FOR SALE > Colliers International 100 W. Liberty St., Suite 740 Reno, Nevada 89501 P: 775.823.9666 | F: 775.823.4699 www.colliers.com/reno TED STOEVER Senior Vice President DIRECT: +1 775 823 4665 CELL: +1 775 443 0651 EMAIL: [email protected]Gateway to Reno MERIDIAN 120 SOUTH MIXED USE DEVELOPMENT SITE
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FOR SALE > MERIDIAN 120 SOUTHJanuary 2016 | Reno Land Development Co., LLC Meridian South Development in Reno, NV Preliminary Lot Layout – Meridian South Village 3 Meridian South
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FOR SALE >
Colliers International100 W. Liberty St., Suite 740
Rare mixed used development site available for sale. Meridian 120 South is zoned for a variety of uses including single family residential, multifamily and commercial. Ideally located just off Interstate 80, the property is at the forefront of the path of growth in the Verdi area. Sitting at the base of the Sierra Nevada Mountains, the property enjoys breathe taking views and direct access to outdoor adventure. At the gateway to Reno near the California state line, the project will appeal to not only Nevada residents but will be a great option for California residents as well.
The preliminary conceptual land plan allows for:1. 23 +/- Acres of Commercial Zoned Land2. 230 to 250 Single Family Residential Lots3. 380+ Multifamily Units or 225 For Sale Attached
The conceptual development plan focuses on common open space, the preservation of hillsides and steeper slopes on the site.
The property is for sale as a whole or individual segments. Ask broker for details and pricing direction.
The seller is in the process of obtaining a tentative map on these villages. Engineers estimate to finish the lots are: $46,956 per lot
11 January 2016 | Reno Land Development Co., LLCMeridian South Development in Reno, NV
COMMUNITY SPECIFICS FLOORPLANS RECOMMENDATIONSSubject Property Name Mo Total Payment Assumptions 80.0%Location Size Sales Base Total Price/ Monthly Base Addl Tax 4.0%Product Details Sales Summary Plan Mix SF Bed Bath Level Pkg Pace Price Premiums Price SF HOA Tax Rate Assess. Mo. Pmt.
Village 1 Reno Land 1 20 2,750 - - 1 3 3.0 $540,000 $15,712 $555,712 $202 $100 1.10% 0.00% $2,732Reno Meridian South 2 20 3,100 - - 2 3 $565,000 $15,712 $580,712 $187 $100 1.10% 0.00% $2,850Product: Single Family Total Units: 61 3 21 3,500 - - 2 3 $595,000 $15,712 $610,712 $174 $100 1.10% 0.00% $2,992Ave. Lot Size: 12,736Lot Dimensions (min.): 85x110
11 January 2016 | Reno Land Development Co., LLCMeridian South Development in Reno, NV
COMMUNITY SPECIFICS FLOORPLANS RECOMMENDATIONSSubject Property Name Mo Total Payment Assumptions 80.0%Location Size Sales Base Total Price/ Monthly Base Addl Tax 4.0%Product Details Sales Summary Plan Mix SF Bed Bath Level Pkg Pace Price Premiums Price SF HOA Tax Rate Assess. Mo. Pmt.
Village 1 Reno Land 1 20 2,750 - - 1 3 3.0 $540,000 $15,712 $555,712 $202 $100 1.10% 0.00% $2,732Reno Meridian South 2 20 3,100 - - 2 3 $565,000 $15,712 $580,712 $187 $100 1.10% 0.00% $2,850Product: Single Family Total Units: 61 3 21 3,500 - - 2 3 $595,000 $15,712 $610,712 $174 $100 1.10% 0.00% $2,992Ave. Lot Size: 12,736Lot Dimensions (min.): 85x110
7 January 2016 | Reno Land Development Co., LLCMeridian South Development in Reno, NV
Preliminary Lot Layout – Meridian South Village 3
Meridian South Villages 3V3: 80 Lots = 85’ x 110’ = 9,000 SF
FOR SALE >
MERIDIAN 120 SOUTH
PRELIMINARY LOT LAYOUTS MERIDIAN SOUTH VILLAGE 3
11 January 2016 | Reno Land Development Co., LLCMeridian South Development in Reno, NV
COMMUNITY SPECIFICS FLOORPLANS RECOMMENDATIONSSubject Property Name Mo Total Payment Assumptions 80.0%Location Size Sales Base Total Price/ Monthly Base Addl Tax 4.0%Product Details Sales Summary Plan Mix SF Bed Bath Level Pkg Pace Price Premiums Price SF HOA Tax Rate Assess. Mo. Pmt.
