±22.49 acres mixed use or multifamily land ......units were under construction and 4,063 planned in...
TRANSCRIPT
±22.49 ACRES MIXED USE OR MULTIFAMILY LAND SPECTRUM BOULEVARD, RENO, NEVADA
LAND FOR SALE
www.cbre.com/reno
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Reno needs more housing and the Spectrum Boulevard site can help solve the problem. With an apartment vacancy rate nearing 2 percent and employment growth projected to be 4-5 percent over the next several years, the total number of new jobs is estimated at over 50,000 requiring nearly 40,000 new housing units. Last year the total number of residential buildings permits issued in the Reno Sparks was 3,599.
Spectrum Boulevard offers a multi-family site for 420 units in a central location with easy freeway access close to the University of Nevada, Desert Research Institute and Truckee Meadows Community College. The site is less than a 5-minute drive to the Reno Tahoe Airport. The Spectrum Boulevard site is also located at the confluence of major transportation system improvements, most notably the Pyramid Highway/Connector and new six lane highway tying the Spanish Springs area to U.S. Highway 395 at Spectrum Boulevard (see page 5). Just north of the site is one of the fastest growing areas for new industrial development and job creation in the region.
Much of the initial engineering and planning is complete including engineers estimates for site work. The due diligence package will allow buyers to understand and evaluate the site potential and feasibility.
The mixed use zoning allows for other uses as well including office, commercial, and other residential development. All or part of the property can be purchased.
CONTACT US
BRETT EDWARDS +1 775 823 [email protected]
REX MASSEY+1 775 321 [email protected]
© 2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.
EXECUTIVE SUMMARY
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ELEVATIONS RIGHT & LEFT
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AERIAL FACING SOUTH
To Lake Tahoe
DANDINI BLVDDESERT
RESEARCH INSTITUTE
LADERA RANCHDR HORTON • 318 HOMES
RED HILL OPEN SPACEWASHOE COUNTY
TRUCKEE MEADOWSCOMMUNITY COLLEGE
UNIVERSITY OFNEVADA, RENO
SITE
RENO TAHOE INTERNATIONAL AIRPORT
DOWNTOWN RENO
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CONNECTOR SYSTEM INTERCHANGE AREA & PLANNED IMPROVEMENTS
SITE
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PROPERTY OVERVIEW
+ Offering: ±22.48 acres mixed use land
+ Sale Price: $5,250,000
+ Location: Spectrum Blvd at Dandini Blvd and U.S. 395
+ Zoning: MU/DRC (Mixed Use/Dandini Regional Center Planning Area Overlay Zoning District).
+ APN: 035-681-01
+ Flood Zone: X (outside of the 100-year flood zone)
+ Development Policy: ±22.48 Acres zoned mixed use Dandini Regional Center, minimum of 14 units per acre and a minimum of 0.5 floor area ratio (FAR) for nonresidential and mixed use development.
PROPERTY HIGHLIGHTS
+ Close proximity to University of Nevada and Truckee Meadows Community College, less than a 3-minute drive to both schools.
+ Site is adjacent to the Desert Research Institute.
+ Easy freeway access and high visibility location adjacent to U.S. 395.
+ Major regional street and roadway improvements planned for Dandini and Parr Boulevard.
+ All utilities available to the Site, no off-site improvements required.
+ Approval pending for 420 multi-family units.
+ Great views of the Sierra Nevada Mountains.
+ Preliminary site engineering completed.
+ All or part of site can be purchased.
