RENO, Nev. (News 4 & Fox 11) — A long-stalled downtown Reno development appears to be back on track after the original development group repurchased the property following foreclosure.

The Las Vegas–based developer, CAI Investments, previously pursued two major Reno projects that ultimately fell through: The former Harrah’s Casino property and the 1.3-acre lot near Trinity Episcopal Church and the Reno Justice Court.

In 2022, city leaders unveiled the riverfront project with significant fanfare, but it soon unraveled amid a dispute over a sewer line, project delays, and ultimately a lender foreclosure.

Last week, the CEO of CAI Investments—through an LLC made up of a smaller number of investors—bought back the Island Avenue property on the south side of the Truckee River for $14 million. The land has remained barren for years.

Trinity Episcopal Cathedral sits next to the empty lot that is scheduled to be developed (mynews4)

CAI’s CEO, Chris Beavor told News 4/Fox 11 they have a written agreement with Trinity Episcopal Church, which sits adjacent to the parcel. Staff previously expressed concern that construction could damage its historic building. Beavor said they have a written agreement with the church with their own architect to ensure protections are in place.

According to Beavor, the company is preparing to move forward within the next six months with a project similar to the previously announced Kimpton-branded hotel proposal. Plans call for a mixed-use development incorporating restaurants, office space, and 60 units.

The CEO said the decision to buy back the land reflects confidence in the project’s future:

“Well the group that I’m with just purchased a back for $14 million dollars for a piece of land. So, at this stage we don’t foresee any future. I don’t think we would have purchased the property back.”

He added that the new vision remains consistent, similar with earlier plans:

“Well, we’re currently still keeping it as a mixed-use hotel, upper upscale hotel with convention, office component. We’re currently in talks with a GoPublic large industrial-based tenant that will be globally headquartered here for their global operations, which will be consisting of about 50,000 square feet of C-suite executives and then a national brand and still 60 residents.”

Bryan McArdle, Revitalization Manager of the Reno Redevelopment Agency said in a statement in part: “We are pleased to see the 260 Island Drive have the potential for future redevelopment.”

CAI Investments was also the original developer behind the proposed transformation of Harrah’s into Reno City Center, a non-gaming mixed-use project. That deal collapsed due to internal conflicts among the parties involved, according to Beavor.