A notice of sale has been posted for the Court Street/Island Avenue property the Kimpton was going to be built on. A notice of default for the property was filed back in June. Apparently not much has been done to being paying off the property since that time.
Payments from CAI Investments to Court Street Ventures LLC (owned by John Illescu's estate) stopped in August 2023. According to the Notice of Sale, a balance of $11,325,000 is still owed.
The addresses involved are 0 Court Street, 0 Island Avenue, 219 Court Street, 223 Court Street and 260 Island Acvenue, or APN's 011-112-12, 011-112-07, 011-112-06, 011-112-03, and 011-112-02.
The sale is to take place on October 30, 2024, on the courthouse steps at the Virginia Street entrance of the Washoe County Courthouse. There is a chance that CAI Investments will suddenly fork over some or all of the money due, similar to how he saved his Tempe property from being sold off, but time is running out.