Tessera-4Who owns the domain thestandardatreno.com?  Landmark Properties, a leader in student housing development with many “The Standard at …” projects under their belt.  The Standard at Reno project just filed for an abandonment of Junior Place, a “street” running from 6th to 7th between Center and Lake.  Who owns this block?  Our friends Italian Capital.

The entire block is an absolute hunk of blighted crap, and student housing is a natural use here this close to campus and kitty corner from the Regency.  Reno would love development here, but don’t expect the current Council to be giving away Junior Place.  If Italian Capital is selling the site for $40/SF to Landmark, Reno should be demanding at least $40/SF for their/our land.

This project falls within the Tessera STAR Bonds district, though it is difficult to see how replacing housing with housing would qualify for infrastructure subsidies under the Bill.  But I’m certain STAR Bonds will be in play, they always are.

The Tessera Project is a subset of the Tessera district, with Northern Nevada Urban Development LLC running/ruining the show, depending on your view.  Their expert negotiating skills reportedly killed the Apple downtown facility and left such a bitter taste that Apple continues to forego the tax benefits a downtown facility would have had.  There have been rumors floating around for years about a 200,000 SF Class A office facility to kick off the Tessera project (which was originally more of a retail mall).  Is THIS it?  If so, HERE is where it would fit in with the Standards project based on my best guess from the renderings.  NVUD doesn’t control the entire site – they lost the 6th Street frontage (site of the old Gansta Dairy Queen) a couple of years ago, and there are a couple of other stragglers.

I try not to confuse motion for action.  Student housing may be real – it makes locational sense if not financial sense base on the presumed buy-in land costs.  And T’essera Phase One (it has been classed up with an apostrophe now) is pure speculation on my part.  In a city where Class A rents currently top out at $24/SF, a new building looking from the renderings needing $60 rents to pro forma is unlikely to be realized.  But congratulations to all involved if it is.

 

 

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