A Unique High-Rise Redevelopment in Downtown Reno
Reno, NV, 11/27/2017 - The Reno office of Colliers International, a leading commercial real estate firm in the Northern Nevada area, announced today the sale of the former Sundowner Hotel and Casino at 450 Arlington and congratulates Senior Vice President of Development, Multifamily, and Investment Services Ted Stoever on completing the transaction.
“I would like to congratulate both the Buyer and Seller on a mutually beneficial transaction for not only both parties, but also for Reno”, said Stoever. “The renovation of Arlington North is helping to continue the rebuilding of downtown Reno”.
The property is centrally located in downtown Reno, blocks away from the University of Nevada and the Riverwalk District. The redevelopment consists of fifteen floors of potential residential living space with the ability to create 107,184 square feet of student housing, apartment homes, or condominiums.
Built in 1976, the property also offers a 90,000 square foot casino building that can be transformed into a unique retail and office center. It also includes 55,932 square feet of parking across from Arlington Avenue that could be converted into a three-story parking garage or mixed use project.
Bought by Pine Cone Circle Investments LLC for $12,000,000.00, this redevelopment is a testament to the undergoing revitalization of downtown Reno. The movement towards unique urban development has become a growing trend within Reno as matured casino/hotel buildings are being converted into mixed-use developments.
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row.
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For further information, please contact:
Operations Supervisor/Marketing Coordinator, Brokerage
Colliers International | Reno
100 West Liberty Street, Suite 740
Reno, NV 89501
+1 775 823 6628