Miramonte Masterplan 448 Units | Ttm Approved Sparks, Washoe County, Nv Subject Site
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OFFERING MEMORANDUM MIRAMONTE MASTERPLAN 448 UNITS | TTM APPROVED SPARKS, WASHOE COUNTY, NV SUBJECT SITE BELMAR DR VISTA HEIGHTS DR LOS ALTOS PKWY The Hoffman Company CULPEPPER DR THE HOFFMAN COMPANY Nevada Office 410 South Rampart Blvd, Suite 390 Las Vegas, Nevada 89145 T (702) 726-6925 • www.hoffmanland.com Nevada Lic # B.1000466 01 PROPERTY OVERVIEW PROPERTY OVERVIEW 5 Site Detail OVERVIEW ZONING The subject site encompasses (+/-165) contiguous acres and is part of the Master Planned NUD Community Miramonte in Sparks, NV. Offering sweeping city and mountain views, natural outdoor pursuits, and nearly immediate access to major amenities makes Miramonte CONDITIONS one of a kind in this submarket, and sits today as an established MPC with available land The site will be sold “as is". ready for development. The attached product portion (+/-165 acres) of the offering has a current tentative map for (448) lots, and the sellers have recently completed an exhaustive CONDITION OF SITE engineering and feasibility study in preparation for the sale of the asset. This offering The site has not been improved and is to be considered raw land. provides a unique opportunity to capitalize on the fast paced growth seen in the Northern Nevada real estate market in an established and well performing MPC. PROPOSED DEAL STRUCTURE All Cash/Bulk. Miramonte is within close proximity to major transportation arterials including Los Altos Pkwy, Vista Blvd, and access to Interstate 80 along both Vista Blvd and Sparks Blvd. The ASKING PRICE site is less than (10) minutes from Class A retail including the D’Andrea Marketplace, The Submit. Legends outlet mall, and the Sparks Galleria shopping center. Major employment centers include the Tahoe-Reno Industrial Center, the hotel-casino corridor, and the University of DUE DILIGENCE PERIOD Nevada, Reno. Nearby schools include Bud Beasley Elementary School, Mendive Middle The Due Diligence Period shall commence upon buyer acceptance of the LOI and delivery School, and Reed High School. The site also offers quick access to entertainment in the of all due diligence materials. The due diligence period shall be 60 days. form of Wild Island Family Adventure park, downtown Sparks, and Victorian Square. DEPOSITS LOCATION The Initial Deposit of two percent (2.0%) of the purchase price shall be made at the Opening The subject property is located in the master planned community of Miramonte at the of Escrow and shall remain refundable during the Due Diligence Period. A Second Deposit intersection of Los Altos Pkwy & Belmar Dr. of eight percent (8.0%) shall be placed into Escrow prior to expiration of the Due Diligence Period. The sum of the Initial Deposit and Second Deposit shall equal a Total Deposit of ten ASSESSOR’S PARCEL NUMBER percent (10.0%) of the Purchase Price. Upon Buyer’s approval of its Due Diligence, the Total 514-010-84 Deposit shall be released to the Seller and shall be non-refundable except for Seller default. PROPERTY OVERVIEW 6 Conditions of Approval Source: City of Sparks 1. APPROVAL: 7. DAMS ASSOCIATED WITH ACCESS ROADS: 13. LANDSCAPE PLANS: The project is approved as submitted and conditioned. The developer shall submit plans for the construction The developer shall submit landscape plans for the Any substantive change shall require review and of the dams associated with the access roads into the project for review and approval of the administrator approval by the planning commission and city council as project for review and approval by the city engineer and prior to the recordation of the final map for this project. an amendment to this tentative map. the state engineer prior to the recordation of a final map Maintenance of the landscaping in the common areas for the project and along the right of way shall be the responsibility of 2. EXPIRATION DATE: the developer or homeowners association. The tentative map shall expire within four (4) years of the 8. HYDROLOGICAL REPORT: date of the city council approval, unless the final map The developer shall provide a final hydrological report for 14. FIRE RESPONSE TIME: or series of final maps has been recorded in accordance the project in conformance with the Truckee meadows An analysis to determine whether this project meets the with Nevada revised statutes (n.R.S.) 278.360. regional drainage manual for review and approval by the 6 minute response time standard shall be conducted city engineer prior to recordation of a final map for the for review and approval by the city engineer and the 3. DISTRICT HEALTH: project. fire chief prior to the recordation of the final map. If The developer shall comply with the district health the analysis determines that this project is outside department's letter from bob sack dated march 6, 9. PROJECT DESCRIPTION: the 6 minute