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Ground work has started on three acres of prized gaming land in South Carson City, purchased recently by a Nevada corporation headed by a Washington investor.
Mike Pegrum, manager of Silver Bullet of Nevada, purchased the former Bodine's restaurant at 5650 S. Carson St. for $4.8 million, according to city recorder's documents. The sale closed on Feb. 16. The land has been vacant since the demolition of Bodine's restaurant and the old trailer homes this summer.
Pegrum did not return calls seeking comment. He purchased the land from Kevin Coleman, a developer who owns K&S Properties of Costa Mesa, Calif. He was out of the country and could not be reached for comment. Coleman purchased the land for $4 million in December 2005 from restaurant operators Joe Masini, Shel Lindsey and James Alderson. They operated Bodine's restaurant at that intersection for 20 years.
Local officials anticipated the property would be sold again when it remained undeveloped for more than a year. Coleman had said he wanted to build a a $30 million Western-themed casino. The property has a nonrestrictive gaming license, which means it does not have to meet a Carson City requirement for gaming properties to have a 100-room hotel.
"It's a good development for South Carson because the property has been sitting vacant for nine months or so," said aid Joe McCarthy, economic development and redevelopment manager. "It's an important piece of property going up to Lake Tahoe and Douglas County."
Silver Bullet, a corporation that lists only Pegram as an officer, filed a building permit for the shell of a commercial building on Feb. 27. According to the permit, the 66,248-square-foot building will have two stories.
This is Pegrum's first entrance into Nevada gaming. He has said that he wishes to bring in experienced partners.
Pegram is also picking up Coleman's agreement with the Carson City Parks and Recreation Commission to donate $1 million toward improvements to the fairgrounds and Fuji Park, which are west of the Bodine's property.
Roger Moellendorf, parks director, said the donation will finance a paved parking lot and lighting for the arena.
"We have been working with Mike Pegrum and his people since they closed escrow," he said. "They are really good people to work with. I think we're on the verge of completing a project that's going to be satisfactory to the residents of Carson City and users of the fairgrounds, and a benefit to the Bodine's."
Pegram will have unrestricted use of the parking lot as overflow parking for his casino patrons under a 40-year contract.
The total cost of the fairgrounds improvements are estimated from $2.5-$3 million. So far the city has $2.5 million from Pegrum and city funds for parks.
• Contact reporter Becky Bosshart at bbosshart@nevadaappeal.com or 881-1212.
Mike Pegrum, manager of Silver Bullet of Nevada, purchased the former Bodine's restaurant at 5650 S. Carson St. for $4.8 million, according to city recorder's documents. The sale closed on Feb. 16. The land has been vacant since the demolition of Bodine's restaurant and the old trailer homes this summer.
Pegrum did not return calls seeking comment. He purchased the land from Kevin Coleman, a developer who owns K&S Properties of Costa Mesa, Calif. He was out of the country and could not be reached for comment. Coleman purchased the land for $4 million in December 2005 from restaurant operators Joe Masini, Shel Lindsey and James Alderson. They operated Bodine's restaurant at that intersection for 20 years.
Local officials anticipated the property would be sold again when it remained undeveloped for more than a year. Coleman had said he wanted to build a a $30 million Western-themed casino. The property has a nonrestrictive gaming license, which means it does not have to meet a Carson City requirement for gaming properties to have a 100-room hotel.
"It's a good development for South Carson because the property has been sitting vacant for nine months or so," said aid Joe McCarthy, economic development and redevelopment manager. "It's an important piece of property going up to Lake Tahoe and Douglas County."
Silver Bullet, a corporation that lists only Pegram as an officer, filed a building permit for the shell of a commercial building on Feb. 27. According to the permit, the 66,248-square-foot building will have two stories.
This is Pegrum's first entrance into Nevada gaming. He has said that he wishes to bring in experienced partners.
Pegram is also picking up Coleman's agreement with the Carson City Parks and Recreation Commission to donate $1 million toward improvements to the fairgrounds and Fuji Park, which are west of the Bodine's property.
Roger Moellendorf, parks director, said the donation will finance a paved parking lot and lighting for the arena.
"We have been working with Mike Pegrum and his people since they closed escrow," he said. "They are really good people to work with. I think we're on the verge of completing a project that's going to be satisfactory to the residents of Carson City and users of the fairgrounds, and a benefit to the Bodine's."
Pegram will have unrestricted use of the parking lot as overflow parking for his casino patrons under a 40-year contract.
The total cost of the fairgrounds improvements are estimated from $2.5-$3 million. So far the city has $2.5 million from Pegrum and city funds for parks.
• Contact reporter Becky Bosshart at bbosshart@nevadaappeal.com or 881-1212.
