Downtown Reno building purchased by locally-led investment group

The office building at 1 East Liberty Street, a cornerstone in the renewal of downtown Reno, has been purchased by an investment group led by a Reno businessman, Resource Management & Development reported on May 17.

The six-story approximately 89,000-square-foot office building, commonly known as the U.S. Bank Building, was purchased for $18.3 million by 1 Liberty C2K LLC, an investment group established by Jeff Kirby, the owner of Resource Management & Development in Reno.

The seller was C2K Advisors LTD, which acquired the property in 2013. The Reno-based real estate development company is led by Blake Smith.

Read the full story here: Northern Nevada Business Weekly

More apartments break ground near Sparks Marina

Construction is under way on an apartment complex near the Sparks Marina and Outlets at Legends on the eastern edge of Sparks.

The 280-unit complex will be called Lyfe at the Marina, located on 10 acres at the corner of Marina Gateway Drive and Lincoln Way.

Development is a joint venture between Reno-based S3 Development Co. and Village Properties of Belmont, Calif. Pacific West Companies is the general contractor on the project.

Blake Smith, CEO of S3 Development, recently razed Wildflower Village on West Fourth Street in Reno to make way for apartments. Smith also renovated 1401 S. Virginia St. in Midtown and is nearly finished building a townhouse development on Sinclair and Liberty streets in Midtown. He also recently sold the U.S. Bank building.

Reno Motels Demolished for New Apartments

It seemed like it took less than an hour, and just like that they were gone. Today, the former Silver Spur, the Westerner and the Dutch Wife motels on West 4th joined other former tourist stops like downtown's Golden West Motor Lodge and the Heart O' Reno…motels that lost their charm and viability decades ago. The West 4th motels have had a fast decline in the six months they've been closed. Mayor Hillary Schieve told us, "It’s become very concerning. As you can see, a lot of the infrastructure has been ripped out of it. We found needles up here." Before he started breaking down the motels, Diversified Demolition president Ken Mercurio agreed: "You know a lot of people have broken in and have inhabited it, and when they do this there are a lot of dangers."

Read the full story here: KTVN Channel 2