Exciting news! As you might have read here, Madison Capital Group provided the funding to pay off Delphi, but it turns out that they did much more than that, they bought the entire project outright, and is now the majority owner, manager and developer of the former Harrah's Casino and Reno City Center.
Madison Capital Group will be partnering with one of the Mountain West’s premiere developers, Ahlquist, in bringing a new mixed-use development to downtown Reno called, “Revival.” The name had to be changed since it's a new team, and new developer.
In March 2025, Madison Capital Group became the majority owner, manager, and developer of the former Harrah’s Casino, comprising two square blocks in downtown Reno. This acquisition marks a new chapter for the Harrah’s property after previously stalling because of the bankruptcy. Revival’s phased development will include a full re-design of three separate towers and will include 300 market rate residential apartments, corporate housing, a re-invigorated hotel concept, and Class-A office space, as well as retail, restaurant and grocery spaces integrated into a ground-level outdoor plaza. As a flagship tenant, Las Vegas-based Fine Entertainment will open "The George" on the first floor/ground level. More details on those revamped plans to come.
Who is Madison Capital Group?
Madison Capital Group, headquartered in Charlotte, N.C., is a real estate investment firm with a portfolio of companies including - Go Store It Self-Storage, Madison Communities, Madison Commercial, BenCo Construction, and Madison Capital Markets Group - that collaborate to create value across multifamily, self-storage, and commercial sectors. You can find some of their residential communities here: https://madisoncapgroup.com/madison-communities/
“We are excited to kick off Revival, a transformative project that honors the rich history of the Harrah’s property while looking toward the future. Breathing new life into this cornerstone property will play a key role in the continued revitalization of downtown Reno, further establishing it as a top city to live, work, and visit.” said Ryan Hanks, Founder and CEO of Madison Capital Group.
Who is Ahlquist?
AHLQUIST is a full-service development firm ready to meet clients where they are in the building process. From leasing and architecture to construction, operations management and property management, AHLQUIST’s dedicated teams guide our clients through every step of the development process. With more than 3.5 million square feet developed and a total value north of $1.6 billion, AHLQUIST has shattered expectations while continuing to grow and expand. AHLQUIST projects specialize in oPice, retail, hospitality, residential, flex, medical, and industrial spaces. Notable projects that have revitalized Boise and the surrounding Treasure Valley include 4th and Idaho, Eagle View Landing, home of Idaho’s first TopGolf, Ten Mile Crossing, Pioneer Crossing, Eighth and Main, City Center Plaza, and dozens of other sites and buildings. You can see more of their portfolio by visiting https://www.ahlquistdev.com/our-projects/
Tommy Ahlquist, President and CEO of Boise-based Ahlquist, added: “Partnering with Ryan Hanks and his team on this historic project is a once-in-
a-career opportunity. The former Harrah’s property holds tremendous potential to become a central hub to the downtown corridor. In many ways, Reno’s downtown is similar to Boise, so we know what this project means to the community. We’ve been working tirelessly on this project and are excited to continue as the co-developer, operations manager, and property manager for Revival."
This mixed-use development will be led locally by development partner Brianna Bullentini.
The next step will be going into the design phase, more information should be coming regularly, with a commitment to keeping the community and stakeholders informed with each milestone reached.