PHOTOS: Park Lane development unveils vision for a ‘new lifestyle to Reno’
Real Property Tax Revenue:
• City of Reno General Fund: $6,800,000
• Washoe County School District: $7,700,000
• City of Reno Redevelopment District #2: $63,300,000
Sales Tax Revenue:
• City of Reno: $4,600,000
• Washoe County School District: $20,500,000Source: Reno Land Inc., Lyon Living
RENO, Nev. — Last week, Reno Land Inc. — the developers behind the Park Lane development — released updated designs for the project as part of an effort to bring a “vision of a new lifestyle to Reno.”
According to a news release, Reno Land Inc. partnered with Newport Beach-based company Lyon Living to create “progressive designs and never-before-seen construction elements” for the 46-acre master-planned community on the corner of Plumb Lane and South Virginia streets.
“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,” Chip Bowlby, President and CEO of Reno Land Inc., said in a statement.
The new designs and project updates were presented to Reno City Council during its March 27 meeting; go here to download a PDF of the presentation.
In totality, the Park Lane master plan includes 1,700 residential units, a one-acre park, 50,000 square feet of retail space, a hotel with roughly 170 rooms and a food hall, featuring a grab-and-go indoor farmer’s market.
As of March, construction of the backbone infrastructure and site preparation is complete, according to Reno Land Inc. Phase one is scheduled to go vertical “this year” and includes four residential buildings — 1A, 4A, 4B, 4C — with tenant occupancy expected by the end of 2020 or early 2021
“Working on a parcel like Park Lane is a dream come true,” Nate Johnson, Senior Vice President of Development at Lyon Living, said in a statement. “Here, we have 46 acres to create something truly special for Reno.”
According to Reno Land Inc., construction will begin on phase two (which includes retail space, the hotel and The Market Hall) in late 2019, and is expected to finish early 2022.
Construction begins on phase three in late 2020 and includes more residential and is expected to finish by 2023.
According to the March 27 presentation before City Council, the Park Lane project is estimated to bring in additional $77.8 million in real property tax revenue and $25 million in sales tax revenue.
From an employment perspective, Park Lane will create 3,200 temporary construction jobs and 700 permanent positions.
Go to http://www.parklanelife.com to learn more.
The regional building and population boom continues to favorably impact operations at Northern Nevada financial institutions. The thousands of new residents moving to the Truckee Meadows need to finance homes or new businesses, and all regional bankers really need to do is just put on a catcher’s mitt to snag the flow of business from people and companies moving in from California.