Village 1 Reno Land 1 20 2,750 - - 1 3 3.0 $540,000 $15,712 $555,712 $202 $100 1.10% 0.00% $2,732Reno Meridian South 2 20 3,100 - - 2 3 $565,000 $15,712 $580,712 $187 $100 1.10% 0.00% $2,850Product: Single Family Total Units: 61 3 21 3,500 - - 2 3 $595,000 $15,712 $610,712 $174 $100 1.10% 0.00% $2,992Ave. Lot Size: 12,736Lot Dimensions (min.): 85x110
MERIDIAN 120 SOUTHFORECASTED MARKET APPRECIATION/DEPRECIATION – WASHOE COUNTY
1B20
2B20
3B20
4B20
5B20
6B207B20
8B20
9B20
10B20
11B20
12B20
13B20
14B20 15
B20
16B20
18B20
17B20
19B20
GARSON
LINCOLN HWY-80
NEW ROAD
DITCH
ROAD
STEAMBOAT
GA
RSO
NR
OA
D
HWY OFF-RAMP
FUTURE
C COPYRIGHT BURKE 04/07/2016 REPRODUCTION OR DISTRIBUTION OF THIS DRAWING IN WHOLE OR IN PART ISSTRICTLY PROHIBITED WITHOUT THE WRITTEN CONSENT OF DONALD J. BURKE, ARCHITECT. ALL RIGHTS RESERVED.
A1
B20 - 1ST FLOOR PLAN
UP
TO
2ND
FLO
OR
EXTERIOR STAIR
STORAGE9
UNASSIGNEDSTORAGE 7
STORAGE12
UNASSIGNEDSTORAGE 8
UNASSIGNEDSTORAGE 5
UNASSIGNEDSTORAGE 6
141312111098
GARAGE GARAGE GARAGE GARAGE GARAGE
GARAGE GARAGE
C1
C1
A1
A1
UNASSIGNEDGARAGE
BR
EE
ZEW
AY
UNASSIGNEDGARAGE
UNASSIGNEDGARAGE
UNASSIGNEDGARAGE
1 23 4 5 6 7
GARAGEGARAGEGARAGEGARAGEGARAGE
GARAGEGARAGE
B1 A1
UNASSIGNEDGARAGE
UNASSIGNEDGARAGE
UNASSIGNEDGARAGE
UNASSIGNEDGARAGE
STORAGE6
UNASSIGNEDSTORAGE 1
STORAGE3
B1 A1
STORAGE2
STORAGE1
UNASSIGNEDGARAGE
UNASSIGNEDGARAGEG
AS
ME
TER
ELECT. METERS
TEL./CABLE
FIRERISER
UP
TO
2ND
FLO
OR
EXTERIOR STAIR
BR
EE
ZEW
AY
B4 B1
B3 A1
B4B1
B3A1
A1
B1A4
A3 A1
B1 A4
A3
A1A1B2 C1
B20 - 2ND FLOOR PLAN
B20 - 3RD FLOOR PLAN
UP
TO
3RD
FLO
OR
DN
TO
1ST
FLO
OR
UP
TO
3RD
FLO
OR
DN
TO
1ST
FLO
OR
DN
TO
2ND
FLO
OR
DN
TO
2ND
FLO
OR
STORAGE8
STORAGE7
ROOF BELOW
ROOF BELOWROOF BELOW
ROOF BELOW ROOF BELOW
UNASSIGNEDSTORAGE 3
UNASSIGNEDSTORAGE 4
266ATTACHED GARAGES (10' x 20' MIN.)
