– The long closed Kmart on Summit Ridge in NW Reno has a new owner. 19.5 acres for $4,000,000. I vaguely recall a proposal from a while back to rezone the property single family, but suspect this will end up a dense multifamily project, as it should given the neighborhood and public transportation available. The property has Transit Impact Credits out the wazoo, and should have a lot of water attached to it from the former use. I can’t imagine anyone trying retail again at this location.
– Speaking of high density infill housing, Keystone Canyon is going back in front of the Planning Commission, this time as the Villas instead of student oriented housing. It looks like a very generic stock apartment complex, but the units are comparatively huge. Site Plan, Building Elevations, and Unit Plans are HERE. this is pretty record turnaround since the student housing proposal was shot down earlier this year.
– The Belvedere is a project that just won’t die. The South Tower is scheduled to hit the courthouse steps shortly on a defaulted $12M+ construction loan. The developer did a parcel split separating the North and South Towers, and took out construction loans on both. The North Tower ownership has been somewhat contentiously resolved. What sort of jenius bank does a huge construction loan and release the whole thing instead of in draws?
– Speaking of projects that won’t die, the “historic” King’s Inn is rumored to be in contract, though the deal hasn’t closed yet. After taking the project back in a Trustee’s Sale, the new ownership entity put themselves into bankruptcy to avoid paying the $300K+ back property taxes due the County. BK cleared 3 weeks ago, County and a few contractors will get paid in full, and the deal can close at any time. Assuming of course there really IS a deal this time.
– Balfour is quietly marketing the Virginian Hotel and Casino (attached to the Cal Neva) for $3M. Sheets are still on the beds – you can look in from City Hall, where I have had several meetings this week. Virginian and Nevadan in play, Woolworth’s sold, and a big lease at JC Penney building at 100 N Sierra in the works. I may win my bet, downtown doubters!