So far, the developments in the Mortensen Garson Neighborhood Plan area around Boomtown have centered around the 273 unit Meridian 120 North SFR project, the Dermody Properties 885,000 SF warehouses (site work is under way), and the 242 unit apartment site just north of the KOA. In fact, the majority of the Plan affects land south of I-80. The Meridian 120 South properties have just come on the Market. 230 SFRs, 380 Attached units, 180,000 SF of industrial space. The listing is a rare detailed look into projected sales prices, cost to “finish” a lot, details like West Meadows Estates is now a DR Horton project and not Northern Nevada Home (who swore up and down that it wasn’t an “entitlement” play). The site plan has been altered a bit to exclude the need for the 1600 unit Santerra development to occur at the same time.
- The utterly massive proposed/pending/promoted West 2nd Street development took a knee capping when the owner of one of their prime parcels they had “under control” list their 2.7 acre parcel for $4,281,076.83. I haven’t bagged on W 2nd – I really hoped my cynicism might be misplaced and that I along with the rest of the entire Reno development community was wrong.
- And the Standard@Reno luxury student-or-maybe-not student housing project northeast of downtown? “Delayed”. So we have 61 low income families relocated so that the site can look even worst than it did for the foreseeable future?
- Real Estate 101 – it ain’t over even after the fat lady sings. You NEVER announce or even discuss pending deals until the are closed and recorded. Yet we have had W 2nd Street going for TIF financing (to the horror of the council) before there was a real project, and trying to validate their project by making it public. The Standard is wavering – either they didn’t do their homework on the 1000’s of student housing units ahead of them in line, there wasn’t enough slop offered up in the development concessions trough, or maybe just a “standard” development hiccup. Park Lane Mall – Chip assured the readers of Reno Magazine (the cover boy, pictured in front of a Bentley) it will close this month. You talk about closing after the close. You cannot will a project into existence.