Downtown Las Vegas got a makeover, and now it might be Reno’s turn.
The Don J Clark Group wants to revitalize the city’s core over the next decade, at the cost of about $1.2 billion.
It’s the largest redevelopment project ever proposed for downtown Reno, and would include the construction of the city’s tallest building, a water reclamation system, gigabit internet, a central park and more.
“It’s a project proposed to ... return a vibrant downtown to the core of Reno in ways not seen in half a century,” said Colin Robertson, partner and director of communications and strategy for Don J Clark Group.
The West 2nd District, as it is being called, is west of the entertainment district along Virginia Street, north of the Truckee River, and south of the train tracks.
Robertson described the project as a "17-acre infill" site. The developers plan on building 30 buildings over 10 years. Besides residential, office, retail and commercial space, the development will also include three acres of urban green space with a plaza and walkways to the river.
"The project is aimed at finding a creative solution to a variety of distinct challenges that the city of Reno ... has faced over the course of the last half of the century or so,” Robertson said.
The developers will take the unusual step of paying for $49 million in infrastructure and other services. If the project increases property taxes by $100 million over the next decade, the city will repay the cost; if it does not, the developers will.
Cities usually pay for infrastructure for redevelopment, but if property values, and therefore property taxes, don't rise in value as much as expected, the city loses money but must still make the bond payments for infrastructure improvements.
“We would invest in those services and infrastructure pieces up front and then be reimbursed based on a performance contract over time showing that the property tax values have increased at the level at which we are anticipating that they would,” Robertson explained.
Robertson said the Don J Clarke Group is investing in the future of Reno, not just building new buildings downtown.
The first building to go up will be 235 Ralston, a mixed-use building with residential and commercial space.
Colin Robertson, partner and director of communications and strategy, Don J Clarke Group