Sparks buys two pawnshops
The city of Sparks will briefly play landlord to a pair of pawnshops on Victorian Avenue.
Sparks City Council last week approved the purchase of Pacific Pawn locations at 920 and 1246 Victorian Ave. The buildings are in the city’s Victorian Square redevelopment district.
The move will give Pacific Pawn time to reduce inventory and relocate, says Armando Ornelas, redevelopment manager with the city.
One shop will move this fall, the other next spring.
The pawnshop properties and a vacant parcel at 329 Pyramid Way will cost about $1.7 million plus closing and relocation costs.
One of the locations is a cornerstone property for the implementation of the city’s Victorian Square Redevelopment Plan. The other two properties are underutilized and present redevelopment opportunities, the city says.
Sparks also purchased the former Mint casino, now vacant. It will tear it down as part of the redevelopment effort for the Victorian Plaza area.
The city owns seven urban parcels about four acres in the Victorian Square vicinity, says Ornelas. The initial plan, adopted in 2005, calls for mixed-use including office, retail and residential.
“We are huge fans of doing business in Northern Nevada. We love the location. We love the potential for employees. And, frankly, we love how easy it is to work with the business community,” says Havelock Wool CEO Andrew Legge.