Reno Commission Approves Conditional Use Permit for GSR Arena

In September 2023, Grand Sierra Resort (GSR) announced its plans for a historic $1 billion investment in Reno. The massive redevelopment of the site proposed the building of a new arena which would be the home to the University of Nevada Men’s Basketball team, the Wolf Pack, as well as other amenities. Now, the project has reached a major milestone after securing an important conditional use permit approval for the proposed arena.

Reno Planning Commission Grants Unanimous Approval

The conditional use permit approval for the arena came from the Reno Planning Commission. During the discussion on the topic last week, commissioners feared the impact the project may have on traffic and congestion in the area.

However, ultimately, they decided to grant approval in what was considered a major step in the progress of the project that involves the investment of the mind-blowing sum of $1 billion. The unanimous approval of the conditional use permit for GSR’s new arena is expected to kickstart the project.

The proposed arena is going to offer some 10,000 seats. Upon completion, the development would be the new home of the Wolf Pack men’s basketball team. GSR required approval considering the 118 feet height of the new multipurpose arena.

Next to the arena, the project proposes the development of a multi-level parking lot with some 2,800 parking spaces, as well as an ice rink with 500 seats. Further amenities are going to include affordable housing units and a new hotel tower, as well as a variety of restaurants and shopping outlets.

The Project Seeks Tax Increment Financing

Late last year, GSR asked Reno to help with the funding of GSR Arena. The massive project that seeks to transform the city’s landscape sought financial support for its arena project by asking for $97 million in tax increment financing, a figure that represented 9.7% of the estimated total investment of $1 billion.

Through tax increment financing, a portion of the anticipated property tax revenue from the future project would be reinvested directly into the development itself. Discussions and negotiations regarding the potential tax increment financing of the project are currently ongoing. This week, talks are expected to continue, although there isn’t a deadline set for the process.

The redeveloped Grand Sierra Resort is expected to open during the fall of 2027. Still, the massive project requires further approvals down the line. During the construction work, more than 5,000 temporary jobs are expected to be created.