dumpster divingHere are a few items that have caught my eye in the last couple weeks:

  •  Airport Square sold at auction for $15,250,000.  This is the Costco center on Plumb/Harvard, but excludes Costco itself.  The new owners out to the Pacific Northwest have already been talking to Reno Planning (take to the back room if you don’t want to be eavesdropped on, guys!).
  • The old Wal-Mart at 2050 Pyramid also sold for $1,475,000, less than half the 2004 price.  Local developers, but no clue what they are going to propose for the site.
  • Upstream – remember this project off Dickerson N of Idlewild Park?  Bought for a steal out of foreclosure, the have just filed 10+ permits for new townhouses.
  • Somersett Village 6 – This is everything NW of the “abandoned” fire station.  Toll Brothers have activated plans for 165 new SFRs. These lots will need $100K in improvements each to get ready to build on, so don’t expect workforce housing.
  • Sierra Canyon Village 15B – Pulte has pulled permits for the first house on Broderick in Village 15B.  This it – the large parcel matching lots adjoining Mogul.  I expect they will submit for all their remaining lots by 30 June, and the project will close out with the listing of their Sales Center properties.
  • 1 July 2016 – 2012 IEEC (International Energy Efficiency Code) goes into effect in Reno and Sparks.  R38 roof insulation goes to R49.  Windows need to get slightly more efficient, but it looks like Low E will be required.  We are building our envelopes so tight that indoor air quality has become an issue, so new mechanical ventilation standards are going into effect.  Net cost is approximately $5000 per unit.  I was there when one of the major builders came in with their revisions to their “Master” building permits, and is politely ugly at the Revision Desk.  It will get politely uglier as everyone else files by 30 June.
  • 1401 SVA – Over 95% leased with Morgan’s Lobster Shack expanding pre-construction to move their raw bar to the 2nd floor.  Only 1 space left – great office or yoga den.
  • Tonopah Lofts at 1401 Midtown  – 8 new SFRs in duplex configuration from Blake Smith at S3 Development.  All are in for permit (and you can check their progress using the info in the prior post).
  • Midtown Lofts aka Bridal Units aka Sinclair /Stewart – Another Blake Smith development, the 3 SFRs on Sinclair are permitted and ready to break ground.  The 6 SFR/Duplex unit are in the final Structural plan check phase, and permits should be issued later this week.
  • Within 2 weeks, I will have $8,000,000 in construction activity going on in Midtown alone, when you add in the Marmot activity.
  • 1250 Sullivan in Sparks is another $2.5M 32 unit apartment complex in the last plan check phases.

Laissez les bons temps rouler!

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