Madison Capital Group recently gained full control of the former Reno City Center, with plans to redevelop it into a new project dubbed Revival.
Madison Capital Group and developer Ahlquist are working on the redevelopment project together. Also attached to the project is the former majority owner, Gryphon Private Wealth Management.
All three towers of the former Harrah’s property will be redeveloped. Plans indicate the mixed-use site is now set to contain 390 hotel rooms and 300 residential units. Redevelopment efforts also include a 120.5KSF office portion and 133.7KSF of retail/entertainment.
Alongside these primary changes come 900 parking stalls, a 50KSF plaza and an additional 12.1KSF of amenities. Fine Entertainment intends to bring some of its dining and entertainment portfolio to Revival once construction is complete. Plans include the implementation of Fine’s PKWY Tavern, BLVD Grill and the Mint.
Fine is currently in discussions to expand its portion from 25KSF of the property to 85KSF. The project could also see a Mexican restaurant, burger restaurant, karaoke bar and nightclub. On the entertainment side of things, Fine is considering creating an ice rink in the outdoor plaza.
Dated History and Legal Troubles
Madison has been the majority owner since pulling the project out of bankruptcy on Feb. 1. Gryphon continues to represent a handful of investors but is not making any day-to-day operational decisions.
CAI Investments used to be a part of the project but pulled out in 2023 after the redevelopment called for the addition of a hotel component. CAI stated it left the project due to a non-complete clause over its Kimpton Hotel project, also located in downtown Reno.
Clear Capital, the office-portion anchor tenant, pulled out of its leasing agreement in 2023.
There is also an ongoing legal battle between Gryphon and CAI. Madison and Ahlquist claimed they both have no part in the legal struggles as they’ve just joined the project.
CAI claims Gryphon owes the investment company $141M for the project. Gryphon denies that allegation, stating it does not owe CAI anything.
Multiple claims have been filed against the property, including claims by contractors who had worked on portions of the project. (Source)
