Plans for a pedestrian-friendly mix of housing, restaurants, shops and offices were unveiled Wednesday by the team that will redevelop the former site of Park Lane Mall.
The plan unveiled to the Reno City Council calls for work to begin next spring on the first phase, which includes two distinct neighborhoods with 725 total residential units. The buildings would include five-story wrap structures as well as urban-garden apartments. Homes would range from studios to three-bedroom units.
That first phase would be followed by construction of 110,000 square feet of retail and restaurant space, 100,000 square feet of offices and another 510 five story wrap units. All the buildings will be framed within extensive landscaping and green spaces.
The redevelopment includes challenges that a suburban development on raw land wouldn’t normally face.
Large storm-water and sewer lines that serve much of southwest Reno and Midtown cut across the Park Lane property. They must be moved to allow the pedestrian-friendly development that brings new life to South Virginia Street and Plumb Lane. That style of development on the property has been a goal of the city government as well as the Urban Land Institute, which completed a study of the South Virginia Street corridor this spring.
Construction is projected to generate about 3,200 jobs, and the project will generate more than 700 permanent jobs.
The project is estimated to generate more than $25 million in sales tax revenues for the City and Washoe County School District over the next 20 years.
Another $77 million in property tax would be generated by the property. That includes more than $63 million that would be generated for one of Reno’s two redevelopment districts. That money would be available for improvements that would encourage other redevelopment and beautification projects in the city.
Total development fees associated with the project are estimated at $16.2 million.
Park Lane Associates, LLC completed its purchase of the 46-acre property on Sept. 22, 2016.
Check out high resolution renderings and details of the Park Lane Mall plans for the giant property on the corner of Virginia and Plumb.