Gateway to Reno MIXED USE DEVELOPMENT SITE FOR SALE > MERIDIAN 120 SOUTH

Transcription

1 MIXED USE DEVELOPMENT SITE Gateway to Reno TED STOEVER Senior Vice President DIRECT: CELL: Colliers International 100 W. Liberty St., Suite 740 Reno, Nevada P: F:

2 88 ± GROSS ACRES GATEWAY TO RENO Rare mixed used development site available for sale. Meridian 10 South is zoned for a variety of uses including single family residential, multifamily and commercial. Ideally located just off Interstate 80, the property is at the forefront of the path of growth in the Verdi area. Sitting at the base of the Sierra Nevada Mountains, the property enjoys breathe taking views and direct access to outdoor adventure. At the gateway to Reno near the California state line, the project will appeal to not only Nevada residents but will be a great option for California residents as well. The preliminary conceptual land plan allows for: /- Acres of Commercial Zoned Land. 30 to 50 Single Family Residential Lots Multifamily Units or 5 For Sale Attached The conceptual development plan focuses on common open space, the preservation of hillsides and steeper slopes on the site. The property is for sale as a whole or individual segments. Ask broker for details and pricing direction. PROPERTY DETAILS Acres of Property : 86.4 ac : 13.1 ac : ac :.649 ac : ac : 1.73 ac Work Product Geotechnical report Phase 1 environmental ALTA survey Complete residential market report Traffic study Tentative map for VS1 and VS Utilities Water service will be available to the sites in 016 Seller will deliver sewer to the site Other utilities are located in close proximity Details available upon request

3 SOLD SOLD CABELLAS BOOMTOWN MF SV1 South Village 1 9,000 SF (SFR - 9/85 X 110 ) SV South Village 1± Acres (LLR 1 acre) SV3 South Village 3 9,000 SF (SFR - 9/85 X 110 ) SV4 South village 4 9,000 SF (SFR - 9/85 X 110 ) SV5 South Village 5 6,000 SF (SFR - 6/60 X 100 ) IC Industrial Commercial 6.3 acres 61 lots.3 du/ac 16 acres 14 lots 0.9 du/ac 39 acres 80 lots du/ac 7.3 acres 13 lots 1.8 du/ac 16 acres 6 lots 3.9 du/ac 1.9 acres 180,000 SF Flex Space MF-A Multifamily 16 acres 380 units 4 du/ac MF-B Attached Units 16 acres 55 Du s 14 per/ac AC Arterial Commercial.3 acres PF Public Facility 3.1 acres

4 PRELIMINARY LOT LAYOUTS MERIDIAN SOUTH VILLAGES 1 & Meridian South Villages 1 & V1: 61 Lots = 85 x 110-9,000 +/- SF V: 14 Lots = 1 +/- Acre The seller is in the process of obtaining a tentative map on these villages. Engineers estimate to finish the lots are: $46,956 per lot Village 1 Reno Land 1 0, $540,000 $15,71 $555,71 $0 $ % 0.00% $,73 Reno Meridian South 0 3, $565,000 $15,71 $580,71 $187 $ % 0.00% $,850 Product: Single Family Total Units: , $595,000 $15,71 $610,71 $174 $ % 0.00% $,99 Ave. Lot Size: 1,736 Lot Dimensions (min.): 85x110 Summary Statistics: 3, $567,131 $15,71 $58,843 $187 $ % 0.00% $,860 Vilage Reno Land 1 4 4, $85,000 $57,90 $88,90 $196 $ % 0.00% $4,81 Reno Meridian South 5 5, $885,000 $57,90 $94,90 $189 $ % 0.00% $4,566 Product: Single Family Total Units: , $950,000 $57,90 $1,007,90 $183 $ % 0.00% $4,873 Ave. Lot Size: 50,000 Summary Statistics: 5, $891,071 $57,90 $948,991 $188 $ % 0.00% $4,594

5 PRELIMINARY LOT LAYOUTS MERIDIAN SOUTH VILLAGE 3 Meridian South Villages 3 V3: 80 Lots = 85 x 110 = 9,000 SF Village 3 Reno Land 1 6, $540,000 $48,301 $588,301 $14 $ % 0.00% $,886 Reno Meridian South 7 3, $565,000 $48,301 $613,301 $198 $ % 0.00% $3,005 Product: Single Family Total Units: , $595,000 $48,301 $643,301 $184 $ % 0.00% $3,147 Ave. Lot Size: 13,136 Lot Dimensions (min.): 85x110 Summary Statistics: 3, $567,000 $48,301 $615,301 $197 $ % 0.00% $3,014

