The arrival of the new store is a welcome addition, said Legends’ General Manager Dennis McGovern.
“We are truly excited to have as them part of the Legends family,” McGovern said. “Lowe’s becomes one more strong tenant to become a valued option for shopping in the community.”
The new one-stop shop for home improvement is the first in a series of new stores on the horizon, McGovern said. Legends at Sparks Marina is in the process of undergoing a refinancing deal that will allow the center to begin new construction.
The new construction loan will allow the center to build Galaxy IMAX Theaters, Old Navy and TJ Maxx, he said.
“We’re excited to have those in the line-up. This is a good thing,” McGovern said. “Part of it will be a loan and part will be to allow us to continue new construction.”
As part of the planned effort to refinance the Legends at Sparks Marina construction loan, RED Development’s lender group is filing notice to foreclose on its collateral. This is one of several necessary steps toward an important and broad refinancing effort by RED, one that will result in a new and improved financial structure, McGovern said.
The Reno-Gazette Journal reported earlier this week that the Leends developer, based in Kansas, Mo., had defaulted on $141 million in private loans used to construct most of the 148-acre retail development.
“It’s a step along the way to our refinancing,” McGovern said. “It’s not something that is unexpected. It’s business as usual here. Those things always get picked up by the newspaper and there’s nothing wrong with that. It’s part of the refinancing.”