Redevelopment Land Opportunity

Transcription

1 Kietzke Ln A rare opportunity to acquire a distinctive redevelopment parcel in the heart of booming Reno, Nevada WASHOE COUNTY GOVT OFFICES SILVERADA MALL SPARKS Sutro St Prater Way W 6th St SITE E 6th St Commercial Row N Sierra St TOWN RENO S Wells Ave Glendale Ave S Rock Blvd Mill St Greg St TINY TEN DEVELOPMENT SITE California Ave S Virgina St RENO-TAHOE INT'L AIRPORT FOR SALE Redevelopment Land Opportunity 1035 East Commercial Row, Reno, NV

2 Sutro St Investment Offering 1035 East Commercial Row, Reno, NV Executive Summary SALE PRICE Negotiable The property is a two-parcel redevelopment property in the heart of booming Reno, Nevada in proximity to downtown, I-80, the Reno-Tahoe International Airport, the University of Nevada, the award-winning Triple-A Reno Aces Ballpark, and many other previous redevelopment locations. The property is zoned MUDR (Mixed Use Downtown Reno) and the City of Reno has previously stated that many various project types will be considered with this zoning and location. TOTAL SITE SIZE TOTAL BUILDING AREA ZONING 2.78 acres 121,096 SF 5,000 SF (abandoned building) Mixed Use Downtown Reno (MUDR) Kidder Mathews has been retained to exclusively market the redevelopment property. The Northern Nevada property consists of 2.78 acres and is located in the downtown submarket. The property benefits from excellent access to regional freeways, arterial streets, restaurants, shopping, S / Fed-Ex shipping hubs and with residential, retail, and industrial properties nearby. PARCEL # S & YEAR BUILT E Commercial Row TRUCKEE RIVER Brad Lancaster O C bradl@kiddermathews.com kiddermathews.com This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.

3 Investment Offering 1035 East Commercial Row, Reno, NV Investment / Redevelopment Highlights The Northern Nevada market has been experiencing record-breaking levels of demand for small single family starter homes (tiny houses), apartments, and industrial space of all types. Market fundamentals are very strong for industrial product and, as of the date of publishing, we are currently reporting the lowest industrial vacancy rates seen since the market has officially been tracked. This is one of very few land parcels of this type within the Reno/Sparks metro area with the acreage required for larger scale residential, multi-family, and/or industrial flex development. The tiny house development strategy has been gaining traction in the Reno area and we expect that around sixty tiny houses could be built at this location with each house selling for approximately $ 250,000. Please reference one of the recent tiny house projects via the following website: In summary, this is a well-positioned redevelopment property with excellent potential for many various types of development that are currently in high demand (apartments, tiny houses, low-income housing, industrial flex product, and many others). SITE PLAN MORRILL A SPO R.S sf sf Sutro St U.P.R.R ac COMMERCIAL ROW WELLS AVE. (OVERPASS) sf PAR.1 R.S sf PAR.2 R.S sf PAR.17C R.S ac ac sf River Truckee Brad Lancaster O C bradl@kiddermathews.com kiddermathews.com This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.

