One R Midtown Rents

One R  is the newest addition to the Midtown rental stock and the largest infill project yet at 70 Units.  Floor plans and rental rates are HERE.  All in all about 20% below the asking rents at REDreno aka Park Lane Mall with meager amenities but a walkable location.  Where do you want to live?

FYI, this is the current incentive offer at RED:

4 WEEKS FREE + UP TO $2000 GIFT CARD

Our first move-ins are scheduled for January 2021! Our founding residents are eligible to receive four weeks on us and up to $2,000 gift card. Offer valid for a limited time on select apartment homes. Please speak to a leasing associate for details and restrictions.

 

“Animosity Towards the MGOD”

The Stan Lucas project located between West Meadows Estates and Somersett/Sierra Canyon will be back in front of the Reno City Council for reconsideration Wednesday night at 6 PM.  the Zoom meeting can be streamed live from the City’s web site or viewed on Spectrum channel 194.  The Council package is HERE under Item I.1.

The original project was denied by the Planning Commission, appealed to the Council where it was also denied, then submitted for Judicial Review which found in favor of the developer citing “animosity towards the MGOD”.  The findings of the Judicial Review were scathing of the Planning Commission and Council, and complimentary of Reno’s Planning staff.  Council must now review the project strictly within the terms of the MGOD and must have very, very good reasons to not make the findings for the project.

The revised plan removes 30 or so lot, in general meeting Planning’s original proposed Conditions.

A second gated emergency access road is proposed to connect to Reno’s easement to Cold Creek in the Cliffs.  There has been a lot of public comment about this reducing the existing “unmapped public road” that leads north to the properties farther up Peavine, but with gates at each end and sharing the road easement for a few hundred feet this should not be a problem.

MGOD is a planning world to itself, created out a legal settlement and codified in 2004.  It has it’s own set of rules and established densities and unit counts for the various Planning Areas.  Stan Lucas is Planning Area 1.  The 1250 unit Santerra project (also denied by the Planning Commission with the same flawed review standards) is Planning Area 3 and is being protested to Council.  The Drakulich Judicial Review will be held up a precedent setting.

Somersett Next

When a Master Developer (Declarant) establishes a PUD, they identify the land included in the PUD and also the “annexable land” they might want to bring into the PUD in the future on the same density terms as negotiated with the City. They can also annex up to 10% additional unit count with the same density on land not originally identified as “annexable”. Somersett at +/= 3500 units can annex in 350 additional units as well as transfer the 200 or so unutilized units under the current PUD.

Somersett recently completed a detailed review of their governing documents to update them and remove the Declarant. The Declarant wants to retain some of his original entitlements. Where are the most likley additons to Somersett as we know it today?

NW – These parcels above Toll’s Village 6 Cliffs project are already incorporated into the Somersett PUD and are ripe for a TDR (Transfer of Development Rights) of the unulitized units.

SE – Wade/Northgate I believe was involved in the original assemblage of Somersett. These parcels were deemed to difficult too develop and did not become a part of the PUD, but were identified as “annexable properties”. Maybe 125 or so units?

A good HOA keeps your assessments low. A great HOA is forward looking and protects the community by understanding future threats to it. 

Lakeridge Redux

Tags

,

A “new” project for the site of the demolished Lakeridge Tennis Club has been submitted for Planning review. Highlights include:


–  314 condo units replacing the previously proposed 350+/- active senior apartments. 

 –  8 4-story buildings, 3 stories above a parking deck.

– Parking is provided per the 2 week old Development Code Update, 1 space per units up to 1250 SF and 2 spaces per units larger than 1250 SF. Old code was 1.5 spaces per 1 bedroom unit, 2 spaces per 2 or 3 bedroom unit, plus 1:10 guest parking.


The application documents are just starting to populate on Accela, but you can find the initial application HERE.

Somersett Update

So what’s up at one of Reno’s largest PUDs?


 – Witt Storage is one approval away from a 496 unit mini-storage / RV storage facility on Somersett Ridge Parkway just East of their existing facility. 500 units would have triggered an SUP or CUP under the new Planning Code. What a great entry statement for you community.

