Press Releases
Basin Street Properties Continues its Commitment to Downtown Reno's Revitalization with the Acquisition of Waterfront Plaza and Two Adjacent Hotels
Latest Real Estate Deal to Compliment City's Planned Triple A Baseball Stadium
RENO, Nev. – Mar. 14, 2008 – Basin Street Properties, a prominent Northern California and Northern Nevada real
estate investor of commercial and mixed-use properties, continues its commitment to the rejuvenation of downtown Reno with its latest
acquisitions. Basin Street has purchased the former Harrah's corporate headquarters from TRT Investments, known as the Waterfront
Plaza located a 300 East Second Street, which is comprised of 145,000 sq. ft. of office space and more than 950 parking spaces.
Basin Street has also acquired two adjacent hotel properties, located at the intersection of East Second and Nevin Streets, which
will be converted into a Hyatt Summerfield Suites. The properties are situated in close proximity to the Truckee River and the
new Triple A baseball stadium, which broke ground earlier this week. These acquisitions, coupled with other Reno real estate
holdings, bring Basin Street's total number of sq. ft. under ownership in the city's downtown core to 515,000.
"This is a significant deal for downtown Reno's renaissance. The renovation of the Waterfront Plaza and the development of
the new Hyatt hotel will compliment the city's planned 10,000-seat Triple A baseball stadium and will further position the region
as a true destination city," said Matt White, president of Basin Street Properties. "This expansion of our portfolio once again
underscores Basin Street's overarching mission of acquiring strategic real estate assets that are beneficial to communities at
large."
According to Reno Mayor Robert Cashell, "The Basin Street acquisition is another sign that Reno's future is looking strong.
We look forward to working with Basin Street on their plans for improvements, and this project will be an important part of
downtown's revitalization."
Basin Street plans to initiate a six million dollar capital improvement campaign to convert Waterfront Plaza into a Class
"A" office building. This includes upgrading the heating, air conditioning and electrical systems, as well as renovating the
lobby, parking garage, and elevators and restoring the interiors and exteriors. Additionally, Basin Street has proposed to
install retail on the first floor of the building to accommodate the needs of adjacent hotel guests, office building employees
and ballpark visitors. Current tenants of the building include: Harrah's, Art Town, NetFolve, Washoe County and Wilks Broadcast,
to name a few.
The new Hyatt Summerfield Suites hotel will be built directly across the street from the ballpark. The six-story, 148-room
extended stay facility will accommodate both business travelers and visitors to the ballpark. The hotel will offer a variety of
amenities including a pool, fitness center, restaurant, convenient store, to name a few. Construction is expected to commence
this summer. Basin Street purchased the hotel properties from the City of Reno and a private investor, respectively.
"Reno is a vibrant market and important market for Basin Street. We will continue to maintain our footprint in the region and
play an integral part of the city's major revitalization efforts," added White.
Basin Street Properties, headquartered in Petaluma, Calif., is one of Northern California's and Northern Nevada's
prominent developers, investors and managers of commercial properties. Basin Street has become widely recognized for its office, retail
and mixed use developments. Founded more than 30 years ago, the company offers a broad range of real estate services, including
development, property management, construction management, financial and asset management, and property acquisition and disposition.
For more information on Basin Street Properties, please call 775.329.4131 or visit www.basin-street.com.
