The Meruelo Group recently filed for permits for its planned Grand Sierra Resort expansion.
The expansion is centered around a planned 10,000-seat arena, which is a partnership between The Meruelo Group and the University of Nevada, Reno. The 140-acre property is also set to contain a satellite ice rink, parking garage, fan area, 800-room hotel, golf facility and approximately 300 affordable housing units.
The Meruelo Group is the owner and developer, while Gensler is the architect. The Reno Redevelopment Agency recently approved a Tax-Incremental Financing contract to help fund the introductory phase of the development. (NVBEX: May 15; April 3)
The TIF contract will allow the developers to use 90% of the collected tax revenue to offset the high costs of the project. The Meruelo Group is expected to be reimbursed roughly $61.3M.
The multi-phase project is estimated to cost around $1B. The first phase is estimated at $786M.
Currently, the project is in the process of engineering and health reviews.