CAI Investments to Convert Harrah’s Reno Casino in Mixed-Use Opportunity Zone Project
CAI Investments, a property manager/developer and private placement sponsor, has agreed to purchase Harrah's Reno Hotel and Casino for $50 million.
CAI Investments, a property manager/developer and private placement sponsor, has agreed to purchase Harrah’s Reno Hotel and Casino for $50 million in partnership with an opportunity zone fund sponsored by Gryphon Private Wealth Management. The hotel-casino was sold by VICI Properties and Caesars Entertainment.
CAI plans to convert the property into a non-gaming mixed-use project called Reno City Center that will consist of approximately 530 market-rate rental apartments. There will also be roughly 150,000 square feet of office space and more than 78,500 of retail space including a grocery store, gym, restaurants, bar, coffee shop, and entertainment venues.
“Reno City Center will offer much needed housing, office, and services to the downtown Reno market and will be instrumental in the continued diversification to the Reno economy,” said Christopher Beavor, CEO of CAI Investments.
Headquartered in Las Vegas, CAI Investments is a vertically integrated real estate development company that finances, develops and manages commercial properties across the United States.