  • Chilcur – Just to the West of existing Witt, presumed to be more tin can sheds to store crap.
  • Bubble Wash – this Town Center proposal seems to be dying.
  • Boulders – 8 lots got sold as Toll exited the development. Planned as Toll-lite “custom” home at minimum SF and designed to AGC minimums.
  • Cliffs/Pointe – Both trying to hand off common space to SOA who will have to maintain them.

Buy warning on Somersett right now. 

 

 

 

Lakeridge Rezoning

Councilperson Duerr has THIS proposal to reduce the zoning on the Lakeridge Tennis Club parcel from CC (as approved by the Council a year and a half ago) to MF14 – 14 units per acre, 2 storey maximum on the Council agenda for 13 January. This would reduce development potential on the site from the 350+/- units previously proposed to 119. What the owners purchased under the current approved zoning for $8.2M might be worth $3.5M under her proposal.

Can you remember ANY other case where a Councilperson has initiated a zoning change? And one that would certainly put the City of Reno at risk for legal action for “taking”?

The red zone is the site.  Duerr’s proposal would be classic spot zoning.  She might have gotten some traction at MF30, but to propose such low density on a site that the Master Plan states should be highly developed due to availability of infrastructure is just a knee-jerk reaction to her NIMBY constituents.  Will the Council back her up?

The $98,000,000 airbnb

Gondola Vista is a new 20 unit townhouse project under the Heavenly gondola at South Lake. It is specifically designed for the luxury vacation rental market, and the mix of 4, 5, and 6 bedroom units can be yours for a cool $98,000,000 or an average of a scooch below $5M each. The LoopNet listing is HERE.

The nights I checked were in the $800-1000 per night range. With an 80% mortgage, principal and interest would run $20,000 per month per unit. I can’t see any world where this is a good investment, but I can be schooled.

The $250 Property Check Up

The Reno Planning Commission is set to vote on the proposed Development Code Update this Wednesday. Approval by Council is scheduled for 8 December, and the Updated code will go into effect sometime in January depending on appeals. There is a lot of good in the Update, but also a lot of confusing layers of complexity. For a limited time, I am available to review your property and prepare a report on what the Update will mean to your development potential for $250 per parcel.

If you have properties in the Midtown, Wells, Plumas or Newlands Neighborhoods, a lot has changed (more changes to Wells next year!). If you own MF14 properties in Wells below Vassar, you may have a golden pass to MF30. And if you own MF zoned land anywhere in Reno, density bonuses may help you and your holdings achieve better returns.

Some Easter Eggs in the Update:

  • 5 storey 75′ height extended to 1.5 blocks from S Virginia Street.
  • Parking reductions in proximity to S Virginia and 4th Street.
  • Parking reductions in proximity to the Downtown MU districts.
  • Density bonuses in MF districts based on unit size.
  • “Free” zoning amendments for a limited time if you think they have it wrong.

Email me your property address and/or APN and your authorization to proceed to prepare a report for $250, and get a report within a couple days. Knowledge is everything!

Mike

macnv@charter.net

NW Dirt

If you have been driving around NW Reno, you will notice that there is a lot of dirt being moved. Here’s what all the dust is about:

  1. Mountain View Mixed Residential (aka the Poltergeist Project) will be 283 apartment units (approved), and 66 townhouses and 49 single family small-lot homes (in review). At least the Townhouse and SFRs are slated to be a DR Horton Project.

2. Village Northwest will be 48 triplex condo units from Jenuine Communities. This basic design is all over the South Meadows and is not my favorite, but seems popular with both the builders and buyers.

3. Brae Retreat aka Somersett Village 1A by Desert Wind Homes will be a pearl necklace of 62 single family homes above The Village and Town Center. It is not on the DWH website yet, but has been showing up in their print ads for the last couple weeks.

4. Summerset Reno Assisted Living and Memory Care will a two building complex with a total of 163 beds. I can’t remember how many memory care facilities have been proposed in NV Reno, but the one at Mae Ann and Grandpoint by the post office has been cancelled.

5. The Vue on 4th Street or some variation of that, 164 high end apartments from the developer of Somersett.

6. Verdi Business Park, (not to be confused with the existing Verdi Business Park) is a 100,000 SF flexspace development hiding in plain sight that deservingly managed to avoid public scrutiny and interference. Whatever you need, you can accommodate it here (maybe even live work!). I salute the developers for a great project and professional management of the public process.