4 Robb Dr St Plumas S t Plumas S t S We l l s Ave Kietzke L n Pyra i m d Way Sutro St Investment Offering 1035 East Commercial Row, Reno, NV LOCATION MAP TINY HOUSE DEVELOPMENT CONCEPTUAL SITE PLAN tates Dr Pyr Golden Valley Rd. SUN VALLEY Highland Ranch P kwy E 7th Ave Sun Valley Blvd. Los Al tos Pkwy E Commercial Row N. Virginia Street Dandini Blvd Clear Acre Ln El Rancho Dr. Pyramid Way Disc Dr Vista Bl vd kwy AvLas Brisas Blvd enida De Landa W S eventh M ae Anne St Ave N McCarran W Seventh St Blvd Keystone Ave N Sierra St N Virginia Eva ns Ave N. Wells Ave SITE Sutro St E 4th St El Rancho Dr. Oddie Blvd E 2nd St N McCarran Blvd Rock Blvd SPARKS E. Prater Way Baring Blvd. E Lincoln Way Vista Blvd. Truckee INDUSTRIAL FLEX DEVELOPMENT CONCEPTUAL SITE PLAN KEY Tiny House Parking Garage Sharlands Ave W. 4th Street Mayberry Dr S McCarran Bl vd Hunter Lake Dr RENO S Sierra St S Arlington Ave Ryland St Mill St Vassar St East Plumb Lane Greg St S Rock Blvd Mill St E Greg St Clean Water Way Pla teau Rd Skyline Blvd S McCarran Blvd Lakeside Dr Lakeside Dr S Virginia St W Moana Ln Kietzke Ln W Huffaker Ln Reno-Tahoe International Airport Airwa y Dr E Peckham Ln Longley Ln. Longley Ln S McCarran Blvd Double Pembroke Dr Mira Loma Dr Bella Vista Ranch Diamo nd Pkwy Alexander S Meadows Lake Rd Pkwy Hidden V alley Dr Short Ln Desert Way Holcomb Ranch Ln yden Dr Double Veterans Pkwy rat Dr Rio Wr Brad Lancaster O C bradl@kiddermathews.com kiddermathews.com This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.

5 713 SF 713 SF 713 SF 5050 SL 5050 SL 3050 SL 3050 SL 2050 SL 713 SF Investment Offering 1035 East Commercial Row, Reno, NV 3-STORY 16-PLEX CONCEPTUAL PLAN TRASH TRASH TOTAL PARKING 143 SPACES 141 REQ'D '-7" 713 SF 4'-0" 42'-0" 4'-0" 24'-0" 4'-0" 6'-0" 713 SF 4'-0" 4'-0" PARK 4,000 S.F. 69'-5" 713 SF 42'-0" 4'-0" 24'-0" 4'-0" 4'-0" 6'-0" 713 SF COMMERCIAL ROW 108 UNITS COMMERCIAL ROW OPTION 3 3-STORY 16-PLEX OPTION SCALE: 1/4" = 1'-0" DECK 13'-0" X 7'-0" 5050 SL 5050 SL DECK 13'-0" X 7'-0" W/H W/H 3050 SL M. BED 11'-4" X 13'-10" 5050 SL BED 2 11'-0" X 11'-0" 60XX SL. DR. M. BED 11'-4" X 13'-10" LIVING 13'-8" X 13'-0" LIVING 15'-4" X 13'-0" 3050 SL FAU ABOVE P. 1,070 SF DINING 10'-4" X 9'-10" BATH 2 6'-0" X 8'-10" 735 SF P. FAU ABOVE 2050 SL M. BATH 11'-4" X 6'-2" REF. KITCHEN 17'-4" X 10'-0" RANGE SINK D/W COAT ENTRY W D ENTRY W/D KITCHEN 15'-4" X 12'-2" SINK D/W RANGE REF. M. BATH 11'-4" X 6'-2" COMMERCIAL ROW Brad Lancaster RENO O NV C CLIENT bradl@kiddermathews.com kiddermathews.com COMMERCIAL ROW OPTION 3 2-BED AND 1-BED TYPICAL UNITS PRELIM SITE PLAN - OPT. 3 SP.3 DATE This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor. SCALE: 1/4" = 1'-0" 1"=30'-0"SCALE NORTH

6 Preliminary Feasibility Report for Commercial Row Tiny Home Development May 4, 2018

7 Allyson D. Wong, Architect NV Architect # South Center Street Suite 100 Reno, NV (775) Freight House District, LLC Attn: Jim DeArkland P.O. Box Ventura, CA May 4, 2018 Dear Mr. DeArkland, Thank you for the opportunity to provide this report and preliminary design for the property located at 1035 East Commercial Row. Within this report you will find preliminary research regarding zoning ordinances, building codes, site conditions, and my recommendations for the development of the site. If you have questions or require additional information, please feel free to contact me at (775) Regards, Allyson D. Wong Allyson D. Wong, Architect

