CVI plans to expand into former Coldwell property
The 25-year-old Coldwell Itildo Banker building in Minden will be either razed or moved in the next year to make room for the expansion of Carson Valley Inn’s parking lot, according to CVI owner Mike Pegram.
“We’re exploring the possibility of changing the ingress/egress,” Pegram said. “We’re looking how to clean up a lot of that stuff when we do decide to expand the parking lot.”
According to the Douglas County Assessor’s website, the 6,810-square-foot structure was built in 1986 on approximately .38 acres. The property sits directly south of Carson Valley Inn. According to county documents recorded on Dec. 28, Pegram’s company, G Peg II, LLC, purchased the property from Tomerlin Trust for $850,000.
The building had served primarily as the real estate headquarters for Coldwell Banker Itildo, which merged with Carson City’s Coldwell Bankers Best Sellers in August.
Pegram said he’s seeking not only an abandonment permit for demolition, but also a special use permit required for the parking lot. He estimated the expansion will add 35-60 parking spots to the casino’s total of more than 600.
“We’re seeking permits for everything right now, but we don’t have a timetable as far as taking the building down,” he said Monday. “We’d love to see somebody use it (the building).”
Pegram said the move is part of overall efforts to expand CVI’s presence and economic impact on the community.
“What we’re really doing from a business perspective is increasing visibility on Highway 395,” he said. “Traveling north, you’re on top of the building before you even know it.”
In the last year alone, Pegram said upwards of $10 million has been invested in remodeling the property, which has included renovation of the casino floor, lobby, cabaret area, CV Steak House, signage north of the main building, and several other improvements.
Upgrade of hotel rooms and suites is now underway, including new carpet, wall treatments and furniture, and a facelift for Katie’s Restaurant is on the horizon.
By the end of 2011, Pegram estimates a total of $12 million will have been invested into the property.
“I don’t think that with these properties, you’re ever done,” he said.