– 340 E. 2nd Street is the vacant lot on the Truckee across the street from the Aces Ballpark. We have been hearing for years about the extended stay hotel planned for the site, but it keeps being delayed. The wait may finally be over. Reno Hotel Partners LLC (Basin Street Properties) just sold an 18.44% piece of the project to Redbird Reno Hotel LLC out of Mill Valley CA for $1.7M.
– Another stalled hotel project is the Hampton Inn planned for the corner of Robb Drive and Sharlands at the I-80 interchange. The permit has been filed (the original permits expired). This will be a nice addition to the NW.
– The favorite sport in town the past few weeks has been trying to suss out what Tesla is up to with their 10,000,000 SF Gigafactory. Logistically, Reno makes a lot of sense. We are halfway between the local lithium supply and the Factory in Fremont CA, great access to the Ports of Oakland / Stockton / Sacramento to receive shipments from overseas. Stead Airport has 3000 acres of develop-able property and would be an ideal site.
– West Street Market is once again rearing its ugly budget sucking head. Reno Redevelopment is 6 years into a 10 year lease on the property that is now listed at $2.15M (up from less that $600K in 2005 and reflects the TIs Reno RDA has poured into the hot mess). To keep from defaulting, the RDA currently receives $100,000 per year from the Parks and Rec budget. HERE is some history from the last go round. Fair Market Value on West Street Market is probably right around $1M. Please, Reno, let this albatross go. Maybe the new owners will allow you to exit this investment gone (seriously) wrong early. Sorry for the businesses there that are trying to make it work, but this is a job for the private sector.
– The Montage (aka Mantage) retail units have hit the market at a uniform $125/sf. These are “Cold Shell” in industry speak – boxes without any improvements or mechanical systems. The owner is throwing the spaghetti against the wall to see what sticks with the asking prices (2nd and Sierra space is not equal to Commercial Row space), but it is nice to see the listing and sales process has at least started.
Sorry for the lack of updates lately, but some good stuff coming up. Can your HOA sell your house for lack of dues payments? Yup, and finding these TDs passing under the radar of the banks has become a new cottage industry.