A Las Vegas-based developer just bought back several downtown Reno parcels that were previously planned to be developed into a boutique hotel after losing them in bankruptcy earlier this year.
CAI investments reacquired five parcels on Court Street for $14 million on Dec. 9, according to Washoe County records. The purchase occurred less than a year after the developer lost the properties when they were sold for $1 million in a foreclosure sale.
The site was bought through a limited liability company called 260 Island Ave LLC. CAI Investments CEO Chris Beavor, however, confirmed that his company is behind the purchase when reached by the Reno Gazette Journal early Friday…