Reno’s core has developers dropping millions of dollars on new projects.
Many buildings in Reno’s downtown and Midtown are being replaced and updated by exciting urban developments. Developers have said in many interviews through 2016 that it only takes a few large early adopters to spur others to join them in changing the neighborhoods.
These are seven developments to keep your eye on in 2017.
Photo courtesy of RGJ
3rd Street Flats
3rd Street Flats is the newest residential project completed in the center of downtown Reno. The former Kings Inn hotel has been transformed into an apartment building with retail that will open early this year. The Flats are one of the few new rental properties in downtown. While the area does see rentals available in the various condominium towers and high-rises, the flat is the first one built for the sole purpose of renting in a while. The rent hits $1,900 for a two-bed, one-bath, and are on the higher side for another similarly sized unit in the city.
Redevelopment increasing rental demand
There has been an increased demand for housing as people relocate to Reno for jobs and a lower cost of living, causing this sudden surge in development. There has been an 11% increase in rents between the end of 2015 and mid-2016. Developers want to keep up with this demand for housing and are looking forward to all of the new projects that will be unveiled this year.
West 2nd District
The Don J. Clark Group announced about a year ago that they were going to develop 17 acres of west downtown. This will be one of the most expensive projects in Reno history. This area of downtown is just asking for a makeover as much of it is still vacant land. Don and Susan Clark, along with Colin Robertson, presented a highly-detailed plan and began working with the city to secure subsidiaries. If the project is finished in full over the next decade, Reno’s skyline will experience a dramatic change.
Just south of the Truckee River, several major new retailers are taking up homes in historic buildings. West Elm took the main floor of a historic U.S. post office, making it the first national retailer for the first time in 30 years. Many local shops can be found in the Basement, the lowest floor of the post office. Soon, the top two floors will be occupied by office workers. Walk across the street from the post office and you will find the Patagonia Outlet Store in a smaller historic building. Next door, See See Motor Coffee Co. takes claim. A new gym has also opened near the coffee shop. The entire block is adjacent to the Siena Hotel – undergoing its own makeover to become a Renaissance Hotel – and is ready for more retail expansion. In addition to this block, more historic buildings next to the non-gaming and chic Whitney Peak Hotel in central downtown are preparing for retail.
Updated Casinos and more shows
Nearly all of the major hotels in the area have announced and begun major renovations this year. Among them are the Silver Legacy, Eldorado and Circus Circus, which started a combined $50 million in renovations to common areas. Circus Circus got a new spa and new multi-colored outdoor lighting around both towers that more closely matches the rest of downtown’s lighting scene. Eldorado Resorts, Inc. purchased Circus Circus and 13 other out of state casinos this year. The Nugget announced that it was spending $25 million on renovations to rooms and their ballroom. The Peppermill remodeled Edge Nightclub, Oceano restaurant and the Capri Ballroom as well as replacing their large outdoor sign.
Park Lane Mall makeover
Chip Bowlby, a developer involved in several other major projects, purchased the 45-acre lot where Park Lane Mall once stood. One of Reno’s earlier indoor malls, the structures were demolished in several phases between 2007 and 2009. Bowlby announced plans to develop a mixed-use neighborhood and when it is completed will include a new grocery store, retail and housing.
Virginia Street Bridge and Plaza
The Virginia Street Bridge was more than 100 years old and frequently caused flooding in downtown Reno. After several months of construction and $18.3 million, the new Virginia Street Bridge was completed. With it, came a new City Plaza and riverfront art space. The plaza and bridge have potential for connecting north and south downtown by making the river and area around it more walkable and active.
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