City to end relationship with downtown project developer
RENO, Nev. (AP) – The city of Reno apparently is about to sever its ties with the company it hired to rejuvenate the downtown riverside district in the area of the demolished Mapes and shuttered Riverside hotels.
The city staff is recommending termination of a contract with DDR-OliverMcMillan, who was hired in September 1997 to turn the area along the Truckee River into a tourist attraction. The City Council will make a final decision on Monday.
The San Diego developer is unable to meet the deadline to deliver tenants for a majority of two downtown blocks. So Reno wants to take back the land and transfer one of three blocks to Barney Ng, who is renovating the closed Holiday Hotel and plans to develop four surrounding blocks.
Ng apparently will take over OliverMcMillan’s contract for the Riverside Hotel block, paying $650.000 for the land and agreeing to a development timeline and guidelines spelled out in the contract.
City officials aren’t saying what Ng wants to build and Ng isn’t available to comment.