Details are sketchy, but the Reno Redevelopment Agency said that Nevada Land II LLC “has been working on the acquisition of the Grand Sierra site.” A report from the agency says Nevada Land, which is building a baseball stadium for a Triple-A team in Reno, may be interested in acquiring the property outright, entering a joint-operating venture, or buying land surrounding the property.
Even Reno Mayor Bob Cashell is in the dark.
“I have heard joint venture. I have heard sale. I have also heard there are two other companies in negotiations with Grand Sierra and maybe they have it whittled down,” Cashell said.
Officials from the Grand Sierra and Nevada Land declined to comment, citing confidentiality agreements.
Grand Sierra Resort Corp. bought the property for USD 150 million from Caesars Entertainment in 2005. Company executives planned for an indoor, 150,000-square-foot water park to open in 2007, along with 90,000 square feet of new retail space and a new spa. Longer-range plans at the time included a condo-hotel tower with 1,000 or more luxury condos, 300,000 or more square feet of retail space around the current man-made lake and condos around the lake and along the Truckee River.
Nevada Land wants to expand the property with a “commercial development specializing in destination retail and entertainment venues,” according to the redevelopment agency report.