New student housing development coming to Reno in 2020
RENO, Nev. (News 4 & Fox 11) -- A New York-based development company called Park 7 is making its mark here in Reno to help with the overcrowding problem in the dormitories at UNR.
The new development will be called Park Place Reno, and the property will offer 762 beds in 267 units with units ranging from studios to five-bedrooms. It will be a five-story building with residential units wrapping a five-story parking garage. Amenities will include a resort-style pool, two spas, a half-court basketball court, a volleyball court, an outdoor kitchen and fire pit, lots of seating and lush landscaping, a 2-story fitness center and a 2-story resident clubroom. All of these amenities will be located on top of the parking garage, on the fifth floor – so it will offer amazing views of campus, downtown and the mountains.
The building will also offer study rooms, a business center with Mac and PC computers, a golf simulator, on-site management, on-site parking and a location adjacent to campus. The units will come fully furnished including in the living and bedroom areas and will offer hardwood style flooring, granite countertops, stainless appliances and a 50” television. And finally, the building, including the parking garage, will be access-controlled and common areas will be monitored via closed circuit television.
The project will span over 3.5-acres requiring demolition of multiple structures in that area of North Virginia Street, including the University Inn motel, Wolf Stop gas station, two apartments on Sierra Street and the Subway sandwich shop across from Fleischmann Planetarium on North Virginia Street.
News 4/Fox 11 spoke to the Vice President of Park 7 Group, Christopher Kritzman, about whether a development like Park Place Reno will impact home and rental prices nearby, and he said the following:
"One benefit of purpose-built student housing is that it helps to relocate students out of traditional single-family communities and moves them closer to campus, where they have access to a plethora amenities and benefits exclusively tailored to their needs. By moving students out of single family neighborhoods, we’ve typically seen those neighborhoods thrive with a more family-oriented, less student-invasive lifestyle. I can’t speak for other developers, but when we consider developing in a market, we conduct a significant amount of due diligence to ensure our project and rents will be well received for the near- and long-term. Rents tend to fluctuate based on market demand, but rents at a Class-A property in a premier location such as this tend to be more stable and offer strong growth over the long-term. Our goal, however, is to offer the best product, in the best location, at the best price point. I believe we’ll deliver on that in Reno."
According to Kritzman, demolition started last week and site work will start in July. He said they expect the parking garage and building will start going vertical sometime in mid to late fall, and they expect the building to be completed by early summer 2020.
Kritzman said that getting approval for this development was simple. He said his company started assembling the land in late 2016. He said that the site is fully for multifamily development, and that as long as Park Place Reno stays within City of Reno code, no additional approvals are required.
Park 7 Group will own and operate Park Place Reno, however the company will be aligning itself closely with UNR to ensure that its "coordinated around student safety and academic success measures."
Kritzman said he and his company feel that "close coordination with UNR is in everyone's best interests," and that they look to align the company with the City of Reno, and in particular, the Reno Police Department.
Although Park 7 Group is building this housing development with the idea to help students with housing, there are no restrictions on who can apply to live at Park Place Reno.