Harrah’s Reno Hotel and Casino will soon be renovated and redeveloped into a mixed-use project named Reno City Center. Located at 219 N. Center St. in downtown Reno, the project is planned to include 528 apartment units, and more than 250,000 square feet of office and retail space. Reno City Center is located 30 minutes from Tesla’s Gigafactory.

Renovation is being performed by Luxe General Contracting. Completion is anticipated for summer 2022.

Parkview Financial recently provided a $100 million loan to Reno City Center LLC, an affiliate of Las Vegas-based CAI Investments, for the redevelopment project. Equity was provided by Gryphon Private Wealth Management’s opportunity zone fund.

“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.”

Once the transformation is complete, the residential portion of the property will feature a rooftop pool, outdoor plaza, fitness center, theater room, bar and game room.

“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 Christopher Beavor, CEO of CAI Investments.