Can you feel the excitement in the air? After years of a repressed local economy, Reno's future appears bright. In addition to the technology companies that have set up shop here, Reno businesses blossomed. The influx of people to the area forced prices for Reno homes to increase and inventory levels to go down. However, Reno Park Lane redevelopment plans were recently unveiled to City officials. I'm very interested to see how this impacts the local housing market.
Reno Park Lane Redevelopment Plans
Just last week, Reno Land Inc presented their Reno Park Lane redevelopment plans to the City Council. The 46 acre vacant land formerly housed the Park Lane Mall. Reno Land took ownership of the property late last month. Their idea plans to merge retail, commercial and residential spaces into one central, user-friendly location.
Reno Land breaks ground on construction for the new development in Spring 2017. Several different buildings of varying heights will be spread out around the property. This keeps the complex from having a uniform, "institutional" look. Part of the Reno Park Lane redevelopment plans include 725 residential units in two separate three- and five-story buildings ranging in size from studio apartments to three-bedroom residences. Plans also include a third multi-family complex down the road.
Yet another part of the Reno Park Lane redevelopment plans incorporate retail and professional office space into the mix. Phase 2 offers 110,000 square feet of possible boutiques, restaurants, spas and service-oriented businesses. Another 100,000 square feet of office spaces encompass a five-story, 510 unit structure in the complex.
Finally, other things that set the Reno Park Lane redevelopment plans apart are their co-working spaces and community areas for people who live in the development. These areas will be accessed off of the main public sidewalks to help maintain a greater sense of community separate from retail and business happenings on the outside.
Currently, an end date has not been set for completion. Reno Land expects this project to generate as much as $25+ million in sales tax in the next 20 years and $77 million in property taxes. Approximately 3200 construction workers are expected to be utilized for this project, with 700 permanent jobs possible when the development is finished.
Charlene Hamilton, Your Reno Real Estate Specialist
Originally posted on my Reno real estate blog here: http://www.relocationtoreno.com/2016/10/17/reno-park-lane-redevelopment-plans-recently-released/.
Comments (0)Subscribe to CommentsComment