Park Lane Development Reveals Plans for Property
Posted by Brooke Sullivan on Tuesday, April 2nd, 2019 at 9:50am
The former Park Lane Mall site hasn’t seen any action in many years, however developers just revealed the plans for the property.
Park Lane is a 46-acre, master-planned development located on a busy corridor, close to MidTown. The site at Plumb Lane and Virginia Street will soon become a development that is pedestrian-friendly, with live-work and multi-use spaces, a 170-room hotel and a food hall called The Market Hall. The site has already undergone preparation, including replacement of aging sewer lines, for 18 months so that it could be ready for construction.
“For the past year, together with Lyon Living, we’ve been working toward raising the bar on our design and bringing to life our vision of a new lifestyle in Reno,” said Chip Bowlby, president and CEO of Reno Land Inc.
The development will also boast renewable energy, to reduce its carbon footprint on Reno. The Market Hall will have fresh produce, grab-and-go meals, groceries, artisanal bread, pastries and coffee.
“Working on a parcel like Park Lane is a dream come true. Here, we have 46 acres to create something truly special for Reno,” said Nate Johnson, a Lyon Living, a partner on the project.
The backbone infrastructure construction cost around $17 million and has already been completed, which points to a smooth transition into the first phase of building construction. As part of replacing the 50-year old infrastructure, Reno Land Inc. received a $3.5 million subsidy from the city of Reno. Phase one will start this year on four residential buildings and residents can expect to move in by the end of 2020, or early 2021.
Phase two construction will begin late next year. This next phase will include retail space, the hotel and The Market Hall. Additional residential space will be constructed in 2020 and the final project finish date will be sometime in 2023.
Phase one will have about 600 units going up, with more to come later on. The units will be about 860 sqft. on average and pricing information hasn’t been released yet.
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