6 PRELIMINARY LOT LAYOUTS MERIDIAN SOUTH VILLAGE 3 Meridian South Villages 4 & 5 V4: 13 Lots = 85 x 110 = 9,000 SF V5: 6 Lots = 60 x 100 = 6,000 SF Village 4 Reno Land 1 4, $540,000 $45,070 $585,070 $13 $ % 0.00% $,871 Reno Meridian South 4 3, $565,000 $45,070 $610,070 $197 $ % 0.00% $,989 Product: Single Family Total Units: , $595,000 $45,070 $640,070 $183 $ % 0.00% $3,131 Ave. Lot Size: 1,8 Lot Dimensions (min.): 85x110 Summary Statistics: 3, $568,846 $45,070 $613,916 $195 $ % 0.00% $3,008 Village 5 Reno Land 1 0 1, $415,000 $15,700 $430,700 $7 $ % 0.00% $,140 Reno Meridian South 1, $445,000 $15,700 $460,700 $09 $ % 0.00% $,8 Product: Single Family Total Units: 6 3 1, $475,000 $15,700 $490,700 $196 $ % 0.00% $,44 Ave. Lot Size: 8,109 Lot Dimensions (min.): 60x100 Summary Statistics:, $445,484 $15,700 $461,184 $09 $ % 0.00% $,84

7 FORECASTED MARKET APPRECIATION/DEPRECIATION WASHOE COUNTY Median Price (in thousands) $500 $400 $300 $00 5,000 Plan Unit Unit January 016 Pricing End of 016 (4.5%) 017 (4.0%) 018 (3.5%) Mix Size Price PSF Price PSF Price PSF Price PSF Village 1 Plan 1 0,750 $540,000 $196 $564,300 $05 $586,87 $13 $607,413 $1 Village 1 Plan 0 3,100 $565,000 $18 $590,45 $190 $614,04 $198 $635,533 $05 Village 1 Plan 3 1 3,500 $595,000 $170 $61,775 $178 $646,646 $185 $669,79 $191 Vilage Plan 1 4 4,500 $85,000 $183 $86,15 $19 $896,610 $199 $97,991 $06 Vilage Plan 5 5,000 $885,000 $177 $94,85 $185 $961,818 $19 $995,48 $199 Vilage Plan 3 5 5,500 $950,000 $173 $99,750 $181 $1,03,460 $188 $1,068,596 $194 Village 3 Plan 1 6,750 $540,000 $196 $564,300 $05 $586,87 $13 $607,413 $1 Village 3 Plan 7 3,100 $565,000 $18 $590,45 $190 $614,04 $198 $635,533 $05 Village 3 Plan 3 7 3,500 $595,000 $170 $61,775 $178 $646,646 $185 $669,79 $191 Village 4 Plan 1 4,750 $540,000 $196 $564,300 $05 $586,87 $13 $607,413 $1 Village 4 Plan 4 3,100 $565,000 $18 $590,45 $190 $614,04 $198 $635,533 $05 Village 4 Plan 3 5 3,500 $595,000 $170 $61,775 $178 $646,646 $185 $669,79 $191 Village 5 Plan 1 0 1,900 $415,000 $18 $433,675 $8 $451,0 $37 $466,808 $46 Village 5 Plan 1,00 $445,000 $0 $465,05 $11 $483,66 $0 $500,553 $8 Village 5 Plan 3 1,500 $475,000 $190 $496,375 $199 $516,30 $06 $534,98 $14 Wtd. Avg: 30,993 $554,109 $185 $579,044 $193 $60,05 $01 $63,83 $ F 016F 017F 018F # of Sales 0 Source: Economy.com, Collateral Analytics; Meyers Research

