Panattoni Developing Commercial Condos in Reno
Panattoni Development Co. is working on two office/industrial condo projects in Northern Nevada, which are scheduled for completion next year. Responding to the demand from clients for properties to purchase rather than lease, Panattoni broke ground in August on Creekside Corporate Center II at 980 Sandhill Road in the South Meadows area. Units are available for either sale or lease, with warehouse space in the 31,000-square-foot building divisible down to 3,850 square feet and office space divisible to 2,380 square feet. Construction is expected to begin this quarter on Airport East Commerce Center, an 18-building industrial complex on Joule Street just east of Rock Boulevard in Reno. The 135,000-square-foot flex/warehouse project is scheduled for completion next summer. Spaces will range from 4,900 square feet to 10,000 square feet, with clear ceiling heights ranging from 18 feet to 24 feet. Units are available for either sale or lease.
First Office Building in Aliante Underway
Construction has begun on the first commercial office building in the Aliante master-planned community in North Las Vegas. Pre-leasing activity is underway for the two-story, 27,725-square-foot building, located at 2590 Nature Park Drive. The $2.4 million building is the first of three planned, identical, two-story office buildings on a 6.54-acre site near the southeast corner of Aliante Parkway and the I-215 Beltway. Available contiguous space ranges from approximately 3,000 square feet to nearly 12,000 square feet. JMA Architects designed the building to harmonize with the surrounding master plan, and The Korte Company is acting as general contractor. Completion is scheduled for the second quarter of 2005.
BLM Schedules Land Auction
The Bureau of Land Management (BLM) has set Feb. 2, 2005 as the date for its next auction, which will include 74 parcels of land totaling 4,321 acres. The largest item on the BLM’s auction list is a 2,396-acre parcel just east of Aliante in North Las Vegas, bisected by the northern leg of the I-215 Beltway. The winning bidder for the site is expected to negotiate a development agreement with the city of North Las Vegas similar to the one that created Aliante. The other large parcel, 1,711 acres called the “Kyle Canyon Gateway,” is located at the end of Route 157, just a short drive from Mount Charleston. The city of Las Vegas is also expected to put development conditions on this land, which is located on both sides on U.S. 95. The rest of the auction items are smaller parcels, most 5 acres or less.
Tanamera Develops New Office Complex
Ground was broken in September for Longley Professional Office Complex, a 149,000-square-foot project in southeast Reno, located on 14.3 acres within the 150-acre Reno Corporate Center. Tanamera Commercial Development, LLC, which is developing the complex, will offer the buildings for either sale or lease. Plans call for four building types, ranging in size from 4,200 square feet to 7,239 square feet, with a variety of elevations. Each of the buildings is designed to be divided in two, allowing spaces as small as 2,100 square feet.
More High-Rises Planned for Las Vegas Strip
More high-rise condominium hotel projects have been announced for the Las Vegas Strip area. A development group called 3700 Associates has filed a land-use application with Clark County to build two 53-story towers at the Strip and Harmon Avenue. Plans include 2,400 condo, time-share and hotel rooms, a 70,000-square-foot casino, 300,000 square feet of entertainment and retail space, and 180,000 square feet of convention and meeting space. The property, which wraps around the Jockey Club, will eventually include a total of 4 million square feet of development. Further north on the Strip, the 3.6-acre site of the Algiers Hotel will be redeveloped as the Krystal Sands Condominium-Hotel, a 45-story, 568-unit residential tower. The Algiers closed last month, and groundbreaking for the new project is planned for this quarter. Florida-based F.W. “Freddie” Schinz is the developer of the project, JMA Architecture Studios is the architect, and Perini Building Company will be the general contractor. Just west of the Strip at Flamingo and Valley View, Florida-based developer Del American has announced plans for a 50-story condo and time-share project to be called One Las Vegas. The 10-acre parcel is slated to have 542 units priced from $500,000 to more than $5 million for penthouse suites. Groundbreaking is scheduled for late 2005.