– The now lender owned Kings Inn has returned to the market as a historic” down town Reno property. The asking price was not disclosed, but I believe it was $3M before the foreclosure. Any takers?
– Sierra Canyon – Sierra Canyon I is the Pulte Del Webb age restricted community at the western edge of Somersett. Of the 852 approved home sites, all but 60 or so are now sold. At the current rate of sales, the project will be sold out in 15-18 months.
Sierra Canyon II is the separate but related 375 home site development that extends along Somerset Ridge Parkway from Del Webb Parkway SW to the Verdi roundabout. Subdivision maps for Villages 11 and 12, around half the project, were approved by Reno in 2007, and the compliance deadlines have been extended twice. All the gross site work has been completed, the roads and lots have been rough graded, but no roads or utilities exist. Rather than apply for a 3rd extension, Pulte recorded a Reversion to Acreage subdivision map last week. This effectively erases all project all project approvals.
Why would Pulte to this with only about a 6 month difference between when SC I sells out and when additional site construction would need to start to have new home sites to sell? Theories abound: Putle is mothballing SC II until the economy recovers. Pulte wants to resubmit with greater density, maybe abandoning the SFR model. Pulte wants to lift the age restrictions and build a standard subdivision. Pulte is selling to another developer who didn’t want to have to deal with the current restrictions. It will be very interesting to see how this all plays out.
– A string of interesting things downtown, from south to north. The lot on the river between the Riverside Lofts and Sierra Street has been LISTED for $995,000. This lot was part of a big swap the Redevelopment Agency made to assemble the ball park parcel. I’m pretty sure the listed $1.7M last transaction price is not accurate.
– The Woolworth’s building at 101 North Virginia has been listed for sale for $3.9M, over its last sale price of $3.75M in 11/2006 (interior demo has been completed since then). This has been listed for lease for years, but I don’t recall a for sale listing.
– Right next door, the Cal Neva had listed their Nevadan Hotel tower for sale, price undisclosed.
– Most of the multi-block Tessera project was also listed for sale for $10M with “STARR Bonds Available”. These are not the Brown Nevada or Northern Nevada Urban Development owned properties along North Virginia, but the lots East of Center and North of 6th to the freeway.
– Do you think all this activity has anything to do with new Apple data center in east Washoe and offices at the “real” Tessera project Here’s the city council staff report and financial analysis. Rumors of this deal have been swirling through the leasing and development community like wildfire over the last few weeks.