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SITE
LOCATION MAP
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8SHEET OF
1000 Kiley Parkway Sparks Nevada 89436775.502.8552 christynv.com
SPECIAL USE PERMIT FOR
102
00 100' 200'
DOUGLAS G.BUCK
035-682-06SPCA NORTHERN NV 035-011-01
UNIVERSITY OF NEVADA
US 395
035-682-02DANDINI GROUP INC
035-011-07DANDINI GROUP INC
502-250-03WASHOE COUNTY
502-250-03WASHOE COUNTY
SPECTRUM BOULEVARD (EXISTING/PUBLIC)
DANDINI BOULEVARD(EXISTING/PUBLIC)
OWNERSHIP OF FACILITIES:
E. PA
RR B
OULEVARD
(EXIS
TING/P
UBLIC
)
SITE PLAN
Not a Part
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9S P E C T R U M - D A N D I N I M I X E D U S ECit y of Reno, NevadaCALLANDER PROJECT NUMBER: 17022 | DATE: 04.07.2017 | CALLANDER ASSOCIATES 1
Required Landscape Area:(20% of site acreage)
Open Space Requirement:
Parking Lot Shade Tree:(1:10 spaces)
Landscape Planter Strips:(1:30 feet of street frontage)
Trees Required: (1 per 300sf of required land-scape area)
Lawn Space:(>50% of Landscape Area)
LANDSCAPE DATA22.49 ac total x 20% = 4.5 ac required
=7.4 ac provided (incl. open space)
2.93 ac required3.35 ac provided
536 spaces/10 = 54 trees required= 54 trees provided
1,614feet/30 = 54 trees required = 54 trees provided*
196,020- 145,926 (open space)=50,094sf50,094sf/300 = 167trees required
= 400 trees provided
50,094sf x 50% = 25,047 sf max. = 24,800 sf provided
*for graphic clarity, total tree count is not reflected accurat-ley on plans, intent of the plans is to meet City requirementson tree counts
1. PLANS WILL BE DESIGNED IN ACCORDANCE TO THE CITY OF RENO STANDARDS,THE HILLSIDE DEVELOPMENT CODE, THE DANDINI REGIONAL CENTER PLANGUIDELINES AND AS APPROPRIATE FOR THE SITE SETTING AND CLIMATE.2. ALL LANDSCAPE AREA SHALL BE DESIGNED IN CONFORMANCE WITH THE LANDDEVELOPMENT CODE, SECTION 18.12.12093. LAWN SPACE SHALL NOT EXCEED 50% OF THE LANDSCAPE AREA PER THELAND DEVELOPMENT CODE, SECTION 18.12.1210.4.AUTOMATIC IRRIGATION SHALL BE INSTALLED ON SITE PER TMWA REQUIRMENTS.INCLUDES DRIP IRRIGATION AND OVERHEAD SPRAYS WHERE APPROPRIATE.
LANDSCAPE NOTES
Landscape Area: Shrubs and Groundcover
Native Landscape Area (Open Space)
Detention Basin
Turf Areas
Interior Trail Loop
Limit of work
Amenity Area
Open Space Amenity Area
Entry Amenity Area
TREE LIST
PLANT LEGEND
Canopy/ Shade Trees (30’ -40’ Spread Typ.)
Screening Trees (15’ - 25’ Spread Typ.)
Ornamental Trees (15’ Spread Typ.)
TO COMMERCIAL SITE
VIEWS
**
*
VIEWS VIEWS
VIEWS
SITE PLAN
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Q1 2017 MULTIFAMILY OVERVIEW
With rising demand from a growing workforce, housing availability and affordability has become an issue for the market long known to be an affordable market. Long gone are the days of 2-3% annual rent growth. For Reno/Sparks, Q1 2017 brought another record rent increase as the average rental rate increased from $1,066 in Q4 of 2016 to $1,111. This change represents a strong quarterly increase of 4.22%, and an impressive year-over-year increase of 12.22%. As a notable result of the “Tesla effect,” the East Sparks submarket (closest to the Tahoe Reno Industrial Center) even witnessed a quarterly rental rate increase of 13.02%.
Meanwhile, the vacancy rate tightened from 2.93% in Q4 of 2016 to $2.23%, which is slightly lower than 2.30% vacancy rate in Q1 of 2016. Reno’s unemployment rate was 4.2% in March. The nationwide average that month was 4.5%. Consequently, the development pipeline increased by 1,983 units in one quarter alone meaning that all flat sizable pieces of infill land in the market are being considered for a multifamily development.
NEW/PLANNED CONSTRUCTION
As of Q1 2017, there were 2,713 units under construction (not including 105 student housing units) and 6,658 units in the planning stages. Overall, the number of units both under construction and in planning has increased quarter over quarter by 27 percent. Total year-over-year activity has increased by 70 percent when only 1,458 units were under construction and 4,063 planned in Q1 of 2016.
