Ask Joe: Condo project in downtown Reno

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Updated: 3/17 10:57 pm
QUESTION:
An anonymous viewer asked the following question. When the condo project at Lake and Second Streets was approved, the council said if the project doesn't go through, then the property would come back to Reno. The property is now for sale. Does the city get the money for that portion of the land if it sells?

ANSWER:
It's a little complicated. Joe checked with Alex Woodley, who is in charge of the Downtown Code Enforcement effort. He says the developer borrowed money from a bank to purchase and build on that property at Second and Lake. The project went into bankruptcy and the bank lost several million dollars on the deal, according to Woodley. The good news is there are now several willing buyers lined up who are interested in that property.
Now, city staff checked into this on Monday, and the city did not own that land when it was sold. So, it wouldn't make sense for the city to repossess it, or take it over at this point.
Hopefully, things will soon be moving forward. That lot is key piece of the downtown development puzzle.

Thanks to our anonymous viewer for sending in that question. Remember if you have questions you'd like to ask, send Joe an e-mail at jhart@mynews4.com, and just put "Ask Joe" in the subject line. He will do his best to track down the answers for you.
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Kramer - 3/18/2014 12:15 PM
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rubrick's cuuube is the puzzle downtown, drop your spare change and taxes in there
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