Since its economic rebound, Reno found itself lacking in two areas: storage and affordable housing. Two different companies want to tackle these problems in one location. The location of the former Great Western Marketplace Reno is scheduled to become a storage facility and an apartment complex.
New Reno Storage Facility
Six years after K-Mart closed its doors in 2008, Great Western Marketplace Reno opened. Their hope? To become an indoor marketplace with over 200 vendors selling artisan products, foodstuffs and other items under one roof. Unfortunately, that dream never reached its full potential. In August 2017, after three years of negotiation, the former Great Western Marketplace Reno found a new owner in Reid Hamilton with Sierra Storage LLC.
Previously, Hamilton owned and operated Hamilton Solar, a green energy company. Unfortunately, the solar cap put in place in 2015 forced Hamilton to lay off his work force and look into another business. With the recent burst of construction happening in Reno, Hamilton saw a huge lack of storage facilities for people waiting for housing to open up. Thus, Sierra Storage LLC was formed.
When Hamilton discovered empty Great Western Marketplace Reno facility standing empty, he knew that was the perfect location for his new business venture. Hamilton plans to create 100,000 square feet of individual storage units inside the facility. Additionally, he wants to utilize 25,000 to 35,000 square feet for indoor boat and RV storage. That's great for protecting these big boy toys from the elements during rougher off-season weather. Also, he intends to offer anywhere between 35,000 and 75,000 square feet of space for boat and RV storage.
New Apartment Complex at Former Great Western Marketplace Reno
Since Hamilton didn't need the huge parking lot attached to the Great Western Marketplace Reno, another company stepped in to put it to good use. GreenStart Companies decided to take advantage of the 10 acre location to create affordable housing. With the high demand and low availability of Reno homes, rents and home prices both skyrocketed in the last couple of years. Affordable housing is a tough commodity to find in Reno nowadays. GreenStart hopes to change that with its three story, 288 unit complex called Sky Mountain Apartments.
Currently, GreenStart awaits bond financing approval. However, even if they don't receive approval for the bond, the company says they still plan on beginning construction soon. Unfortunately, without the bond approval, prices for the apartments will have to go up to regular market value. They expect to start housing tenants in March 2018.
Originally posted on my Reno real estate blog here: http://www.relocationtoreno.com/2017/09/12/great-western-marketplace-reno-vacant-no-more/.