380
PARKING PROVIDED
COVERED PARKING SPACES
84CARPORTS (9' x 19' MIN.)
(1:1)
703SPACES PROVIDED (1.9)
323OPEN PARKING SPACES (9' x 19')
285(190)
PARKING REQUIRED
38
703SPACES REQUIRED (1.9)
1BR @ 1.5 =
(19) 3BR @ 2.0 =38GUEST 1:10 =
342(171) 2BR @ 2.0 =
ROOF BELOW
UNASSIGNEDSTORAGE 2
NU
MB
ER
OF
UN
ITS
PE
R B
UIL
DIN
G
380
TOTA
L N
O. O
F U
NIT
SPLAN TYPES PER BUILDING
NU
MB
ER
OF
BU
ILD
ING
S
BU
ILD
ING
TYP
E
B1A1
114
1 BA1 BR
1064 S.F.762 S.F.
2 BA2 BR
B2
1036 S.F.
2 BA2 BR
1082 S.F.
3819 38
14
38
770 S.F.
A3
38
1 BA1 BR
786 S.F.
1920B20 26 1 22 2
B4
1096 S.F.
2 BA2 BR
764
C12 BA3 BR
1296 S.F.
191
355,148 S.F. 54,910 S.F.
14,364 S.F.
14,763 S.F.
A41 BA1 BR
DOUBLEMASTER
“UNIT FLOOR AREA” (ALSO KNOWN AS “LIVABLE”, “RENTABLE”, AND “CONDITIONED” AREAS):FLOOR AREA DEFINITIONS:
ALL INCLUSIVE OCCUPIED FLOOR AREA OF THE UNIT IN SQUARE FEET AS MEASURED FROM THEINTERIOR FACE OF THE UNIT’S PERIMETER WALLS.
AREA TABULATIONS SHOWN ARE AS REQUIRED TO DETERMINE THE COMPLIANCE OF THE DESIGN WITH APPLICABLEREGULATORY REQUIREMENTS. THEY ARE NOT TO BE RELIED UPON FOR COMPREHENSIVE CONSTRUCTION COST ESTIMATES.
NOTE:
TOTAL7,752 S.F.
UNITLIVABLE GARAGES
TOTAL BUILDING AREA (S.F.)
ASSIGNEDSTORAGES933 S.F.
AVERAGEPER UNIT
266 152
206 S.F.AVERAGE
PERGARAGE
98 S.F.AVERAGE
PERSTORAGE
UNASSIGNEDSTORAGES
152
51 S.F.AVERAGE
PERSTORAGE
SITE AREA: 16.3 A DENSITY: 23.3 U/A
UNITMIX
19 (3BR)5%
171(2BR)45%
190(1BR)50%
B32 BA2 BR
TOTAL PROJECT SUMMARY 380 UNITS
CLUBHOUSE 1 6,254 S.F.
6 SPACE CARPORTS (1026 S.F.)
CABANA / BBQ (514 S.F.)
6 SPACE DETACHED GARAGE (1200 S.F.) 5
2
6,000 S.F.
1,028 S.F.
(AVG.)
30DETACHED GARAGES (10' x 20' MIN.)
37 January 2016 | Reno Land Development Co., LLCMeridian South Development in Reno, NV
End of 2016 (5.5%) 2017 (4.0%)Plan Unit Base (Jan. 2016)Bed/Bath
Plan Features:+ Upgraded cabinetry with stainless steel or black appliances+ Composite countertops in the kitchen and baths+ Min. 9 Ft. ceilings+ Vinyl / hardwood style flooring in living areas
Recommended Development Program
Resident Profile:Singles, couples and roommates. Some young families as three bedroomsare included in the mix. Professional singles working and studentsattending school in the nearby area, looking for an amenitized, securecommunity in the West Reno area and appreciate new construction.
