; and maintenance and storage areas.
Luxe General Consulting is carrying out the renovation, which should be completed by summer 2022. When completed, the residential component will include a rooftop swimming pool, leisure terrace, outdoor plaza, fountain, and fitness center. in form, a theater hall, a bar and a games room. The 538 units will include a home office alcove, full kitchen with stainless steel appliances and quartz countertops, as well as built-in washers / dryers. The commercial part will provide retail space and office space – including bars, cafes, restaurants, a grocery store, gym and entertainment – in a park-like setting.