The Yard is the 111,000 square foot 3 story former Bourbon Square Casino, a landmark location in the Victorian Square, Downtown Sparks, Nevada. The repurposing vision is to offer a unique mixed use experience for retail, residential and commercial tenants and customers. The retail space offers entertainment and restaurants on the first floor, and possible residential or hospitality use on the 2nd and 3rd floors.
The LCIP partnership purchased both the Silver Club and Bourbon Square buildings back in the spring of 2015. Both properties were opportunistic acquisitions, purchased from the same owner and solving several problems for the past fund ownership. The former owners purchased the buildings as part of a larger distressed debt purchase in 2009 involving several assets.
Today, the Victorian Square area has roughly 550 plus residential units coming on line for rental in 2016 and 2017. LCIP’s Square One and the Fountainhouse project next door will deliver 400 units in 2017.
The Yard is a landmark building and location with the renewed residential activity, as the resulting new residents will indeed create the “heartbeat” of Victorian Square and main downtown Sparks.
LandCap and their Capital Partner decided to demo the interior and complete the renovation of the newly designed exterior façade. The building will show well for mixed new retail and commercial and residential tenants. The building’s unique size, landmark location, and proximity to the Tahoe Reno Industrial Complex only 15 minutes away perfectly positions the building for the possibility of credit worthy retail and commercial tenants. The building has a “grandfathered” gaming license that has been preserved by the LCIP Partners.