Construction is Underway
Reno – S3 Development Company, LLC, a leading edge residential and commercial development company, and Dickson Commercial Group, a locally owned and operated, full-service commercial real estate brokerage firm, are bringing the first mixed use development project to Midtown District of Reno.
1401 Midtown is the name of the commercial part of the development, located at 1401 S. Virginia Street, and was previously the headquarters for Heritage Bank of Nevada. Upon completion in summer 2016, the new development will grow from 9,000 square feet to 21,000 square feet. It will be the home of Bristlecone Holdings, SDL Jewelers, part of Michael & Sons Jewelers, and Morgan’s Lobster Shack & Fish Market from Truckee, Calif. The development will add 31 on-site parking spaces and 12 on-street parking spaces.
The heart of the project will showcase a 1,800 square foot plaza and patio area, which will be designed for al fresco and patio dining, and be furnished with fireplaces, a bar area and modern décor. It will also have spectacular views of the Sierra Nevada Mountains.
“1401 Midtown will further define the district with a hip, contemporary dual-purpose development,” said Blake Smith, chairman and CEO of S3 Development. “We took an older, brick building, added to it, and are creating an outdoor gathering space that appeals to urban dwellers, professionals and millennials alike. We uncovered the beautiful brick walls from the building – which haven’t seen the light for over 62 years – and have modernized the experience, making this project very attractive to the entire community.”
Dickson Commercial Group provides the leasing for the project. “We have pre-leased 87 percent of the building prior to the completion of construction,” said Dominic Brunetti, CCIM and principal of Dickson Commercial Group. “The development has incorporated the smart use of land planning, especially with the additional parking spaces.” Blake has implemented a vision for what the demand in our market is. “These are great indicators of its future success.” Approximately 3,200 square feet remains as available space for lease.
Adjacent to the 1401 Midtown commercial development will be the residential component, called Tonopah Lofts, which will consist of eight, 2-story, 1,700 square feet townhomes. The modern, urban townhomes will feature rooftop decks for entertaining, an open space plan concept connecting the kitchen to the entertainment/living area, a parking garage and views of the Sierra Nevada Mountains. The townhomes will be priced in the $300,000-$400,000 range and are projected to be completed in the early Fall of 2016.
According to Brunetti, there are currently record low vacancies in Midtown for residential living. The area is also the highest per square foot in home sales and rental rates.
As a testament to the growth in the area, S3 Development will soon break ground on 11 more townhomes on the corner of Sinclair and Stewart streets, in a new project called Midtown Lofts. Smith plans to add six new 3-story townhomes, three 2-story bungalows and keep two existing homes in this development. The townhomes will feature a private deck with views, parking garage, clear floor space kitchen and living/entertainment area and pitched roofs.
“Our first acquisition downtown was the US Bank building,” said Smith. “When we realized its success, it made us even more excited and optimistic about our future Midtown projects. These developments will bring a new wave of vibrancy and resurgence to the neighborhood.” Smith is a longtime developer in Reno, who oversaw the creation of the award-winning master-planned Somersett community.
About Dickson Commercial Group:
Dickson Commercial Group (DCG) is a locally owned and operated, full-service commercial real estate firm headquartered in Downtown Reno and serving all of northern Nevada. Dickson Commercial Group serves all sectors of commercial real estate, including sales and leasing for industrial, office, retail, multifamily, and land.. Dickson Commercial Group also offers a full spectrum of commercial services from property management and construction management to investment underwriting and feasibility studies.
About S3 Development:
S3 Development is 25 years in the making and is spearheaded by the founder, Blake Smith, pioneer and developer of the award winning Somersett Master Planned Golf Community. The company is a visionary frontrunner in the pursuit of bringing leading-edge, modern housing and commercial developments to northern Nevada as well as being a key player in the revitalization of the Downtown and Midtown districts in Reno.tod
