Station Casinos sells big land tract in Reno

Station Casinos has sold astir 90 acres successful Reno to a warehouse developer, records indicate, arsenic the locals-focused edifice concatenation sheds a chunk of its extended onshore holdings.

Panattoni Development Co. spouse Doug Roberts, who oversees its projects successful Nevada, confirmed successful a connection Wednesday that the steadfast purchased astir 88.7 acres of onshore astatine the southwest country of Mount Rose Highway and South Virginia Street, successful southbound Reno.

Project readying is inactive underway but could see a premix of industrial, multi-family, office, hospitality and retail development, according to Roberts, a salient developer successful Las Vegas Valley existent property circles.

Construction is not expected to commencement until the archetypal 4th of adjacent year, helium said.

Panattoni acquired the onshore for $32.6 million, brokerage Colliers International announced this week.

Colliers said it represented the buyer. Its quality merchandise did not sanction the seller, but Washoe County spot records and Nevada business-entity filings bespeak it was Station.

The Las Vegas-based casino institution has besides said successful securities filings that it owns astir 89 acres astatine the intersection of Mount Rose Highway and South Virginia Street successful Reno, describing the tract arsenic “land held for sale.”

Reno metropolis records bespeak that a 900-room hotel-casino was approved for the tract successful precocious 2006 but that the approvals person since expired.

Station did not respond to requests for remark Wednesday.

Unlike different casino operators successful the Las Vegas area, Station owns large tracts of existent property scattered astir the portion that are fundamentally successful retention for aboriginal edifice projects. Its holdings see 71 acres astatine Durango Drive and the 215 Beltway successful the southwest valley, wherever the institution plans to interruption crushed connected a $750 cardinal edifice early adjacent year.

All told, Station owns astir 315 acres of onshore held for improvement successful the vale and different 57 acres, respective miles southbound of the Strip, that it’s holding for sale, according to a securities filing.

With the precocious purchased Reno site, Roberts said Panattoni is moving with officials, including from the Nevada Division of Forestry, to guarantee it does not disturb autochthonal works life, namely Steamboat buckwheat.

The works “was listed arsenic an endangered taxon successful 1986 due to the fact that of its vulnerability to situation alteration,” including by commercialized development, according to the U.S. Fish and Wildlife Service.

Roberts said a obstruction barrier volition beryllium built astir 3 acres “to guarantee the works taxon thrives arsenic a portion of the project.”

Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342. Follow @eli_segall connected Twitter.