Conversion of Harrah’s Hotel to Mixed-Use Project
Parkview Financial, acting as a wholesale lender, assisted on a $100 million 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. Located at 219 N Center Street in downtown Reno, the project is planned to include 528 apartment units and more than 250,000 square feet of office and retail space. Renovation 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 million square feet 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. We see this loan as a favorable opportunity to work with an experienced borrower to develop a significant project for the region.”
“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.