The owners of the Revival Reno project are actively seeking funding for their redevelopment efforts in downtown Reno. Madison Capital Group, based in Charlotte, has initiated a qualified opportunity fund (QOF), aiming to raise $36.2 million. These funds will specifically target opportunity zones, which are areas recognized as distressed by state and federal governments.
Investors have a minimum investment threshold of $50,000, with the potential for favorable tax implications. Madison Capital’s plan is to transform the former Harrah’s resort and casino into a high-quality Class A hospitality destination, featuring 292 guest rooms.
Additionally, the project will include apartments, office spaces, retail options, restaurants, a grocery store, and an upgraded gaming experience. In discussing the investment opportunity, Madison Capital CEO Ryan Hanks highlighted the favorable demographics, tourism prospects, and long-term potential for development in the Reno market.
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