The marketing brochure is HERE.
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.
Never confuse motion for action. A marketing brochure or a prospectus does not equal a project. But here is some stuff on the Radar:
This is UNRs current Gateway Development plan. What is most interesting is they have seemed to capitulate to Reno’s unreasonable demands and refusal to bargain, and this plan only requires a single alley abandonment (which is really not needed). Easy Peasy = bad planning.
Here is a screen grab from the leasing brochure on Keystone Commons. 300 units of housing and drive-thrus for everything except the bank in a zone where drive-thrus are prohibited. Watch for this to sail through Planning.
661 Lake Student and Micro Housing. On the site of the old Standard, this is dubbed the Double Standard. The land has been listed on LoopNet for a couple years at $9.6M, but you can now buy it with consultants on board for $10.1M.
Ryland Apartments, 118 units in a transitional neighborhood, submitted for a SPR (Site Plan Review). If I were a betting man, I would not be laying down chips on this one.
Woolworth’s just won’t go way, and here is the latest “Make Pretty” scheme. Jeff Frame is rolling his eyes! The building is an asbestos farm, the structure is not designed to current codes for stability or life safety. And can Reno survive without bowling in the basement?
How can you say Ennis Fine Furniture and not sing it? There store is for sale or rent. No idea if they plan to relocate, but I doubt it.
Good Stuff? Let’s talk about it!
It seems the final deadline to dibs and relocate the UNR Gateway houses in now 3 June 2019. Okay Reno Planning, what concessions are you prepared to make to allow some of the remaining old/historic houses to be saved? There are not many “historically appropriate” lots to move these houses to, and most of them won’t meet the letter of your Codes for setbacks and the dreaded Residential Infill Standards. SUPs and Variances are not on the table with this demolition time-frame – Administrative action is required. I try to be positive, but Reno’s Planning Department will be a co-conspirator in the destruction of these historical resources.
- The OneR 70 unit apartment project in Midtown (Arroyo and Tonopah) is working its way through the permit and entitlement process. Seems like it will become reality.
- Haskell Row is under construction. The project will be 22 new market rate 1/1.5 apartments with nice, usable dedicates yards. The renovation of 8 1-bedroom units at 1060 Haskell by the same owner is underway.
- 5th and Keystone – The affordable senior housing component has dropped out, so the current plan is 300 units of market rate housing, 45,000 SF of food/retail, and a “signature building that will change the neighborhood”.
- The Arroyoplex by Marmot is 10 new 1 bedroom units in the Wells Neighborhood. Construction has started, and 4 of the units will be handicapped adaptable in accordance with the Fair Housing Act.
- UNR Historic Houses – The Gilbert Humphrey house (finally) was successfully moved to 655 Arlington and is currently being renovated. I am currently working on the relocation plans for 829 Lake and 820 Center. 821 Center also seems to have a good fighting chance to escape kindling status.
- Why did Greater Nevada Credit Union by the Pink Hill student housing project at 1385 N Virginia for $9.35M? They had an $8,391,600 loan on the property. Looks more like a distressed sale, but who knows. Student housing is recession proof, right?
I am applying to you for a minor, low impact infill project that would really help me out with my housing crisis. I would like to drop a 8×12′ Tuff Shed in my back yard and use it as a sleeping unit for Granny, who has come to live with me. I will give her a key so she can use the bathroom in the main house and maybe use the kitchen – think of it as a “community center”! Her room will have as much insulation as we can install even though it won’t be up to your adopted code minimums. We will string and orange cord out there so she can have a few outlets and watch her soaps, run a heater and plug in a fan. I know NRS prohibits electrical resistance as a primary heat source in a residence, but this isn’t really a residence, right? RIGHT?
Hope Springs is the proposed 30 unit “mobile units on skids” project proposed for 400 E 4th Street, directly east of the 200+ unit Cells on Sage project. The full application for the Special Use Permit is HERE, and the better graphics of what is proposed is HERE. It will be constructed under a 3 year lease on City owned property and include a 3000 SF permanent Community Center that included restrooms and showers for the residents, as well as as “homeless food services” that could extend services to beyond the actual residents.
I’m all about finding solutions for our homeless/under homed population, and am acutely aware of the magnitude of the issues. I am also acutely aware of the building code and planning requirements that drive up the costs of code complying workforce, “missing middle”, and even market rate housing. Are we ready to loosen the codes for all construction and not just politically correct projects? I really hope not, and adamantly believe that Hope Springs needs to meet IBC (International Building Code) standards. Then best of luck with the project.
So far in 2019 closings, the median recorded price for a new single family home in Washoe County is $645,000. I sorted for houses built 2017-2019, and the actual median home was a resale one-off. Lowest was 1219 Lander at $325,000. Does this seem normal and sustainable to you?
Reno City Council will be considering an over the transom offer from UNR to purchase 705 N Virginia Street tomorrow. Reno purchased the former Savoy Motor Lodge site for $710,000 for their undefined planned “gateway” project back in 2007 after a deadly fire. It has been vacant ever since, though Reno did demo the charred remains.
UNR wants the site so that they can build a new Jimmy John’s. A little thing like a lease is stalling their purchase of JJs current building on 9th Street. Reno has been having discussions the ROW folks about trading their lots directly to the north for the parking lot at 3rd and Sierra, creating a larger salable parcel for the City (student friggin housing).
My first impression was a gag response, but I’m seriously warming up to the proposed deal. The ROW does a nice job maintaining their occasionally hobo infested lots as sort of an urban gateway park, and what say “University Gateway” better than a Jimmy John’s?
Council will be considering issuing a Request for Interest this week, seeking both laic and divine guidance on what to do with the old Citicenter RTC station downtown that Reno purchased for $6.6M. The site is a bit over an acre, and can be increased a bit. Proposals can be for reuse of the existing ’80’s structures, additional infill, or scrape and start from scratch. Reno has absolutely no clue how to dig themselves out of the fiscal hole they dug when the bought this hot mess, a unicorn-hugging mission statement on what they want to accomplish, and no money to partner up.
Scrape it is the only possible scenario that makes sense (though the North Pavilion can be the Charles McNeely Museum of Civic Suicide in the interim). I can already feel a certain Councilperson needing to visit a urologist when this “urban forest” is lost. The winner is going to be whoever can cram the greatest number of most subsidized dwelling unit as possible onto the site, which is sad and short-sighted if downtown Reno is ever going to become DOWNTOWN RENO again.
So what are your ideas? What would make the “difference” that would pass muster with the Council, benefit our downtown, and make fiscal sense? My dance card is open and I can partner up with anyone who has the BIG IDEA to save downtown!
That great sucking sound you hear next door is the Ballroom bleeding cash – it needs its own RFI pronto. And have any of you ever been to an event at the Event Center? There current bookings look historically low (though hearing Dierks live singing Drunk on a Plane might get me in a seat!).
Seriously, ideas? What would make downtown great or at least not so sucky?
I just don’t get the Rancharrah project. 1/4 acre custom home lots that would even bore D R Horton are selling for half a mil. Toll Trash homes in Villages 1 and 2 are listed at $1M++. And now a 12 acre +/- Multifamily development parcel at Village 7 is listed for sale at $24,000,000. 2 friggin’ million dollars per acre for dirt.
The sales brochure claims “almost unlimited density” and MF30 but the PUD says otherwise – 21.2 unit per acre maximum. That’s $95K per allowable unit for dirt to build a nicey-nicey Pacific West type of garden apartment – the same model being used for the HOME subsidized Vintage at Summit Ridge project.
This is 5X what any sane developer would pay. Is the Rancharrah brand’s glow really that strong and I’m missing something?