Las Vegas-based CAI Investments has acquired Harrah’s Reno Hotel & Casino from VICI Properties and Caesars Entertainment for $50 million. Plans are now in motion for the landmark property’s transformation to a mixed-use property featuring a mix of residential, office and retail serving as a downtown professional address.
CAI told the Reno Gazette Journal that the remodeled site will feature about 530 apartments, 150,000 square feet of office space and 78,500 square feet of retail. Retail offerings will include restaurants, a bar, coffee shop and grocery store. Reno City Center programming also includes a gym and park-like entertainment setting. Plans also factor in the east tower but remain fluid towards finalizing redevelopment plans.
One thing the reimagined Harrah’s Reno site will not have is gambling. Reno City Center is planned to be a strictly non-gaming facility. The transformation seeks to offer much needed housing, office and services to the downtown Reno market.