Fountainhouse opens for tenants
On the first day that the first building opened at the new Fountainhouse apartment complex in Sparks, 11 tenants moved in.
All the one-bedrooms in the first three buildings have been spoken for, even though only one of the three buildings accepting leases is complete and the third won’t be move-in ready for several months.
“The one bedrooms are flying off the shelf,” Elizabeth Witt, director of asset management & marketing for Silverwing Developing, said during an Aug. 8 tour of the completed building in the Victorian Square apartment complex.
“There’s a large waiting list,” J Carter Witt, president of Silverwing, said. “Folks are bullish. We want to stay bullish.”
Silverwing is developing the 10-building, 236-unit Fountainhouse apartment complex in the heart of downtown Sparks, as well as other multifamily projects in the region. The last buildings are expected to be completed in early 2017. Interest is so strong, the developers expect it to be full by summer of 2017.
CWX Architects designed the buildings with K2 Engineering and Structural Design leading the engineering on the in-fill location.
Fountainhouse includes a separate clubhouse with a gym and swimming pool.
Before Aug. 6, the leasing office only had conceptual drawings to show potential residents. That was enough for those leasing one bedrooms, but not for those interested in the townhouses that bridge the third and fourth floors.
Two days after having units to show, three townhouses had been leased to Tesla employees, Elizabeth Witt said. Young professionals have been the largest demographic showing interest in the apartments.
“We placed the townhouses all on the third floor so no one has to go up four floors (to get in their front door),” said Carlin Williams, principal architect with CWX Architects.
The location of Fountainhouse also makes it ideal for people who prefer an urban setting.
Tenants have easy access to Interstate 80 for heading to work east to Tahoe Reno Industrial Center or west to downtown. The Century Sparks theater and Nugget Casino Resort are steps away as well as numerous restaurants.
“It’s been so well received. If you live here, there are so many benefits. You can walk to see a movie, go to dinner,” said Doug Hunter, Silverwing director of operations. “You don’t have to get in the car anymore. It’s what we’ve been looking for in this area.”
As with any major project, Fountainhouse had its challenges.
J Witt said getting the first building open is the hardest and most challenging.
“We build to market, we don’t replicate projects,” he said. “So every project is the first time.”
With four-stories and only stairs to get up, there were extra issues with parking, scaffolding and lugging supplies up steps. The project employs 200 people on daily basis.
“Orchestrating, that is a heck of a task,” Hunter said.
Reno’s median home price jumped to $413,405 in November, a 4 percent increase from the same month a year ago. Meanwhile, across greater Reno-Sparks, November’s median price of $400,000 remained unchanged from October.