response time mitigation measures shall 2017 regarding miramonte townhomes prior to the The project approval is limited to 448 townhome lots on submitted for review and approval by the fire chief prior recordation of a final map for this project. approximately 35 acres. to the recordation of the final map. 4. REGIONAL TRANSPORTATION COMMISSION: 10. GEOTECHNICAL REPORT: 14. AMENITIES: The developer shall comply with the regional The developer shall provide a final geotechnical report The developer shall submit a plan and list of the amenities transportation commission's letter from Rebecca Kapuler for the project for review and approval by the city provided on site in compliance with the sparks municipal dated March 7, 2017 regarding Miramonte townhomes engineer prior to the recordation of any final map for this code for review and approval of the administrator prior prior to the recordation of a final map for this project. project. to the recordation of the first final map for this project. 5. WATER RIGHTS: 11. SANITARY SEWER REPORT: The developer shall dedicate sufficient water rights per The developer shall provide a final sanitary sewer report s.M.C. 17. L 2.075(A) ( l) to adequately serve the project for the project for review and approval by the city prior to recordation of any final map for this project. engineer prior to the recordation of any final map for this project. 6. GRADING AND DRAINAGE PLAN: The developer shall submit a final grading and drainage 12. RESIDENTIAL ARCHITECTURE: plan for the project for review and approval by the city The developer shall submit for review and approval engineer prior to the recordation of a final map for the by the administrator the architecture of all sides of all project. buildings including building materials and colors prior to recordation of the first final map for this project. PROPERTY OVERVIEW 7 Miramonte Multi Family Feasibility Study - Executive Summary Source: Places Consulting Services, INC. MAJOR COST ESTIMATE CATEGORIES In Addition, there are a couple of additional utility access road extensions and modifications The following key map illustrates the location of major development components that are necessary to access storm drain inlets and outlets and proposed sanitary · sewer manholes. included in the following cost estimates. Most of these developments components are These roads are typically paved and 12 feet wide. considered “off-sites” and are included in the following Off-Site Extra-Ordinary Cost Estimate Total estimated cost for both types of access is $550,884. Refer to detailed cost estimates, spreadsheet. There are two “On-Site” spreadsheets, one if developed for Multi-Family and Section 2 the other if developed for Townhouses. STORM DRAIN MASS GRADING There are two significant existing drainage ways that the above access roads and utilities will This is the single largest cost to develop this project. In order to create a developable pad for have to cross to access the site. Both of these have existing storm drain pipes within them, the 448 unit townhouse/multi-family project, it will require the movement of over 580,000 but they are not adequately sized or located to accommodate above roadway crossings. cu. yd’s of material at a cost of over 3.7 million dollars. Refer to the following detailed Through the preliminary hydrology study the storm drain pipe sizes and locations have cost estimate by Joy Engineering. It is at a cost of over $8,000 per unit. The cost of all been established as shown on the preliminary plans. The approximate cost for these storm improvements combined for the apartment project on a per unit basis is $26,960 per unit, drain improvements is estimated at $388,902. (Refer to detailed cost estimates in Section 2) see Cost Per Unit Summary (Section 2). SANITARY SEWER PRIMARY ACCESS An 8” Sanitary Sewer line to serve the project is proposed to be constructed adjacent to an Primary access will be provided from an existing public street, Belmar Drive. A private existing storm sewer access road. This line will be connected to an existing 8” line in Belmar roadway would be constructed from Belmar Dr. comprised of two 12-foot-wide lanes with Drive. The estimated cost for this line is $194,426. Refer to detailed off-site cost estimate two 5-foot-wide bike lanes, curb and gutter and a 5-foot-wide sidewalk at back of curb. in Section 2. A sanitary sewer easement was obtained for this line across the adjoining This roadway would be the corridor to extend most utilities to the site, including water, owner’s property. Refer to Section 4 for a copy of the Desert HIghlands Homeowners gas, electric, phone and cable. The total estimated cost of the access road and utilities is Association Easement Agreement. approximately $1,234,312 (see detailed cost estimates) This roadway alignment (refer to plans) involves constructing fills of approximately 35 to Development Fee Estimate 40 feet in some areas.