Developers announce plans for Park Lane Mall property in Reno
City Council moves forward with considering options to help developers with the relocation of sewer infrastructure for the Park Lane project in its first phase. The options staff will bring back to Council for approval will not exceed $3.5 million dollars.
The development group. Reno Land Inc. purchased the Park Lane Mall property in Reno September 22nd. They unveiled its plan for turning the long-vacant land into new housing, business and office space at Wednesday's City Council meeting.
The plan includes 725 total residential units, wrap structures, 110,000 square feet of retail and restaurant space and 100,000 square feet of offices. Homes will range from studios to three-bedroom units.
“We recognize that this is an important location, a gateway to Reno as well the southern anchor of Midtown,” Chip Bowlby, President and CEO of Reno Land Inc., said in a statement.
Escrow closed on the 45-plus-acre property back in September. The purchase price was not disclosed.
Reno Land is asking for "opportunities to offset $3.5 million" in costs related to relocating utilities and the internal street network of the area. The city council voted to have staff examine options for helping with public infrastructure components, with a cost of up to $3.5 million allowed.
Large storm drains and sewer lines cuts through the Park Lane property. The group said that this must be moved to allow "the pedestrian-friendly development."
There are some economic impacts once the project completes. Bowlby said that $63-77 million property tax based on the $500 million putting in sales tax can go to school and police. More than $25 million is estimated to generate in sales tax revenues for the City and Washoe County School District over the next 20 years. The construction will generate about 3,200 jobs and the project itself will bring more than 700 permanent jobs to the city.
The first phase will begin next spring.