CAI Investments spent $14M reacquiring its five parcels on Court Street in Reno, marking a potential return to the Kimpton mixed-use hotel project.
CAI had to get rid of the land earlier this year after losing the parcels in bankruptcy. The land sold for $1M in a foreclosure sale.
The Kimpton project was under development by CAI and Kimpton. Obermeier Sheykhet Architecture was the architect.
260 Island Ave LLC, a company also owned by CAI CEO Chris Beavor, purchased the foreclosed property. Beavor told the Reno Gazette Journal the developer has “big plans for the property.” The exact plans will be announced once they are finalized.
CAI did say, however, that it would like to continue with the Kimpton project if possible. If it were to continue with the hotel project, it would need to update its contracts as a result of the bankruptcy and foreclosure.
The project broke ground in May of 2022 and later defaulted in 2023 after missing loan payments. Several developmental issues appeared during the construction process, such as the City’s aging sewer line and a lawsuit concerning an adjacent property.
If constructed, the mixed-use property will primarily be anchored by a 270-room hotel. The project will additionally feature 50 condominium units, 60KSF of office space and 20KSF of meeting space. (NVBEX; May 19)
