The tea leaves were right – the Standard@Reno student/housing (they never confirmed their intent) project is dead, and the site is on the market. At $80/SF raw land cost! That’s a cool $9.6M for a 2.75 acre blighted city block. The Tessera properties must be worth DOUBLE that.
The W 2nd Street District has picked up their permit for their initial 28 unit condo project at 235 Ralston, and admitted that they are pursuing 2 avenues of funding when they addresses the RAAB (Redevelopment Agency Advisory Board) yesterday. You don’t pick up a permit unless you are pretty close to funding, but it is generally a requirement by the lender. This one is a little lest costly because the sewer connection fees are being deferred until Certificate of Occupancy. In a blow to the District, 3 more parcels seem out of the developer’s hands. The 7-11 Motel sold, and The Siegel Group is marketing their 2 vacant lots on 2nd Street as Build To Suit (“Great Location for Franchise” – they really don’t get Reno yet, do they?). I have no indication that Reno is warming to selling their parking lot or abandoning Stevenson and Church Streets for this project (maintaining the Urban Grid is a core value), and I’ll believe the purchase of the UNR Nelson property for $7M when it records. In blue, the properties owned. In red, the properties that seem out of play now.
Casket Truck stuck at Sierra Canyon in the last storms. No comment – it would be shooting fish in a barrel.