The Alexander Apartments on South Virginia Street are most noted for spectacularly burning down in a 2009 arson fire. Rebuilt, leased up, and just sold for $55,300,000 with a 20 year deed restriction to keep them rentals. At 352 primarily 1 bedroom units, that works out to $157,000 per door.
2520 Spinnaker in Lakeridge answers the question (at least for now) if HOA foreclosure sales wipe out the other lenders. Purchased at a Trustee’s Sale on 12/11/2012 for $4200 with a $398K first and a $30K second mortgage in place, 2520 sold on 5/5/2014 for $801,000. I’ll take a 20X ROI anytime!
Is the Truckee Meadows ready for Tesla? The Truckee Meadows Regional Industrial Lands Study is a pretty fascinating read. Some interesting takeaways:
– The firms coming here do not differentiate between the Truckee Meadows proper and Tahoe Reno Industrial Center (TRIC) in Storey County.
– All major user coming to our area gets such large tax concession packages that their direct contribution to our economy is minimal. But the jobs they produce have a HUGE impact. Think Apple. Although they get some tax breaks for their actual data centers where employment is minimal, their major tax breaks come with the downtown Reno processing facility that is projected to generate 200 jobs.
All in all, a great study by our local and regional planning agencies. Kudos to all involved.
If you have driven through “downtown” Verdi recently, you may have seen the construction sign for the Verdian Works. The construction permit is for $500,000 in foundation work, no application yet for the actual 5600 SF building, and I’ve seen less concrete and steel in nuclear power plants. The rumors at the Bar-M-Bar centered oddly around Rice-a-Roni and locomotives. Turns out to be all true! The illusive Michael V. DeDomenico, Verdi’s version of John Iliescue, millionaire from his family’s sale of Golden Grain/Rice-a-Roni/Ghirardelli to Quaker, son of the Napa Wine Train founder, former owner of the Carolands Mansion in Hillsborough, beat the largest single year tax evasion charge in California history, and now plans to restore locomotives in Verdi. I can’t make this stuff up. I normally wouldn’t post about projects in process such as this one, but it is so intriguing with so little information available and so juicy that I’m hoping some of the blog readers might have more information or gossip.