Source: CBRE Reno Q1 2017 Multifamily Newsletter
Current Vacancy-Rent Per Type
Page 1
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
0%
1%
1%
2%
2%
3%
3%
STUDIO 1BR/1BA 2BR/1BA 2BR/2BA 3BR/2BA
RENO/SPARKS MULTIFAMILY MARKET
VACANCY VS. RENTAL RATE
DOWNTOWNRENO
DANDINI RESEARCH PARK
UNIVERSITY OFNEVADA, RENO
SPARKS, NEVADA
NORTH VALLEYS
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AERIAL FACING NORTH
DESERTRESEARCH INSTITUTE
TRUCKEE MEADOWSCOMMUNITY COLLEGE
SITE
RENOWN HEALTH
GREATER NEVADA AAA
STADIUM
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MARKET OVERVIEW
STRONG REGIONAL JOB GROWTH
According to the Tax Foundation, Nevada ranks third in the United States for best tax climate. This business-friendly tax environment has opened up many possibilities for out-of-state companies to locate facilities here including Tesla, Panasonic, and Switch. As noted by local economic development officials from a recent study called the “EPIC” report (http://edawn.org/epic-report), the region is forecast to create approximately 50,000 jobs between 2015 and 2019.
Current employment is approximately 230,000 people with a population of approximately 450,000 in the metro area. According to the study, the area of Washoe County is seeing steady and improving demographic and
employment growth. The economy is becoming increasingly diversified due to a proactive regional business recruitment and retention strategy. Northern Nevada is supported by locational/transportation advantages which include access to Interstate 80, Union Pacific Mainline Rail, inexpensive redundant power sources and superior fiber connectivity. The infrastructure supports the region’s emergence as a powerhouse in worldwide technology-based commerce.
The region also has a renewed focus on advanced manufacturing which is paying dividends. Reno has experienced a 14.7 percent growth in manufacturing employment over the past five years. Sectors such as healthcare and clean energy are also experiencing strong growth.
EMPLOYMENT PROJECTIONS
Employment projections through 2024 for the Reno/Spark Metropolitan area are impressive. The Nevada Department of Training, Employment and Rehabilitation predicts the total number of employees to increase to 275,128 by 2024 which is a 29 percent increase from the base year adding an average of nearly 6,238 employees per year.
REGIONAL MARKET COMPARISONS
Being one of the hardest hit areas during the Great Recession, Reno/Sparks compares well against other regional markets.
2015Washoe CoReno/Sparks
Clark CoLas Vegas
Maricopa CoPhoenix
Sacramento CoSacramento
Salt Lake CoSalt Lake City
Per Capita Income $ 47,584 $40,652 $ 42,092 $46,539 $44,692
Median Household Income
$52,870 $51,575 $54,229 $55,987 $62,117
% Household > $50,000 Income
52.7% 51.7% 54.1% 55.0% 60.9%
% Households > $200,000 Income
4.3% 3.5% 4.8% 4.3% 5.1%
Truckee Meadows Community College, east of Spectrum site
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JOBS DRIVE HOUSING DEMAND
KAZMIERSKI: 50,000 JOBS COMING TO RENO AREA – NOW WHAT?
Let’s do the math. While we still have many of the 15,600 recently announced direct or indirect jobs to fill, in the next five years there are 34,000 projected EDAWN assisted direct and indirect jobs, plus this little company called Tesla which will add another 17,000 jobs, both direct and indirect, for a total of over 50,000 new jobs, not counting other organic growth. With a workforce of around 200,000, that looks a lot like unprecedented growth at nearly 5% a year for five years. From what I can tell, we hit 5% growth just once in our history.
Mike Kazmierski is president and CEO of the Economic Development Authority of Western Nevada.
HOUSING CRUNCH THREATENS RENO’S TECH BOOM
The latest sign of the boom came on Friday, when Alphabet Inc. unit Google bought 1,210 acres at the Tahoe Reno Industrial Center, where it aims to eventually build a data center.
