Pine Cone Circle Investments LLC has purchased the former Sundowner Hotel and Casino in downtown Reno for $12 million.
The property, built in 1976 and located at 450 Arlington Avenue, includes a 15-floor, 107,184 square feet of residential living space that can be converted into student housing, apartment homes or condominiums. It also features a 90,000-square-foot casino building that can be converted into retail or office space.
The property also includes 55,932 square feet of parking space can be redeveloped for parking or mixed use type of project.
Ted Stoever, Senior Vice President of Development, Multifamily, and Investment Services in the Reno office of Colliers International assisted in sales of the property.
