Exciting times are on the horizon for the Truckee Lane Building, located at 248 West First Street. You might have heard about the controversy involving the lease agreements for Java Jungle, Sierra Tap House, and Jungle Vino? Well that's all solved and the building will soon get a $1.2 million rehab.
The Siegel Group Nevada, Inc., a Commercial Real Estate & Business Development Company, closed on the five-story building on Friday. Built in 1948, the approximately 30,000 square foot property originally contained twenty-eight residential units and a mix of office and retail space.
Sierra Tap house recently expanded on the lower level to take over the space a candy store formerly occupied.
I spoke with Michael Crandall, senior vice president of the Siegel Group, on their plans for the building.
Plans include a full exterior facade renovation of the building (yes!) as well as new landscaping and improvements around West Street Plaza. The 14 existing apartments on the upper floors will be renovated and upgraded, and possibly 12 additional units will be added on the second and third levels where there is large unused space in the building. There is also unused basement space facing the Riverwalk that will be renovated into a new retail space with river views.
Argyles will soon be opening on the First Street-side of the building, and Siegel is in talks with another restaurant for the last empty retail space on the street-front next to Jungle Vino.
Before even taking ownership of the property The Siegel Group initiated discussions with each of the tenants involved and reached tentative agreements with Java Jungle/Vino and Sierra Taphouse, that will enable them to remain at the property which it hopes to have finalized shortly.
Great news for this area of downtown! This building has needed a new owner for a while now, and never really got upgraded while the rest of downtown was renovated around it, including the West Street improvements and West Street Plaza itself. Substantially improving this building is the first step to improving the plaza as well and realizing its full potential as a public gathering space.
Siegel is in talks with the City of Reno to do just that.