Pieces of the Outlets at Legends (I think that is the current name) just sold for $29,800,000. The sale included 89,558 SF of built retail including Best Buy as well as 2 vacant parcels. HERE is what changed hands to an LLC tied to the Gerrity Group. Gettity is the real deal, and I sort of wish they had bought the entire shit show that the Legends has become.
The proposed Wally Word at the legends has died due to a non-compete clause for a pharmacy in Target’s deed. That is GREAT news for Sparks. Legends is a STAR bond district, where 75% of the sales taxes generated return to the district to pay for infrastructure costs. Lowe’s closed their Oddie location and moved to Legends – 75% sales tax loss for Sparks. So did Target, 75% sales tax loss for Sparks. Don’t get me wrong, I truly believe STAR bonds are an effective redevelopment tool if crafted well. But the Legend’s was a scam and sham from the onset. But a pretty mall as those things go.
Median SFR price was down a bit last month. Despite all the industry hype, the median has remained stagnant for 10 months has not shown a single 2 month rise over that time frame. Below $300K is red hot for 1st time buyers if they can beat out the investor class. $500-700K is hot with RICCOHs (RIch Californians Coming Over the Hill) and the 10 or so Tesla related sales occurring weekly. The dead zone is the $300-500K market, our traditional move up zone. Those don’t pencil for investors, and are beyond the means of Reno workers given lending standards (and lack of savings).
Is the W 2nd Street District for real or just a pocket-pool vanity exercise? 235 Ralston, the 1st building, appears to have its permit almost ready to go, though there is no recorded financing for the project. The master developer appears to “own” only 4 properties in the district, including his massively underwater office at 250 Bell, and the Town House which has suspect transfer taxes paid to the County under the sale from Joey Laub (Bankruptcy Wednesdays). I won’t opine until they come forward with better financial and land information and I wish them well. But…