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RENO, NV-BCN Development of Denver beat out two competitors to build a 12-story Downtown riverfront condominium here with street-level retail shops and restaurants.

BCN principal Craig Nassi tells GlobeSt.com the $21-million project at First and Sierra streets will be Reno’s first luxury residential tower. “They’ve never had a class A building like this before,” says Nassi, whose company is on its third such project in Denver’s Golden Triangle area.

The project is being planned for the site of the former Granada Theater, an eyesore since it closed six year ago. If BCN’s plan gets final approval, construction could start within three months after that.

“Why would a Denver developer go to a city like Reno, which is half the size of Denver? I’ll go anywhere there is demand,” Nassi tells GlobeSt.com. “I think there’s a lot of pent-up demand in Reno.”

Of the three finalist proposals, Nassi says his had the most units and the most retail space. BCN’s project will have 87 units that are expected to sell for an average of $195,000. The two finalist developers that didn’t win were Green Valley Corp. of San Jose, CA, which proposed a 48-unit project, and UPA California, which proposed an 80-unit project.

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