Reno has emerged as a tech manufacturing hub, as local officials have cleared a regulatory path and as the state has offered hundreds of millions in tax breaks for companies willing to invest. Nevada’s “Biggest Little City in the World” features a comparatively low cost of living and proximity to Silicon Valley.
By Jim Carlton Published April 20, 2017 Features Dow Jones Newswires
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Tesla/Panasonic selected Northern Nevada as their location for the world’s largest Gigafactory focusing on manufacturing of cutting edge technologically advanced energy storage. The first of several buildings at 3 million square feet is currently under construction and will open in 2016. The project is expected to create up to 20,000 jobs. The economic impact of Tesla is so large that it will add 20% to the region’s GDP.
Switch is under construction with the world’s largest data center at 1.2 million square feet. Switch has committed to constructing a total of 7 buildings and 6.49 million square feet of high tech data campus on 1,000 acres. The company is expected to hire thousands of employees. Due to its location in Northern Nevada Switch is also constructing a fiber hyperlink which will connect Reno, Las Vegas, Los Angeles and San Francisco in under 7 milliseconds.
Clear Capital with 400 finance and technology jobs recently moved its headquarters to Class A office space in Downtown Reno.
RECENTLY RELOCATED COMPANIES
Microsoft Licensing moved its headquarters to Reno a decade ago and now has 500 employees. The company licenses software worldwide from its 120,000 square foot campus in south Reno.
International Game Technology is the world’s largest gaming company. Its Reno campus at 1 million square feet houses both R&D and manufacturing groups.
Renown Health is the largest healthcare provider in the region. The company currently employs 5,600 and continues to aggressively expand in the region.
Sierra Nevada Corporation is one of the nation’s largest defense contractors and is headquartered in Sparks, Nevada. It has 3,000 employees, most of whom are scientists, engineers, or technical personnel with college or advanced degrees.
Intuit Payroll Services has been headquartered in Reno since 2001. It now has 600 employees located in 150,000 square feet of office space.
EXISTING NOTABLE EMPLOYERS
Fruit CompanyWell known fruit company with a 800 billion dollar market cap, acquired 345 acres in the 2,300 acre Reno Technology Park and is currently under construction on its $1 billion data center. Additionally, the Fruit Company, its money management division, is headquartered in south Reno investing billions in this tax free state.
Global Technology CompanyA global technology company purchased 1,200 acres in the Tahoe Reno Industrial Center (TRIC) April 2017. This global tech joins Tesla and Switch as high profile tech tenants and with this economic development fuels Northern Nevada growth.
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NNN
NORTHERN NEVADA REGIONAL MAP
© 2015 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property.
All Rights Reserved. Sources: CBRE Mapping Services (877) 580-4674; Nielsen, StreetPro, Microsoft Bing. MapFiles\Work2015\4thQtr\3188899 11/12/2015CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
Reno-SteadAirport
Reno-TahoeInt’l Airport
iCloud Data Center
Licensing
.com
To Lake TahoeSki Resorts:
Reno TechnologyPark
WALMARTDistribution Center
Distribution Center
(Software)
BraeburnCapital
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GoGoGoGoGoldldldldldllddllddenenenene VVVVVVVValalalaaaa leleeyyGGolden ValleySuSuSuSunnnnn VaVaVaVaVV lllllllleyeyeeySun Valley
FeFeFeeFeFeF nnrnrnrnrnnnleleleeeleeeyyyyyyFernley
McMMcMMccMcCaaaCaCC rrrrr annnnMcCarran
SpSpSSSpSpananisisisshhhh SpSpSpprirr ngngssSpanish Springs
CoCoCooCoCoC ldldldld SSSSSSSprprprppp inniningsgsgsgsgCold Springs
MoMoMoMogugugugulllMogulVeVeVeVeerdrdrdrdiiiiVerdi
Reno
Sparks
445
650
395
80INTERSTATE
80INTERSTATE
InIn580INTERSTATE
580INTERSTATE
REGIONAL EMPLOYERS MAP
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CONTACT US
BRETT EDWARDS+1 775 823 [email protected]
REX MASSEY+1 775 321 [email protected]
www.cbre.com/reno