In a move set to redefine Reno’s entertainment landscape, the Grand Sierra Resort has officially taken the first tangible step toward its much-anticipated $1 billion arena project. On June 30, the resort filed a comprehensive commercial construction permit, marking the start of what promises to be a transformative development for the region. The filing, accepted by the City of Reno, included over 20 detailed documents, from intricate architectural drawings to in-depth engineering reports.
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From Paperwork to Progress
Before the project can rise from the ground, it faces a series of crucial engineering and health reviews. These evaluations must be cleared before any certificate of occupancy is issued. According to the permit, the initial phase of the development is pegged at $189 million. This portion will deliver a 10,000-seat arena and an expansive community ice rink. Furthermore, there will numerous food and beverage stations designed to attract both locals and tourists.
But that’s just the beginning. The broader vision encompasses a staggering $786 million investment into additional amenities. Plans also include a massive 2,400-space parking garage and a unique aqua golf driving range, features aimed at turning the Grand Sierra Resort into a year-round hub for entertainment and recreation.
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Financing Reno’s Future
Earlier this year, the Reno Redevelopment Agency voted 5-2 to approve a tax-increment financing (TIF) agreement for the arena’s first phase. TIF financing allows future increases in tax revenues to be funneled back to the developer, a model Nevada permits in designated redevelopment areas battling blight. Under this agreement, Grand Sierra Resort will receive reimbursement of 90% of its property tax over the life of the TIF. The remaining 10% retained by the redevelopment agency. As part of the deal, GSR owner Alex Meruelo agreed to hand over the lease for Fire Station 21 to the city. Additionally, it pledged an extra 5% of tax reimbursements to support youth sports facilities. Altogether, the resort expects to be reimbursed approximately $61.3 million, while the agency retains about $6.8 million until the agreement ends in 2035.
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A Long-Term Economic Boost
Once the TIF sunsets, the property tax revenue will be distributed among several stakeholders: Reno will receive 26%, Washoe County 38%, and the county’s schools 31%, with smaller shares allocated to Nevada. The Truckee Meadows Underground Water agency. Over the next 30 years, the arena is forecasted to generate $294 million in property tax and more than $146 million in sales tax. If all goes as planned, this ambitious project won’t just bring world-class entertainment to Reno, it will also deliver a lasting economic boost to the community.
Project Overview of the Grand Sierra Resort
Location: Reno, Nevada, at the Grand Sierra Resort site.
Total Estimated Cost: $1 billion.
Permit Filing Date: June 30.
Initial Phase Cost: $189 million.
Design Team: Gensler (Architect and design lead), Meruelo Group
Overall Phase One Estimate: $786 million.
Capacity: 10,000-seat indoor arena.
Amenities: Community ice rink, food and beverage booths, 2,400-space parking garage, aqua golf driving range.
Financing Model: Tax-increment financing (TIF).
TIF Approval: Passed by the Reno Redevelopment Agency in May, with a 5-2 vote.
Tax Reimbursement: 90% of property taxes refunded to GSR through 2035; 10% retained by the agency.
Estimated Reimbursements: $61.3 million to GSR; $6.8 million retained by the agency.
