Construction on the Revival project in Reno is expected to begin under its new ownership in the coming months.
Madison Capital Group recently gained full control of the former Reno City Center. According to an interview with the CEO of developer Ahlquist, Tommy Ahlquist, Gensler is the architect, and Engineered Structures, Inc. is the general contractor.
The project consists of 282 multifamily units, 133.7KSF of retail/entertainment space, 120.5KSF of office space, 12.1KSF of amenities, 390 hotel rooms, 900 parking spaces in a garage, and a 50KSF plaza. A press release indicates the retail portion of the project is the central aspect, with the other elements helping to flesh out an urban living and working culture.
The project consists of two large towers with retail on the first floor. One tower includes both residential and office space, while the other tower primarily features the hotel.
Construction previously began on the project but was later delayed due to funding issues. As the project is now owned by Madison Capital Group, it can proceed. Ahlquist stated the multifamily aspect in the north tower is approximately 70% complete, meaning it will be finished rather quickly once construction picks up again.
While many subcontractors are returning to the project, both Gensler and ESI are new parties. Ahlquist did not have an evaluation of the total project cost, but he stated the remaining cost to complete is estimated at $120M.
Currently, developers are in the process of reactivating building permits. Ahlquist stated this project is easier to pick up than others as it did not sit for an extended period.
Different aspects of the project are to have staggered openings. If everything goes to plan, some of the retail sections will open later this year. The multifamily and hotel towers are expected to open next year. Developers anticipate breaking ground in the coming months.
