DCG’s Principal Tom Fennell, SIOR, CCIM, and Senior Vice President of Retail, Gary Tremaine, represented the seller in the sale of 13.52 acres located at the Red Rock Road intersection just off Highway 395. The Inland Group acquired the mixed-use land for $3,400,000 with plans for a 290-unit affordable housing development. Developer Inland Construction expects to break ground this fall, opening up the first units in the summer of 2023 and finishing the project by the end of 2023. The City of Reno could discount the sewer and building impact fees by 85% because it is an affordable complex within 1 mile of an employment center. Council members unanimously approved reducing the project fees by $1.5 million.
Located in the North Valleys submarket along Highway 395, the property neighbors a newly developed 18,000 square-foot retail strip center with tenants such as; Anytime Fitness, Living Stones Church, and a new Mexican restaurant Norte Cantina. One acre of land is still available for sale, a ground for lease, or a build-to-suit quick-serve restaurant directly off the Red Rock exit. Contact Gary Tremaine for more information on the leasing availability at the Red Rock Retail Center.