Several years ago, when Silverwing Development entered the Northern Nevada market, the area’s housing boom was just beginning. At that time, the developer’s only Nevada project was a raw piece of land in Stead, known as Sky Vista. The land was broken into smaller parcels for subdivisions, and sold to other developers for residential building. And in one small portion, Silverwing built the Sky Vista Commons apartment complex. Out of this small project, Silverwing Development has grown to become one of Northern Nevada’s top developers, and a 2004 winner of a Builders Association of Northern Nevada People’s Choice Award.
Silverwing Development, founded in 1986 and headquartered in Concord, Calif., has been active in residential, commercial and land development projects in California, Nevada and Texas. Its principals have experience in both institutional and entrepreneurial real estate environments and have been involved in the underwriting, development, management and sale of Class A office buildings, shopping centers and multi-family projects, as well as attached and detached single-family homes.
Since its arrival in Northern Nevada, Silverwing has contributed greatly to the area’s changing landscape. Across the street from Sky Vista Commons, in a formerly commercial property, it developed the Villas at Sky Vista, a series of 126 attached homes, or duets. Then came Bear Creek, a community of 28 executive-style homes in Galena, and University Ridge, 50 homes overlooking the city from the ridge north of North McCarran Blvd. and Socrates Drive. From large projects like the Villas, all the way to in-fill projects with as little as three houses, Silverwing chooses projects based on quality, not size.
“Often times, we’ll take a deal that some bigger builders might not, because they don’t want to deal with projects with so few homes,” said Beth Bridges, sales and marketing manager for Silverwing’s Reno office. She said there are benefits to Silverwing’s small size. The Reno staff totals only seven; even at the Concord headquarters, the staff numbers just nine. “This way, we can be more unique and pay more attention to the details. Not answering to a big corporate entity, we can control what we’re doing from within, which gives us the ability to change faster because we don’t have to go through as many layers of decision-makers. If we see a great-looking idea, and we can work it into the budget, we do it.”
Of the Northern Nevada market, Bridges said that while skyrocketing property values are good for business, it also means that in general, the area needs more entry-level, affordable housing. “While interest rates are still down, the price of houses is going up, so it’s practically a wash. I think there’s a need for the lower-priced houses, so people who live and work here can afford to buy a home,” she stated. The Villas at Sky Vista, which were priced in the low-100s a year ago as starter homes, are now selling in the low 200s.
On the horizon for Silverwing are several developments, including The Cottages, a series of 109 duets east of the airport near Hidden Valley, and Grand Summit, a 79-home project located between Robb Drive and McCarran, off I-80. Grand Summit just opened in late August, and a list of interested parties has begun for The Cottages, which should open soon. Other unnamed projects are still in negotiation.
“Silverwing’s partners have been doing this for a long time, and they plan on staying around,” says Bridges. “They’re meticulous about the projects they choose, and about being able to produce an affordable, good-looking product.”