City officials have agreed to sell a dilapidated downtown apartment complex to a developer who promised to renovate the property and offer affordable rents to senior citizens.
The agreement approved Wednesday by the City Council also removes the city from a lawsuit in which the buyer, California businessman Walt Walters, said he was unjustly prevented from buying the complex for about $1 million less than he's now paying.
Walters will have 30 days to start renovations once the $5.2 million deal is complete for the 80-unit complex near the Stratosphere hotel-casino and the high-rise Allure condominium building.
Walters will have five years to pay the city, during which officials said rents must remain affordable.
Officials said target rents were $550 for a one-bedroom and $750 for a two-bedroom apartment. Once the purchase is complete, rents can increase.
The city bought the closed complex last year, after the previous owners were cited for code violations and operating without a business license.