- Casino Core – Don’t expect any meaningful improvements. The Virginian will not finish their exterior improvements and their retail space will not be leased. The Row and Harrah’s will do diddly squat to improve the exteriors of their properties or to improve the pedestrian experience along Virginia Street. Baseball has a huge parcel assembled for development, but I can’t see any NEED for additional development around the Freight House.
- Fountain District – Expect a few more demos and no meaningful construction. Jacobs may finally deign to reveal their master plan, but they have overpaid and development just won’t pencil. If Renovo is an example of there ROI, the project is doomed.
- Keystone I-80 – S3 Development has signs up, but no transactions have been recorded. What is this site screaming for? Absolutely nothing, and that is what will end up here.
- Midtown Commercial – There will continue to be tenant churn as the escalation clauses in the initial 2 year commercial leases kick in (Morgan’s). RTC construction will continue to be a mess, with the completed street redesign project pleasing no one and looking just like the underwhelming E 4th Street renovation. Meh.
- Midtown/Wells – Haskell Row is under construction with 22 rental unit and Arroyotopia will break ground 1st quarter will 10 1-bedroom apartments. That’s it – do not expect to see any additional rental units to be built in Midtown or West of Wells. All new development will be for sale product.
- Daybreak – It will return and be approved at 3500 units or so (1550 units are already approved as Butler Ranch). 5000+ units was just stupidly dense, and I never believed it was a real proposal (unless Flood Plan Andy managed to get it approved!).
- Reimagine Reno – The slog to codify all the pretty words from the Master Plan will continue to bog down due to a lack of any real regional vision and special interest groups bitching and moaning loudly about any changes.
- Somersett Retaining Wall Lawsuit – The best place to research it is at Somersett United. The gist of the suit is that a couple of 3 tier rockery walls failed, but after the construction defect period had expired. The suit tries to extend the guarantee period based on when the master developer turned over the project to a homeowner’s board of directors. The HOA suit is costing homeowners a ton ‘o cash monthly, and has a virtually negative chance of success. The ENTIRE construction industry will pile on in the developer’s defense – an arbitrary extension of construction liability is untenable and most likely not legal. It will be an interesting case study if the case proceeds, and even more interesting to see when the Somersett HOA cuts off their legal assault.
- Median Home Price – Currently $377,250 in Reno, and I see $350,000 in January 2020. Not a crash, just a dive. It’s already happening if you dig down. The developers have the unit mix all wrong as they try to maximize profits. There are WAY to may $750,000 stucco shit boxes chasing way to few RICCOHs (RIch Californians Coming Over the Hill).
You might get the idea that I’m a little negative on the Reno market right now!