So check out Edgewater at Virginia Lake. It's a large project that has been around a while, but like many others put on the back burner...or at least I remember seeing something about it before. It has turned up on the City of Reno's web for a recent planning review on August 13. Perhaps this project is being ressurected? It comprises the entire east side of Virginia Lake, and provides solid arguments in its tentative map documents to support it.
You can check out the very detailed tentative map here. The project would consist of first demolishing the Virginia Lake Apartments, an older complex consisting of 108 or so units, then building 288 apartments/condos and 46 townhomes fronting the lake. The project would also include significant improvements to Virginia Lake Park, including pathway improvements, benches and landscaping.
Another cool aspect of the project is a retail building with decks stretching out over Virginia Lake itself. I always felt Virginia Lake is an under-utilized treasure, and a development like this could bring more density to the area and more business to Midtown.
I'm not sure if it's in pipe-dream stage still or if they are serious about it, but I do know the project is on the books again as recently as August of this year. Check it out!