8 Commercial Row Tiny Home Development Preliminary Feasibility Report CONTENTS 1 Project Description 2 Site Conditions 3 Zoning 4 Entitlements 5 Building Codes 6 Construction Costs 7 Recommendations 8 Limitations References: A B C Black and White Preliminary Site Plan Colored/Rendered Site Plan Example Floor Plans Allyson D. Wong, Architect

9 Commercial Row Tiny Home Development Project Description This project includes the review of two parcels, APNs and , for the possibility of development with tiny homes. The study includes basic applicable zoning ordinances that would affect the project and review of required entitlement processes for different scenarios. The goal of this study is to determine the maximum number of individual homes that could be developed on this site while meeting requirements for setbacks, parking, etc. Basic building codes were considered and reviewed for the possible development of tiny homes on this site. Site Conditions These two parcels encompass a total of acres. There is an existing building on this site which, for the purposes of this study, was considered not useable and planned to be removed from the site prior to development. The site is bounded by East Commercial Road on the south, a vacant parcel owned by Waste Management to the east, the railroad tracks to the north, and an empty parcel to the west which has been leased by the City of Reno to The Generator for future development as a community arts and performance center, artist spaces, outdoor theater, and sculpture park. As part of the lease, the Generator will also revitalize the Truckee riverfront portion of the property for public use. Allyson D. Wong, Architect

10 Commercial Row Tiny Home Development Zoning The zoning for these parcels is Mixed Use (MUDR), and they are located within the East 4 th Street TOD Corridor, which will provide the prevailing guidelines for development of the parcels. Permitted Uses In the East 4 th Street Transit Corridor, multi family uses are permitted by right. For Single family Attached/Condominium Townhouse, a tentative map is required. Single family, detached is also a permitted use, as is single family, zero lot line, but these options were not investigated in depth in this report, as these unit types would likely result in a lower unit count. General Requirements In MU zoning: ( ) Minimum Lot size: none Minimum lot width: 30 Minimum setbacks: Front: 10 (to include a minimum of 5 of landscaping and 5 for sidewalk) Side: 0 or 10, Rear: 0 or 10 Minimum building separation: 20 between main buildings on the same lot for developments of 50 or more, and 10 for developments of less than 50 units. The solution to this is to create two separate projects by adding a property line, most likely up the center of the center driveway (this was discussed with City of Reno Planning as an acceptable solution). Parking In the East 4 th Street TOD Corridor, 1 space/unit is required for residential uses. The proposed project includes one garage parking space per unit. 5 guest parking spaces have also been included on site, and street parking spaces are available on E. Commercial Row. Density Minimum residential density is required to be at least 18 dwelling units per acre acres at 18 units/acre = units minimum required Landscaping A residential project in MU zoning with less than 30 units per acre density requires 20% of the lot to be landscaping. The East 4 th Street TOD Corridor overlay does not have any districtspecific landscaping standards. Required minimum landscape area = 24, square feet Proposed landscape area = approximately 54,645 square feet Allyson D. Wong, Architect

11 Commercial Row Tiny Home Development Entitlements Required entitlements for this project are overall minimal for this parcel but will depend upon the proposed development. Below the two primary options are summarized. Option 1. Multi family One option is to do a multi family project, which would be defined by the whole project being one parcel with the individual homes available for rent. With this option, no further entitlements are required, and the project could be fully designed and submitted directly for building permits. This option would require one of the proposed units to be developed as an on site manager s office. Option 2. Single family, attached/townhomes The second option is to create what would fall into the City of Reno s definition of singlefamily, attached/townhome units. These units could be sold individually. For this, you need to go through the Tentative Map process, creating new property lines at the footprint of each home. The City of Reno planner suggested that the City would also want this project to go through an S process, but the S would be done simultaneous to the Tentative Map and with the same fee. If the project was less than 50 units, it would go through the Site Plan Review process rather than the Special Use Permit process, but there doesn t seem to be much of an advantage to that. For this option, a Homeowner s Association would be created to maintain the common property, driveways, sidewalks, and garages. Individual homeowners would still be responsible for the care and maintenance of both the interior and exterior of their own home. Allyson D. Wong, Architect

