archiveredevelopment

USA Property

Property tax reimbursement plan for GSR arena project approved

Reno redevelopment agency approves GSR arena project TIF contractReno's redevelopment agency voted 5-2 to approve the GSR arena project's tax-increment financing contract.The Reno redevelopment agency, which is made up of the city council members, voted in 5-2 to approve the tax-incremental financing contract with the Grand Sierra Resort’s phase one arena project.The deal would require GSR to be reimbursed 90% of its property tax, while the redevelopment agency would keep 10% of the property taxes. It sunsets in 2035.GSR owner Alex Meruelo said he would give the lease to the...
Upcoming Investments

Amway Property in Buena Vista Set for Redevelopment

Irvine-based Shopoff Realty Investments acquired the office and distribution center at 5600 Beach Blvd. in Buena Vista from Amway for $60 million. The nutritional supplement maker agreed to lease back the building while Shopoff advances plans to convert the site into a townhome development in partnership with Lennar Homes.Amway Corp. operates its headquarters at the site as part of a larger campus. The property along Beach Boulevard serves as the company’s Nutrilite brand’s teaching and training facility. The building sits on nearly 14 acres of land close to the Buena...