6/10/09 - Latitude Partners is in the process of acquiring the “Mason’s Building” located at 40 West First Street. Latitude Partners is in the process of pre-leasing office space in the Mason's Building to “C4CUBE” to develop a business incubator at the site. Latitude Partners also has plans to paint the exterior of the Mason’s Building and expects this work to be completed this summer.
As part of this project, Latitude Partners is asking the City of Reno for 80 parking spaces within the City Gallery Parking Garage, located on the corner of 1st and Sierra Street.
The parking agreement will make it possible for Latitude Partners to lease the space to the business incubator. C4CUBE will initially bring an estimated 16 employees to the downtown through the creation of the incubator. C4CUBE estimates that as many as 300 jobs could be created within the next 4 years through the companies that lease space within the business incubator. These employees represent considerable spending power which can positively impact the existing retail and restaurant mix in the downtown area.
The initial businesses identified to occupy the business incubator space are: 3D Armor Systems, Inc. and First Warning Systems, Inc. In addition to these businesses, C4CUBE is in discussions with 17 other companies to potentially lease space in the incubator.
3D Armor Systems, Inc provides product development, manufacturing, business development, and corporate management expertise for the delivery of advanced armored products that provide greater protection of personnel, vehicles, and structures. First Warning Systems, Inc. is a technology that is designed for the early detection of breast cancer.
Parking at the Parking Gallery will be provided as follows: when C4CUBE occupies a total of 10,000 sq ft, the Parking Gallery provides 40 spaces; when C4CUBE occupies 20,000 sq ft, the Parking Gallery provides 20 additional spaces (60 total); when C4CUBE occupies at least 30,000 sq ft, the Parking Gallery provides an additional 20 parking spaces (80 total).
The Agreement is for a total of five years. During the initial five year period, the parking spaces will be provided free of charge. After that time Latitude Partners will pay current market rate for the spaces (currently estimated at $45 per space per month). After the initial five year period, the agreement will automatically renew from year to year unless otherwise terminated by the RDA or Latitude Partners. Either party may terminate the agreement at any time with 90 days written notice.
The Parking Gallery is a 650 parking space, seven (7) story parking structure at the corner of First and Sierra Streets. Constructed in 1991, the Parking Gallery houses four (4) commercial tenants (16,930 square feet) on the ground floor, with the remaining floors providing 128,521 square feet of non reserved parking area. There are currently 228 non reserved monthly parking patrons with 24 hour access. Daily workweek parking barely reaches the 4th floor, leaving several hundred open spaces available for additional parking. High demand times are seen on Friday, Saturday and Sundays evenings. The Agency will ask the incubator tenants to park on floors four (4) and above, seven day a week. The proposed parking agreement will have a minimal affect on parking revenue or current customers and can provide necessary parking to assist in a successful incubator space in downtown Reno.