Almost a full city block in the Casino Core just changed hands. Formerly part of the Tessera District and potentially eligible for STAR Bond funding, the block bound by N Virginia, 5th, Center and 6th Streets (excluding Reno Vulcanizing) passed from Northern Nevada Urban Development to Compass Point Holdings II LLC for $4,400,000 or about $50/SF of lot area. Compass Point counts Leigh Rodney of Zephyr Cove as a Director and he has ties to NextG in case you want to do some sleuthing. This doesn’t feel like an entirely arms-length transaction to me, but sets the comp for the Italian Capital / 661 Center parcel which is asking north for $80/SF of lot area.
– Lakeridge Tennis Club has been on the market for a while for $15,000,000 and the brochure has some interesting eye candy renderings. The parcel is just shy of 10 acres and is part of the old Club Lakeridge SPD. Reno is currently processing an Zoning Amendment Application to CC (Community Commercial). Although the existing recreation facility would be a compatible use in CC, no one would go through the process without a specific project in mind. CC unless otherwise restricted allows unlimited residential density and a 65′ height limit by right. My really rough calcs estimate that 500-800 units could be built, and the greater number of units the greater the feasibility. The applicant is not the current owner but Reno Land, master developer of Park Lane, Rancharrah and other notable Reno projects. Lakeridge residents went apeshit a couple years ago when the apartment component of the Club Lakeridge SPD was proposed to be demolished and densified, and I expect the same level of noise on this proposed zoning change. But I say the more units the better in this location.