The owner of a former downtown Reno hotel-casino just launched an investment fund to raise capital for the property following several snags in its redevelopment.
Charlotte, North Carolina-based Madison Capital Group is looking to raise $36 million for the redevelopment of the former Harrah’s Reno hotel-casino — now rebranded as the Reno Revival project — through a newly created Qualified Opportunity Zone Fund.
A Qualified Opportunity Zone Fund, also known as a QOF, is an investment vehicle that generates capital from a pool of people looking to put money in projects located in qualified “Opportunity Zones.”
Opportunity Zones, which are jointly designated by each state and the federal government, were created through the Tax Cuts and Jobs Act of 2017 as economic development tools for redeveloping or improving distressed neighborhoods.
