At last night's Downtown Reno Partnership town hall, which had an economic focus, CAI Investments representatives provided a bit of a 'mic drop' moment when providing attendees with an update on their projects. If you haven't attended one of their town halls yet, I highly recommend. It's a great source to get updates on stuff happening downtown and learn about the great things the DRP is doing.
A representative of CAI Investments said that the Regina Apartments, the older building next to Park Tower on Island Avenue, will be turned into a spa for the Kimpton Hotel. He also said that the previous design for the building has been scrapped and it will now be a single tower that they believe will be the tallest tower in Northern Nevada. There will supposedly be seven levels of parking with retail on the ground floor, two levels of offices beginning on the eighth floor, and then the hotel. Not sure how many stories total. It would open in 2024. The first permits for the redesigned project are 'ready to go to the city'
I don't think the rendering I included is the final design, it was one of the more recent ones I could find. It's definitely taller than the original proposed. But it doesn't match the description. So I'm sure we'll find out eventually.
They also gave an update on Reno City Center as well.
The first floor of the project will be retail, including a grocery store. Floors 2-4 will be a tech company soon to be announced with 400 to 600 workers. Basement will be mini storage. Soft opening February 2022. A Starbucks will be involved.