boom2All the land around Boomtown that we all think of as Verdi but is really Reno just sold for $13,125,000.  The buyer is Reno Land Development Company LLC, which has the same address as Monterey Advisory Group and email address as the old Monterey Development Group (MDG – The Village at Somersett).

The purchase excluded lots 7, 8, 9, 10, and 12 from THIS offering from a few years ago.  HERE is the land uses approved under the Mortensen Garson Area Plan and HERE are the parcels involved in the sale (excluding the 300 acres of remote properties).  There is a $10M 1st Loan and a $600,000 2nd.  Note the 586.86 AF of ground water rights and up to 250 AF of surface water rights that come with the parcels.

So what’s next?  The properties north of I-80 are level, served with sewer and water, and I would expect terraforming to begin almost immediately for about 500 units.  I also expect the developer to try to densify the project from its current zoning – it has all City services and Reno loves this sort of “infill” stuff on the edges of their service area – and rezone the commercial properties just north of Cabela’s to residential.  The properties south of I-80 do not have City sewer or water, so I don’t expect development in the near future (some of it is really zoned for a high-rise casino!).

There goes the neighborhood!  At least it isn’t going to be an “Everything Included”  Lennarburger.

 

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