An important city council vote is coming up next week, and Haberae's first initial offer to the 62 investors who own the parcels the two closed motels on North Virginia Street are on was rejected, so Haberae is back with a real plan for redevelopment and elimination of blight on the blocks that cover Virginia, Fifth, Sixth and Center:
Today they will be offering 2.4 million cash for the entire block of parcels owned by Northern Nevada Urban Development LLC. This is a price that is more than what they paid for the property and the only offer they have ever received on the entire block (that they are aware of). The purchase is an all cash offer.
Haberae's plan is to invest 5 million dollars of their own money over the next 18 months to redevelop the entire block and completely eliminate the blight caused in part by the collapse of the planned multi-block Tessera project by Northern Nevada Urban Development. If this offer is accepted, their new adaptive reuse project and city block beautification involves what they have already demonstrated extensive knowledge of and experience in....amazing infill projects. The new project would be named Uptown 55 and include a minimum of 55 new modern and chic apartments targeting a client tenant that only has less than $750 monthly to spend on rent and utilities yet yearns to live in the cool downtown Reno experience. They will also be offering FREE retail space for downtown business entrepreneurs who wish to showcase their wares at the multitude of downtown events the city of Reno enjoys almost every weekend.
In HabeRae, the city of Reno has a proven urban developer that is committed to spending almost 8 million dollars to reduce blight in downtown Reno. It would be truly a win win opportunity IF Northern NV. Urban Development is willing to sell their current blighted block.
Come on Northern Nevada Urban Development...sell the property to Haberae. This deal is too good to pass up, and could redevelop and entire downtown block...which is more than NNUD has done in the past ten years.