The Meruelo Group has moved the 10,000-seat Grand Sierra Resort Arena forward with the announcement of its general contractor.
The arena, valued at roughly $786M, is a partnership between The Meruelo Group and the University of Nevada, Reno. Martin-Harris Construction has been announced as the general contractor. Gensler is the architect of record.
The arena is Phase One of the overall expansion of the 140-acre property. In its entirety, the GSR Expansion is set to include a satellite ice rink, parking garage, fan area, 800-room hotel, golf facility and approximately 300 affordable housing units.
The Reno Redevelopment Agency recently approved a Tax-Incremental Financing contract, which will help fund the development. The contract allows developers to use 90% of collected tax revenue to offset construction costs. (NVBEX: April 3; May 15; July 10)
In its entirety, the expansion is anticipated to cost around $1B. The arena is the largest and most expensive component of the expansion.