The Redevelopment Agency Advisory Board is set to review a Tax Increment Financing (TIF) application from Lyon Living for the Reno Experience District (RED) Multifamily Mixed-Use Project. The proposal includes four phases of mixed-use multifamily development and a retail buildout project, aiming to further develop the RED are out to its full capacity. The proposed project is massive in scope, approaching a $500,000,000 investment.
Project Scope
Residential Development:
- 4 mixed-use multifamily buildings, each containing 359 residential units over ground-floor retail.
- A total of 1,436 new housing units.
Retail Buildout:
- Completion of 46,089 square feet of existing retail shell space across the Emory, Basecamp, and Atwood Apartments to increase the leasability.
- A new retail component in the Element Hotel and 'Outpost' retail, which would be the Electric Pickle, an $8 million build out cost from the developer.
Financials
Total Estimated Project Cost:
- $484 million for multifamily buildings.
- $18.4 million for retail buildout.
Total: $502.4 million.
Annual Tax Increment Revenue Projection:
- $5.2 million from completed phases.
Requested TIF Assistance:
- $18.8 million
Development Readiness
- Permitting: Not yet submitted.
- Financing: Actively seeking funding.
- Retail & Parking Strategy: Retail activation is crucial, with structured parking supporting residential and commercial tenants.
Next Steps
City staff recommends advancing the application to due diligence, including:
- Financial gap analysis to assess TIF viability.
- Review of financial impact and tax increment projections.
- Negotiation of TIF terms to align with city redevelopment goals.
Additional Application Details
Lyon Living has also submitted a separate Tax Increment Financing Assistance Program application for an "Outpost" retail project next to the Element Hotel. The project is designed to secure a tenant with recreation and dining services. The buildout is projected at $8.5 million, with $215,867 in requested TIF assistance.
Projected Timeline
Construction Start: June 2025. According to the timeline included in the staff report, all four new proposed residential buildings would start construction at the same time in June 2025.
Estimated Completion: June 2027 for multifamily projects; November 2026 for the Outpost retail space.
Job Creation & Community Benefits
- Construction Jobs: Estimated 2,000 full-time equivalent (FTE) jobs.
- Ongoing Employment: 250+ permanent jobs.
- Retail Activation: Designed to increase foot traffic and support local businesses.
The RAAB meeting is Monday, March 3 and you can find the packet here.
NOTE: I was recently appointed to the Rede velopment Agency Advisory Board (RAAB), chosen for it because I have written about downtown projects and happenings for the past 20 years, and it's inevitable there's some crossover of projects I report on and what goes before the RAAB. I've cleared writing about projects with the Assistant City Manager and City Attorney's office, as I have no financial stake in anything downtown nor ever have, and there is no conflict of interest in doing so. I have made the decision to present the facts about any project that may come before the advisory board so the public is aware of them, as I have done for the past 20 years on this web site.