A long-vacant pair of parcels on Lake Street may soon take on new life as a five-story workforce housing complex, as Coldwater Capital LLC has formally applied for Tax Increment Financing (TIF) assistance from the City of Reno’s Redevelopment Agency. The proposal, coming before the December 1 RAAB meeting, outlines a $20 million investment in 107 new rental units just steps from downtown and the University of Nevada, Reno.
A Dense, Transit-Oriented Project Aimed at the Local Workforce
Coldwater’s plan calls for 57 studio apartments and 50 one-bedroom units, sized between roughly 340 and 470 square feet. Rents are projected to average $1,271 per month—positioned as below-market options targeted at Reno’s growing service, education, and tech workforce. Each apartment would include a full kitchen, bathroom, and in-unit laundry, an amenity package the developer says will distinguish the project from older nearby housing stock.
Because of its location—three blocks from UNR and adjacent to major bus routes—the building is designed without on-site parking. Its floor-area ratio tops out at 3.85, a density the city considers aligned with its push for 10,000 new downtown-area units over the next decade.
Transforming a Vacant Lot Into a “Community Asset”
The two parcels at 511 and 521 Lake Street have sat empty for years, generating only about $3,442 in annual tax revenue. With redevelopment, city staff estimate the project would produce roughly $152,500 a year in new tax increment once stabilized—an increase of more than fortyfold.
Coldwater’s application emphasizes neighborhood revitalization benefits: improved streetscape, infill development on a long-underused block, additional foot traffic for nearby businesses, and a stronger customer base for retail and restaurants. The project would replace what is now a patchwork of bare ground and surface lots.
Public Improvements and the Financial Gap Question
The developer lists about $778,000 in eligible public-improvement costs, including utility work, sidewalk and streetscape upgrades, and related site infrastructure. These costs would be reimbursable through the TIF program if the city determines that the project meets Nevada’s statutory “but-for” test—that is, whether the development would be infeasible without public participation.
As with any project asking for TIF assistance, a third-party gap analysis is required before any commitment is made. That analysis will examine construction costs, projected rents, private financing, and the anticipated tax increment to determine whether a subsidy is warranted and, if so, at what scale. This would be the next step after the RAAB makes its recommendations on the project December 1.
Timeline and Construction Outlook
If approved, construction could begin as soon as early 2026. According to the developer’s schedule, site work would start in February 2026, building construction would follow in March, and the project would open for occupancy in July 2027.
Support and Stakeholder Outreach
Coldwater reports early conversations with UNR’s real estate leadership and the Downtown Reno Partnership, both of whom were briefed on the project and its potential role in easing pressure on both workforce and student housing demand. No displacement of existing residents is expected, as the site is currently vacant.
City Staff Recommendation
In the staff report presented to the Redevelopment Agency Advisory Board, city staff recommends that the application advance into the due-diligence stage. That step authorizes an independent financial review and opens negotiations toward a possible TIF participation agreement. Final approval would require action from the Redevelopment Agency Board.