8 FOR SALE > LINCOLN HWY-80 MF-A 380 APARTMENT UNITS AND 3 STORY GARDEN STYLE HWY NEW 15 0 AMP ROA D A B1 B1 A4 ROOF BELOW A3 DN TO ND FLOOR ROOF BELOW DN TO ND FLOOR 14 0 OFF-R A3 GARSON ROAD RD FLOOR PLAN ROOF BELOW ROOF BELOW B4 B1 B1 B4 UP TO 3RD FLOOR DN TO 1ST FLOOR DN TO 1ST FLOOR UP TO 3RD FLOOR B3 B3 ROOF BELOW ROOF BELOW ND FLOOR PLAN 0 3 B1 EA MB C C1 1 ELECT. METERS 7 0 T 6 0 OA TEL./CABLE 3 0 EXTERIOR STAIR ON RO RS 4 0 E R TU GA C1 EXTERIOR STAIR UP TO ND FLOOR CH IT D AD UP TO ND FLOOR ST BREEZEWAY 1 BREEZEWAY GAS METER B1 1 FIRE RISER 0-1ST FLOOR PLAN FU 5 0 TOTAL A4 1 BR 1 BA 1 BR 1 BA B1 76 S.F. 770 S.F. 786 S.F (1BR) UNIT MIX 50% B (BR) 45% CLUBHOUSE CABANA / BBQ (514 S.F.) PARKING REQUIRED PARKING PROVIDED (190) 1.5 = 85 ATTACHED S (10' x 0' MIN.) 66 (171) = 34 DETACHED S (10' x 0' MIN.) 30 (19) = 38 GUEST 1:10 38 = SPACES REQUIRED 703 (1.9) CARPORTS (9' x 19' MIN.) 84 COVERED PARKING SPACES 380 (1:1) OPEN PARKING SPACES (9' x 19') 33 SPACES PROVIDED 703 (1.9) B4 C1 3 BR BR BR BR BR BA BA BA BA BA DOUBLE MASTER (AVG.) 1096 S.F S.F S.F. 108 S.F. 196 S.F (3BR) NUMBER OF BUILDINGS 0 A3 NUMBER OF UNITS PER BUILDING BUILDING TYPE PLAN TYPES PER BUILDING 1 BR 1 BA 0 19 TOTAL NO. OF UNITS TOTAL PROJECT SUMMARY 380 UNITS 380 SITE AREA: 16.3 A 66 S 933 S.F. AVERAGE PER UNIT 06 S.F. AVERAGE PER 355,148 S.F. 54,910 S.F. 1 6,54 S.F. 1,08 S.F. 5 6,000 S.F. 6 SPACE CARPORTS (106 S.F.) 14 14,364 S.F ,763 S.F. 51 S.F. AVERAGE PER 7,75 S.F. FLOOR AREA DEFINITIONS: UNIT FLOOR AREA (ALSO KNOWN AS LIVABLE, RENTABLE, AND CONDITIONED AREAS): ALL INCLUSIVE OCCUPIED FLOOR AREA OF THE UNIT IN SQUARE FEET AS MEASURED FROM THE INTERIOR FACE OF THE UNIT S PERIMETER WALLS. Pricing Summary: Source: Meyers Research Plan Bed/ Bath # % Size Rent PSF Rent PSF Rent PSF 1 1/ % 750 $960 $1.8 $1,013 $1.35 $1,053 $1.40 / 75 30% 975 $1,15 $1.5 $1,8 $1.31 $1,333 $ / 50 0% 1,150 $1,415 $1.3 $1,493 $1.30 $1,553 $ / 50 0% 1,300 $1,550 $1.19 $1,635 $1.6 $1,701 $ % 1,008 $1,46 $1.4 $1,314 $1.30 $1,367 $1.36 Weighted Avg: 98 S.F. AVERAGE PER NOTE: AREA TABULATIONS SHOWN ARE AS REQUIRED TO DETERMINE THE COMPLIANCE OF THE DESIGN WITH APPLICABLE REGULATORY REQUIREMENTS. THEY ARE NOT TO BE RELIED UPON FOR COMPREHENSIVE CONSTRUCTION COST ESTIMATES. C COPYRIGHT BURKE 04/07/016 REPRODUCTION OR DISTRIBUTION OF THIS DRAWING IN WHOLE OR IN PART IS STRICTLY PROHIBITED WITHOUT THE WRITTEN CONSENT OF DONALD J. BURKE, ARCHITECT. ALL RIGHTS RESERVED. Base (Jan. 016) 15 ASSIGNED S S 5% 6 SPACE DETACHED (100 S.F.) Recommended Development Program Unit DENSITY: 3.3 U/A TOTAL BUILDING AREA (S.F.) UNIT LIVABLE End of 016 (5.5%) 017 (4.0%)

