BCN Development of Denver is building a 13-story mixed use project at the corner of Sierra and First Streets, next to the Truckee River. This project will include 19,000 square feet of retail space with restaurants, a parking garage, and 87 market-rate condominiums. Below is a live webcam image, provided by a camera on the east side of the Century Riverside 12 movie theater, pointing east to the construction site.
BCN Development creates high-end, mixed-use, luxury properties. Established in 1993 by visionary Craig Nassi, BCN is reinventing skylines by bringing creative and unique designs to everyday life.
BCN transforms once ordinary and distressed urban areas into vibrant, pedestrian-friendly communities as evidenced by some of their recent majestic buildings; Belvedere Tower, The Prado, Beauvallon, and Palladio.
BCN Development's vision, total client dedication, and high standards have propelled the company into one of the premier developers in the country in the last decade. Such dedication has earned BCN two prestigious Ernst and Young awards for Overall Ground Breaker of the Year in 2001 as well as the Best New Development for Belvedere Tower in 2000.
BCN buildings are the future landmarks and community designations for generations to come.
Redevelopment Agency Receives $3.5 Million
On Century Riverside Theater Loan
The Reno Redevelopment Agency has received more than $3,500,000.00 on a $6,500,000.00 loan made to developers to build the Century Riverside Theater which opened in 1999.
Last week theater developer DDR Reno, LLC, completed refinancing arrangements under the original development agreement with the Reno Redevelopment Agency through which the project loan was made. In addition, the Redevelopment Agency has been receiving annual net income payments against the loan since the theater opened totaling about $900,000.00 to date, with an additional $400,000.00 expected this year. "The net income payments and the refinancing package are directly related to the financial success of the Century Riverside Theater property," City Manager Charles McNeely said today. "I'm extremely pleased with the overall success of the theater and the role it continues to play in the economic health and success of Redevelopment projects in Reno's downtown area."
McNeely said the remainder of the loan balance is secured and the developer's future net income payments will continue to apply against the loan balance. "The Reno Redevelopment Agency will continue to benefit from this project even after the loan is paid in full," McNeely noted, "through continued net income payments established in the original agreement."
The Century Riverside Theater's gross receipt success puts it in the top 25 percent of the highest producing movie theaters in the country, according to Theater Watch Magazine, making it one of the most successful Reno Redevelopment Agency projects to date.
The theater's location on Sierra Street at the Truckee River provides patrons with many options for an evening out that include seeing a first-run movie, shopping, having dinner, listening to jazz and other music, and walking along the picturesque banks of the river. It is also located close to new Redevelopment Agency projects such as the Palladio, conversion of the former Comstock Hotel Casino into the Riverwalk Condominiums and other projects that will increase downtown residency, develop new retail outlets and restaurants and thus boost downtown economic activity, McNeely noted. "The theater is attracting residents from all over the community who are going to the movies and spending time and money in the other businesses in the downtown area," McNeely said, "which is exactly the result we look for in outstanding redevelopment projects like the theater."
