RED Reno Rents

Asking rental rates have just been posted for the first release of the RED Reno project, FKA Park Lane. The Emory building is one of the big ones that wraps around a parking structure. I am sure it will be very nice. Back of the envelope estimate, rents are 35% higher than the highest rents for comparable product anywhere else in the region. How many RICCOH’s (Rich Californian’s Coming Over the Hill) can they find to buy into this level of pricing? What will the “real” pricing end up and how will that impact surrounding projects?

Interesting video links (and possible copyright violations?) if you Google search “red reno”!

Ward 1

The race or at least discussion about the Reno Ward 1 Council seat is getting down and dirty.

One of the principals of Marmot Properties had THIS to say.

Local historian Alicia Barber had THIS response.

Washoe Residents For Appropriate Planning details the Developer/ Construction Industry contributions to the Ward 1 Candidate’s campaigns. $10,050 Brekhus. $136,880 Drakulich.

Any questions?

Santerrible

What Verdi really really needs is 1491 more stucco shit boxes destroying the last remnants of what makes Verdi Verdi. The Santerra Development filed their first salvo today. THIS is the application summary. The fill submittal is available HERE. Go to the Project Info drop down menu and select Attachments.

The Mortensen Garson Plan, as crappy as it is, was always written in stone by the Hardesty legal decision. The rejection of the Stan Lucas project (at least temporarily) gives some hope the Reno may be coming to their senses and reevaluating growth in areas they cannot adequately service. I’m sure there is a traffic study for Santerra stating it will generate 6 total car trips and that the Garson Road interchange is completely adequate to service the new development plus the 400 or so planned Meridian 120 S units. A wildlife underpass half a mile detour away is adequate for bicycle traffic.

OK UMVs (Unwashed Masses of Verdi), where do we stand?

Urban Density

Reno is all about it until it is proposed and then they are not.  It is a ReImagine Reno Master Plan policy NOT to subdivide existing lots, yet maximum density is achieved on the smallest of lots.  In the Wells CC zoning district, a typical 7000 SF lot will yield a maximum of 5 1-bedroom units based on parking and trash enclosure requirements.  2 smaller lots can harvest 7 1-bedroom units and be parked to code. (MF30 zoning would allow 4 under current code).

 

 

 

Not so bad, 7 1-bedroom units.  An early duplex proposal for this site garnered a comment from planning that “this is EXACTLY what we don’t want to see in the Wells District”).

We in the planning and design industry need to stop getting the mixed messages of what Reno “wants”.  The current proposed Planning Code Update does not do enough to provide direction and in many cases will further stymie urban infill development.

Homeless “Super Shelter” Proposed

In her editorial in the RGJ, Councilperson Jardon let slip that Reno is in negotiations with the State of Nevada to purchase the Governor’s Bowl Park for a for a 7.43 acre “super shelter” for the homeless/unhoused.  In not unrelated news, the adjacent property owner is suing the City of Reno to stop a proposed (under construction) “temporary” big top tent city shelter on TMWA property in front of his holdings.

Good for you Mr. Peterson!  Reno trying to justify their illegal land use activities under the guise of “emergency powers” is specious at best given their call for “transparency” in all dealings.

Verdi Executive Boat and RV Storage

Hey, the UMVs (Unwashed Masses of Verdi) look like they will get “executive” RV storage!  The Special Use Permit application for the 641 covered unit Verdi Boat and RV Storage is currently under review.  It is located just West of Gold Ranch and will include over 386,000 SF of open, covered storage spaces.

Sometimes you just hold your nose and come out in favor of or at least not against a project.  There is no sewer this far out west, so there isn’t much of a prospect for other types of development.  Maybe the competition will force Witt Storage to reconsider their proposed 499 unit facility (500 would trigger a Special Use Permit) on Somersett Ridge Parkway where public services and infrastructure exist and consider a more appropriate land use.

Development Code Update

Reno has been working on updating its 1200+ page Annexation and Development Code for a couple of years now.  The Final Draft has just been issued, and the targeted adopting date by Council is 9 December.  The best place to learn about the Update is HERE.   Start by downloading Summary of New Code Amendments before you start wading through the 676 of new and improved code.

I do not mean to diminish all the hard work that has been put in to get us to this final draft.  It is a very political process with lots of compromise involved.  Some early take-aways:

  •  It will be much easier now to discover the ways Reno will quash your development.
  •  How much did we pay to cop the graphics and format from Sparks?
  •  Sustainability – I’m sure there was a group hug over this section, but scoring each project on a points system is a logistical nightmare.  Who will be the Arbiter of Sustainability?  Points can be awarded by each view station (Planning, Building, Engineering, and maybe even Health) and are awarded across permits that are submitted separately (sprinkler and irrigation comes to mind).
  • Suburban Parkageddon –  I’m the ultimate free-market parking guy for housing, but only in dense/walkable neighborhoods and where public transportation and street parking is available.  The proposed citywide standard of 1 parking space per unit will be catastrophic in outlying areas without public transportation or streets.  The proposed Bluffs Apartments next to Boomtown currently requires 470 parking spaces for its 243 units.  The new standard is 243, a 48% reduction.
  •  Why will the Wells District have the highest required parking residential parking requirement in the entire City of Reno?
  •  Why are multifamily units up to 4-plexes required to have separate utility metering?  We do that when it makes sense, but usually not for TMWA water.
  • Bonus Density Credits for small units!  99% of urban infill units are “small” – why not just increase the base zoning?

Don’t get me wrong, there are a lot of positive changes in the proposed code update.  I’m posting this because the readers of this wee Blog are interested in Real Estate, but may not be aware of how the proposed code affects their neighborhoods or their assets.  It is last call to get your concerns heard.

2238 Prater Way

2238 Prater is one of my projects.  It was a quick riff on 1701 H Street using the same team and basic design to create permit ready documents for an 8-plex in less that 2 weeks for less than $10,000.

Listed for $950,000 and in contract after 3 days, noting that rents are $300 below market at $675/month.  That is probably an underestimation.

I am proud of this project because I am proud of the original developer’s personal commitment to provide clean, cheap, shiny and new (with ugly colors!) housing and maintain the affordable pricing over the last few years when he could have been sucking the tenants dry and master leasing to Tesla to maximize profits.  I don’t know why 2238 Prater has been singled out to drop out of his portfolio, but am sure the original mission will be lost on the new buyer.

Building and continuing rent at affordable levels is not code required, not currently regulated in any way, and no normal developer will do that without government subsidies.  It takes personal commitment to do this.  So cheers to By Sprenger for the good you have accomplished for the community!