12 Commercial Row Tiny Home Development Building Codes The City of Reno currently follows the 2012 I Codes with the 2012 Northern Nevada Amendments and the 2015 Northern Nevada Energy Code Amendments. The 2018 Codes are currently under review for amendments and adoption is expected in Construction Costs With only preliminary investigation into this project, an estimation of probable construction costs can be based solely on past similar project experience, with the understanding that there are many variables that will affect the cost of the project. This estimation is an opinion about possible costs, not an exact estimate that can be used as a reliable maximum figure. As the details of the project develop, a licensed General Contractor, experienced in the type of project to be constructed, will need to be hired by the developer to perform the construction work and provide exact construction cost estimation. With tiny home construction, a cost per square foot estimation is not a reasonable measure because the overall square footage of the home is too small. It would be my expectation that the homes represented in this preliminary design would cost approximately $177,000 each to build. Allyson D. Wong, Architect

13 Commercial Row Tiny Home Development Recommendations Based on my preliminary investigation, it is my recommendation that this project could be successful either as a multi family project with the individual homes for rent, or as a singlefamily project with each home individually sold, depending on the long term goals of the developer. The site is located within close proximity to downtown Reno and within walking distance to the Truckee River. There are no similar housing products available in the area, especially new construction, and there is high demand for urban housing. With the proposed Generator project next door to this site, this area has a lot of potential to transition into a desirable location for housing. My studies showed that a maximum of 55 2 bedroom, 1 bath single family homes of approximately 650 square feet each and 55 detached 1 car garage spaces would fit on this site while still providing appropriate amenities (including a community garden area and a playground area, as well as individual private yards). These amenities, along with any others that may be considered, can add value and increase the appeal of the neighborhood being created. Security should be given consideration, with a minimum of partial fencing to limit access to the site. Full security fences and gates could be considered as an option for increased security. Limitations This report has been prepared with general information about the program for the proposed project. It has been created without in depth investigation into soil conditions, availability of utilities, traffic impacts, and a variety of other specifics that will have to be determined as the project is further developed. This report has been prepared to give an overview of possible development of the site, and recommendations are the opinion of the Architect preparing the report. This material reflects my best judgement in light of the information available to me at the time of preparation of this report. Any use which a third party makes of this report, or any reliance on or decisions to be made based upon it, are the responsibility of such third parties. Allyson D. Wong accepts no responsibility for damages, if any, suffered by any third party as a result of decisions made or actions based on this report. Allyson D. Wong, Architect

14 APRIL 27, GARAGES 15 BENCH COMMUNITY GARDEN BENCH TRASH GUEST PARKING 28 GARAGES PLAYGROUND COMMERCIAL ROW TINY HOMES E. COMMERCIAL ROW RENO, NEVADA E. COMMERCIAL ROW PRELIMINARY DESIGN - NOT FOR CONSTRUCTION 1 PRELIMINARY SITE PLAN 1" = 30'-0" DRAWN BY: CHECKED BY: ADW ADW DATE: 04/27/2018 PROJECT: ADW SCALE: REVISIONS:

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16 WH BEDROOM 9'-6" X 11'-0" BATH 5'-0" X 9'-6" BEDROOM LOFT 19'-0" X 10'-0" W/D REF. DN LIVING/KITCHEN 19'-0" X 13'-4" DW OPEN TO BELOW FIRST FLOOR 480 SQUARE FEET TINY HOME EXAMPLE FLOOR PLAN PLANS ARE COPYRIGHTED MATERIAL DO NOT USE WITHOUT PERMISSION SECOND FLOOR 206 SQUARE FEET 20' X 24' FOOTPRINT 686 SQUARE FEET OF LIVING SPACE