The Virginian building in downtown Reno, shown in October 2013, it has seen better days. / Andy Barron/RGJ file photo
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Jason Hidalgo RGJ.com http://www.rgj.com/article/20131206/BIZ04/131206019/Virginian-downtown-Reno-sold-Siegel-Group-2-38-million?nclick_check=1
The Virginian in downtown Reno is literally getting a new lease on life following its sale to The Siegel Group.
The Siegel Group paid $2.38 million for the property, with the sale officially closing on Dec. 4.
The Virginian represents the second high-profile acquisition of a downtown property by The Siegel Group this year. The Las Vegas-based redeveloper purchased the Truckee Lane Building — home to Java Jungle, Sierra Tap House and Jungle Vino — in September for $2.4 million.
The Siegel Group also owns the Siegel Suites property on downtown Reno’s West Second Street, which it bought five years ago when it was still the old Senator Hotel.
The redeveloper is still working on plans for the building, but will make an announcement once it nails down the details, said Michael Crandall, senior vice president of The Siegel Group. The 16-story, 125-room property closed in 2004.
The property is considered a great catch by The Siegel Group, which specializes in acquiring troubled or underperforming assets and turning them around. The company plans to do a thorough remodel of the Truckee Lane Building, for example, including bigger windows for office space facing the Truckee River and high-end touches to its residential units. The building will continue to offer retail space as well.
Crandall says The Siegel Group is looking forward to transforming the Virginian property.
“The Virginian is such a great property and we’re excited to bring it back to life, turn the lights on, and create some jobs after it’s been shut down for so many years,” Crandall said. “We’re also extremely pleased with how the community has welcomed us back … so we don’t plan to slow down. We’ll continue to keep growing in Reno.”
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