Seven weeks after a Florida company made a vague announcement about development plans along Interstate 80 in Reno, it made an equally vague announcement that it changed its mind.
Universal Property Development and Acquisition Corp.
said last week it decided to dispose of its property holdings in the Reno area to focus its efforts on development of oil and gas wells in Utah and Texas.
Universal Property Development, a publicly held company based at Juno Beach, Fla., didn't provide many details in early September when it said it had purchased 600 acres in the Reno area to develop a hotel and travel center.
Missing from that announcement was the location of the property.
The company didn't respond to telephone and e-mail requests for more information either last week or in early September.
The company said last week it plans to "assign or transfer" its real estate projects.
It didn't provide any more details, including the possible price tag on the Reno-area property.
In September, the company said it acquired the 600 acres in exchange for the investment of $500,0000 in engineering and site preparation.
That would value the property at $833 an acre in a market where land along I-80 generally sells for $150,000 or more an acre.
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