DEVELOPMENT LAND Offering Memorandum Reno-Lake Tahoe 88 Acres TAHOE-RENO DOWNTOWN SPARKS INDUSTRIAL CENTER RENO RENO-TAHOE INTERNATIONAL AIRPORT
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Mixed Use Development Site - 88 Acres I-580 / S. VIRGINIA STREET / MT. ROSE HIGHWAY RENO, NV 89521 DEVELOPMENT LAND Offering Memorandum Reno-Lake Tahoe 88 Acres TAHOE-RENO DOWNTOWN SPARKS INDUSTRIAL CENTER RENO RENO-TAHOE INTERNATIONAL AIRPORT MOUNT ROSE SUMMIT MALL SITE CARSON CITY S. Virginia Street COLLIERS INTERNATIONAL PRESENTED BY: 5520 Kietzke Lane, Suite 300 Ted Stoever Reno, NV 89511 Senior Vice President P: +1 775 823 9666 | F: +1 775 823 4699 DIRECT +1 775 823 4665 www.colliers.com/reno EMAIL [email protected] Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM NV Lic COLLIERS S.0054176 INTERNATIONAL P. 1 Table of Contents > PROJECT SUMMARY Project Summary ............................................................................................................................ 4 Reno Trade Area Map & Population Density ................................................................................. 5 > INVESTMENT SUMMARY Investment Summary ....................................................................................................................... 7 Aerial View Facing North ............................................................................................................... 8 > LAND USE Adjacent Land Uses ....................................................................................................................... 10 Redfield Regional Center Land Use Plan ........................................................................................11 Site Aerial ........................................................................................................................................12 Surrounding Area Development ..................................................................................................... 13 Assessor’s Parcel Map .................................................................................................................. 14 Utility Locations ............................................................................................................................. 15 > RENO-TAHOE AREA Reno Economic and Real Estate Market ....................................................................................... 17 > CONFIDENTIALITY & DISCLAIMER STATEMENT Disclaimer ...................................................................................................................................... 18 Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 2 Mixed Use Development Land - 88 Acres I-580 / S. VIRGINIA STREET / MT. ROSE HIGHWAY RENO, NV 89521 Offering Memorandum Reno-Lake Tahoe > Project Summary COLLIERS INTERNATIONAL PROJECT SUMMARY Project Summary Colliers International is pleased to present this offering for the unique opportunity to purchase 88.68 acres of mixed-use land located adjacent to I-580 and across from the Summit Shopping Center and Innova Luxury Apartments in Reno, NV. Virtually the last available development site in south Reno. LOCATION This mixed-use land is situated at the center of a regional commercial and residential hub. The views of the surrounding area include the Sierra Nevada Mountain range to the West and the Virginia Mountain range to the East. The property is ideally located at the intersection of South Virginia Street and Mount Rose Highway, adjacent to the interchange of I-580. The interchange of I-580 at Mt. Rose Highway is the first stop from Reno to Carson City and Lake Tahoe. The Summit Shopping Center, North of the site, is the closest major retail destination for the residents of Carson City and Lake Tahoe. It is a 601,491 square foot facility completed in 2006 boasting such names as Apple, Dillard’s, and Century Theatres. For many of the tenants the Summit Shopping Center is their first location in this region, which provides a unique draw to this submarket. Reno has a population of over 500,000 with an employment base of over 201,000 people. Additionally, Reno’s unique year-round tourism brings an additional 4.2 million people annually. Reno and Lake Tahoe are convention and recreation destinations with world class skiing, golf, dynamic arts and culture, gaming and entertainment. This site’s proximity to major arterials provides easy access to all the offerings in this market and positions it perfectly for a mixed-use development. Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 4 PROJECT SUMMARY Regional Trade Area & Population Density 2019 TOTAL POPULATION UNIVERSITY OF NEVADA RENO TAHOE-RENO DOWNTOWN INDUSTRIAL CENTER MID-TOWN MIE SOUTH MEADOWS MIE DAMONTE RANCH MIE 753 ARROWCREEK CURTI RANCH Subject MONTREUX Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 5 Mixed Use Development Land - 88 Acres I-580 / S. VIRGINIA STREET / MT. ROSE HIGHWAY RENO, NV 89521 Offering Memorandum Reno-Lake Tahoe > Investment Summary COLLIERS INTERNATIONAL INVESTMENT SUMMARY Investment Summary > PURCHASE PRICE > FRONTAGE > TRAFFIC - 2018 NDOT TBD - Call for Details Excellent frontage on major arterial: US 395A - 315ft N of IR580 S/B S. Virginia Street: ±1,900 feet | Mt. off-ramp ‘Exit 57A’: 12,600 ADT > PRICE PER SQUARE FOOT Rose Highway: ±3,000 feet I-580 - .75 mi N of SR431 TBD (Mt Rose Hwy): 54,000 ADT > ACCESS 0.2 mi W of US395A: > SITE Access is off Mt. Rose Highway SR431 - +88.68 Acres (State Highway 431) and S. Virginia 10,300 ADT Street. I-580 on/off ramps are SR431 - 460ft W of Sundance Dr: > PARCEL NUMBERS adjacent to the site and the I-580 17,600 ADT Washoe County Extension to Washoe Valley is complete and open. APN# 049-385-03 > DEMOGRAPHICS and 049-392-11, 12, 13 Reno-Sparks has a population of > CONDITION over 500,000 with an employment > ADDRESS Off-sites and street improvement base of over 201,000 people, with 14575 US Hwy 395 requirements to be based on an additional 4.2 million tourists per Reno, Nevada 89521 intended use. year. Median household income within 3 miles of the subject > LOCATION > UTILITIES AND PLANNING property is $92,036. Southwest corner intersection of Electricity and Gas: Nevada Energy Mt. Rose Highway (State Highway Water: Washoe County Water > INDUSTRY 431) and South Virginia Street, Resources (plumbed to site) Tesla - 2,000 Acres Reno, Nevada, adjacent to I-580. > Effluent water available to site Google - 1,400 Acres > Possible GeoThermal opportunities > ZONING Switch - 700 Acres Washoe County MU/RRC (Mixed Use/Redfield Sewer: Blockchain - 65,000 Acres Regional Center Plan) (plumbed to site) Apple - 1,200 Acres Building Permits/Planning: > WATER RIGHTS City of Reno Reno Land - 700 Acres Available Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 7 INVESTMENT SUMMARY Aerial View Facing North Downtown Sparks Reno Reno/Tahoe 12.3 Miles International Airport 9.4 Miles Bishop Manogue Catholic High School Wolf Run Golf Club Dillard_s.pdf 1 7/24/12 11:45 AM C M Y CM MY CY CMY K South Valleys Regional Sports Complex South Valleys SOUTH VIRGINIA STREET 12,600 ADT Regional Park Mount Rose Mini Storage 54,000 ADT Innova 583 Luxury Units (Under Construction) RAMP 8,600 ADT RAMP 1,900 ADT MOUNT ROSE HIGHWAY 10,300 ADT RAMP 8,700 ADT SUBJECT Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 8 Mixed Use Development Land - 88 Acres I-580 / S. VIRGINIA STREET / MT. ROSE HIGHWAY RENO, NV 89521 Offering Memorandum Reno-Lake Tahoe > Land Use COLLIERS INTERNATIONAL LAND USE Adjacent Land Uses SPACE AVAILABLE INNOVA 583 LUXURY APARTMENT HOMES The Summit THE SUMMIT MALL SOUTH VIRGINIA STREET & MOUNT ROSE HWY., RENO, NEVADA AVAILABLE SPACE FROM ±1,675 SF AND UP SUBJECT Demographics 1 mile 3 miles 5 miles Population 4,478 41,064 61,346 Average Household Income $89,719 $105,392 $104,654 Projected Population (2023) 6,837 47,898 69,581 Source: Claritas SUBJECT Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 10 LAND USE Redfield Regional Center and Land Use Plan t ec ubj S Subject BOUNDARIES The Redfield Regional Center Plan area is shown above. The Redfield Plan generally covers the University of Nevada, Redfield Campus, Sierra Commercial Center and the surrounding areas. The parcels included are shown above. ZONING MAP - MU/RRC Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 11 LAND USE Site Aerial South Valleys Regional Sports Complex South Valleys Dillard_s.pdf 1 7/24/12 11:45 AM Regional Park C M Y CM MY 54,000 ADT CY CMY K Mount Rose Mini Storage RAMP 8,600 ADT Innova 583 Luxury Units (Under Construction) TO CARSON CITY & GARDNERVILLE RAMP VIRGINIA INCLINE 1,900 ADT CITY VILLAGE MOUNT ROSE HIGHWAY 10,300 ADT RAMP 8,700 ADT SUBJECT SOUTH VIRGINIA STREET 12,600 ADT Mixed Use Development Land - 88 Acres | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 12 LAND USE Surrounding Area Development Project Name Developer Acres Dwelling Units Description Steamboat By Vintage / 18.42 360 Affordable Housing NORTH Sierra Vista Vintage GreenStreet Innova Reno Land 26 583 Market Rate Apartments, 10% Affordable Pending Multifamily Sierra Vista Kromer 16.5 340 Market Rate Apartments, 10% Affordable Village at Wedge Ryder 23.9 586 Market Rate Apartments, 10% Affordable Regency At Carmella Toll Brothers 314 938 Age Restricted Single Family Ascente TBD 640 225 Single Family, Project cannot get approvals The Meadows Ryder Homes 40 69 Single Family, 6500 sf lots, small commercial project Lewis Esprit Townhomes 7.88 126 For rent town homes Village