- Legends Bay Casino – remember the 1000 room Legends Bay Casino promised on the shores of Sparks Marina? It got pared down to 800 rooms, 600 rooms, 300 rooms, and then a Special Use permit for 200 rooms was approved 2013 and has now expired.
There has been a lot of easement work happening, and Olympia Gaming recently filed this PARCEL MAP dividing their holdings into 3. Given the detailed boundaries of the new 2 acre parcels, I think retail is replacing the casino. FYI, 2 acres is what it takes to build a standard 15,000 SF CVS or similar big box retail store.
- 775 California Avenue, the White House, finally sold for $1,425,000 after a whopping 1292 days on Zillow. Half the original asking price.
- 580 Gonowabie in Crystal Bay is currently the most expensive home on the Reno Sparks MLS at $39,750,000, and it is just 6 Power Ball numbers from being mine. HERE is the drone video to close the deal – the ultimate in real estate porn.
- The retail spaces at 3rd Street Flats aka Kings Inn Jr. are on the MARKET with rates “negotiable”. The brochure gives the first hints of how the residential lobby and amenities will layout. No interior access to the dog walk area? I’ve got a post started on predictions for 2016, and I think that 3rd Street Flats is going to live up to its name – flat. 1 bedroom rents are going to have to pro forma over $2000 per month, and I don’t see the market in that location.
- Another prediction – North Virginia Street will continue to decline. The Carano’s don’t want customers leaving their dens of inequity to wander the streets, Harrah’s is in BK and certainly doesn’t have any intention of improving their plaza not to mention their hotel and casino offerings, the old-time owners and their estates are satisfied with their current returns, land prices are wildly 400% over market, Siegel will continue his negative impact on the strip, and in the end, the locals just don’t need NVA when we can bypass it on Sierra and Center. It’s embarrassing to be rotting from the core, but I don’t see any forces present or future lining up to forestall the inevitable continued decline into irrelevance. Downtown will continue to move towards being a second Park Lane Mall success story.
- You readers have any predictions for the coming year?