9 MF-B 5 FOR SALE UNITS TRIPLEX DESIGN

10 MERIDIAN 10 NORTH 73 SFR LOTS WEST MEADOWS 34 SFR LOTS Other development projects in the Verdi area: Meridian 10 North: 73 Lots - Bates Homes West Meadows: 34 lots - DR Horton Mortenson Ranch: 500± lots - TBD Santerra: 1,600± lots - TBD Boomtown MF: 40± DU s - TBD The Verdi area is set to experience substantial growth over the next couple of years. INDUSTRIAL PARK 48.8 ACRES ACRES MF 14 SOLD SOLD 1157 ACRES

11

12 PROPERTY PHOTOS MF AC

13 PROPERTY PHOTOS SV1 MF SV3 IC SV4 SV5

14

15 RENO - TAHOE ECONOMIC OVERVIEW After the announcement of Tesla s gigafactory in September, 014, the Greater Reno-Tahoe area has experienced a major economic boom and the ramifications are far reaching. As the relocation announcements of large and well-known companies are publicized, other businesses, investors and developers from all over the country are moving quickly to position themselves to take advantage of this unprecedented growth. The ease of doing business, coupled with favorable taxes and incentives, is creating an unparalleled environment for both business leaders and developers. With the dual benefits of having no corporate or personal income tax and an unsurpassed quality of life, Reno tops the list for many companies who are looking to relocate. Greater Reno-Tahoe is a diverse region of eight distinct counties located in the northwestern portion of Nevada. A meaningful sense of community binds the region. Included in these counties is the third largest city in Nevada; Reno. Reno has become commonly known as The Biggest Little City in the World with its diverse variety of activities, ranging from outdoor recreation to a vibrant nightlife. Located just east of Reno is the growing city of Sparks. With the combination of four vibrant seasons of recreation, arts and culture, this region provides a very attractive place for a wide variety of companies and individuals alike. In addition to Tesla, Apple recently chose Reno as the site for their massive icloud data facility, making the largest land purchase in its history. In addition, the Las Vegas based tech company, Switch, plans to invest $5BB in an 8 million square foot data center. It is projected that the above companies alone will create over 55,000 direct and indirect jobs.

16 RENO OVERVIEW Reno is the third largest city in Nevada with a population of approximately 433,000. While Reno historically has been known for its gaming, the new focus and direction is an emphasis as a high tech and university town. It has the largest concentration of distribution-related property per capita in the United States. The region offers an unmatched location to access key markets, favorable tax structure, strong telecommunications infrastructure, pro-business climate, excellent quality of life. While Reno has many of its own unique benefits, Nevada also ranks high in some compelling categories: 8th Best State for Business, Chief Executive Magazine dated 5/8/15 10th Most Entrepreneurial State, Kauffman Index of Entrepreneurial Activity 4/8/15 3rd Best State Tax System, Business Tax Index 013 by the Small Business and Entrepreneurship Council 5th Best Business Tax Climate in the 016 Business Tax Climate Index by Tax Foundation 11/17/15 Top 0 Least Expensive Cities in which to do business, 013 Kosmont-Rose Institute Cost of Doing Business Survey 1st Most Populous and Highest Startup Density for the MSA Size Class, Kauffman Foundation 11/15.3% Q1 016 Multifamily Vacancy 15.8% 015 Median Home Price Increased 68% Recovery from 01

17 HOUSING MARKET Since the announcement of Tesla s Gigafactory landing in Northern Nevada, the local real estate market has experienced nothing short of a new boom. With the expectation of unprecedented job growth from multiple entities which are relocating, the Northern Nevada housing market will be faced with massive shortages over the next several years. The Economic Development Authority of Western Nevada (EDAWN) has projected that approximately 9,000 new housing units will need to be built each year over the next five years to meet the unprecedented demand for new homes in Nevada. EDAWN is projecting that by 00 Reno will have: As of today, Reno has approximately,000 finished lots with only an additional 1,000 in the planning stages. If all 1,000 lots come online, this provides just over one year s supply of finished lots based on 016 projected sales and permits and obviously falls far short of what will be needed on a yearly basis for the foreseeable future. Given the significant demand, the following factors seem to be in play: Limited supply and growing demand will continue to drive home prices up Quality locations will command higher prices as in-fill land is disappearing quickly New builders and developers will continue to attempt to secure a presence in this market