CBRE Arranges Sale of Harrah’s Reno to be Redeveloped into Reno City Center

Harrah’s Reno, credited with being Harrah’s Entertainment’s first hotel, to be transformed into retail, offices, residential multifamily and services

CBRE has announced the sale of Harrah’s Reno, located at 200 North Center Street in downtown Reno, N.V., which officially closed Sept. 30. David Woods, Matt Grimes and Aiman Noursoultanova with CBRE’s Reno office, along with Michael Parks and Mike Paglia with CBRE’s Las Vegas office represented the seller, VICI Properties Inc. and Caesars Entertainment Corporation. CAI Investments purchased and will redevelop the property into Reno City Center. CBRE’s David Woods and Matt Grimes will be marketing the new office space at Reno City Center for lease.

“This is one of the best locations in downtown Reno, and its redevelopment into a true live-work-play destination will allow two full city blocks to realize their full potential,” stated David Woods, First Vice President, CBRE. “Reno is in the midst of a transformation. There is renewed interest in investment and development as we have witnessed an influx of new residents and company relocations in recent years. Reno City Center will accelerate this positive momentum and further diversify our downtown submarket.”

Located just off the iconic Reno Arch landmark, the Reno City Center project aims to cultivate pedestrian connectivity and excitement for the new non-gambling uses. The project, composed of two urban blocks, will include a mix of tenants including well-established businesses and franchises, along with unique offerings of quality food and beverage. Reno City Center is expected to be delivered and ready for occupancy in 12 to 18 months.

“The Harrah’s Complex Redevelopment will transform into an urban destination in the downtown core – becoming the ‘Town Square’ for the City with new exciting uses of retail, offices, residential multifamily and services,” stated Matt Grimes, First Vice President, CBRE. “The project will bring together new and old by restoring old buildings dating back to the turn of the 20th Century, as well as breathing new life and aesthetics into pragmatic hotel blocks of the 1960s to the 1990s.”

Having originally opened as a hotel in 1937, the Harrah’s Reno location is credited with being Harrah’s Entertainment’s first hotel. Harrah’s West Tower, built in 1975, consists of 538 total rooms on 3.34 acres. The East Tower, formerly the Hampton Inn built in 1995 and remodeled in 2003, consists of 390 total rooms and includes a 900-unit parking garage situated on 2.15 acres. Both towers feature existing casino, entertainment and hotel components along with a variety of restaurants.

Situated off Interstate 80 in Reno’s entertainment district, Harrah’s is located less than a block from Reno’s AAA baseball park and accompanying Freight House District, Reno’s City Hall, and less than a mile from a flourishing Tier 1 university.