Alright it's super late, or super early, however you want to look at it. There are some related 'attorney garble' items on the City Council Agenda regarding the Waterfront Property. I attempted to interpret this as best I can at midnight, and I think the gist of it is when the City of Reno gave abandonment of First Street from Lake to Second Street o the Waterfront folks, there was a clause or rule built in that said the Waterfront Folks had to show proof of some kind of loan of $10,000,000 by a certain date, or else it would revert back to the city. As reported before, the Waterfront Folks met this requirement. So in these agenda items, the city is officially saying they met this requirement and to allow the abandonment to stay as is. It doesn't mean or indicate the Waterfront folks are actually building something any time soon, but one can hope.
Their latest plan was to build out a mostly commercial project in phases, starting with two restaurants along the river, subject to finding tenants for them first.