Community Features:+ Wi-fi access in clubhouse/pool area+ Controlled, gated access+ Community pool and sauna+ Emphasis on a large, modern fitness center+ Outdoor fireplace and/or fire pit to create social gathering spaces+ Links from community to any nearby trails+ Outdoor recreation amenities such as fitness trails with work-out stations+ Dog-friendly areas with clean-up bags available
NOTE: “•” indicates included amenities/features; “+” denotes features recommended by Meyers
Pricing Summary:
Conceptual Rendering:
Product:1, 2 and 3-bedroom, 3-Story walkup apartments with covered parking.
Location:The subject site is located at the western-most edge of the City of Reno,along Interstate 80 near the Boomtown Casino.
Source: Meyers Research
FOR SALE >
MERIDIAN 120 SOUTHMF-A | 380 APARTMENT UNITS – 2 AND 3 STORY GARDEN STYLE
FOR SALE >
MERIDIAN 120 SOUTHMF-B | 225 FOR SALE UNITS – TRIPLEX DESIGN
Other development projects in the Verdi area:• Meridian 120 North: 273 Lots - Bates Homes• West Meadows: 324 lots - DR Horton• Mortenson Ranch: 500± lots - TBD• Santerra: 1,600± lots - TBD• Boomtown MF: 240± DU’s - TBD
The Verdi area is set to experience substantial growth over the next couple of years.
SOLD SOLD
FOR SALE >
MERIDIAN 120 SOUTH
MERIDIAN 120 NORTH 273 SFR LOTS
WEST MEADOWS324 SFR LOTS
INDUSTRIAL PARK48.8 ACRES
10.91 ACRES MF 14
1157 ACRES
FOR SALE >
MERIDIAN 120 SOUTH
PROPERTY PHOTOS
FOR SALE >
MERIDIAN 120 SOUTH
MF
AC
PROPERTY PHOTOS
FOR SALE >
MERIDIAN 120 SOUTH
SV3
SV1
MF
IC
SV4
SV5
FOR SALE >
MERIDIAN 120 SOUTH
RENO - TAHOE ECONOMIC OVERVIEW
After the announcement of Tesla’s gigafactory in September, 2014, the Greater Reno-Tahoe area has experienced a major economic boom and the ramifications are far reaching. As the relocation announcements of large and well-known companies are publicized, other businesses, investors and developers from all over the country are moving quickly to position themselves to take advantage of this unprecedented growth. The ease of doing business, coupled with favorable taxes and incentives, is creating an unparalleled environment for both business leaders and developers. With the dual benefits of having no corporate or personal income tax and an unsurpassed quality of life, Reno tops the list for many companies who are looking to relocate.
In addition to Tesla, Apple recently chose Reno as the site for their massive iCloud data facility, making the largest land purchase in its history. In addition, the Las Vegas based tech company, Switch, plans to invest $5BB in an 8 million square foot data center. It is projected that the above companies alone will create over 55,000 direct and indirect jobs.
Greater Reno-Tahoe is a diverse region of eight distinct counties located in the northwestern portion of Nevada. A meaningful sense of community binds the region. Included in these counties is the third largest city in Nevada; Reno. Reno has become commonly known as “The Biggest Little City in the World” with its diverse variety of activities, ranging from outdoor recreation to a vibrant nightlife. Located just east of Reno is the growing city of Sparks. With the combination of four vibrant seasons of recreation, arts and culture, this region provides a very attractive place for a wide variety of companies and individuals alike.
FOR SALE >
MERIDIAN 120 SOUTH
RENO OVERVIEW
Reno is the third largest city in Nevada with a population of approximately 433,000. While Reno historically has been known for its gaming, the new focus and direction is an emphasis as a high tech and university town. It has the largest concentration of distribution-related property per capita in the United States. The region offers an unmatched location to access key markets, favorable tax structure, strong telecommunications infrastructure, pro-business climate, excellent quality of life.
While Reno has many of its own unique benefits, Nevada also ranks high in some compelling categories:
• 8th Best State for Business, Chief Executive Magazine dated 5/8/15
• 10th Most Entrepreneurial State, Kauffman Index of Entrepreneurial Activity 4/8/15
• 3rd Best State Tax System, Business Tax Index 2013 by the Small Business and Entrepreneurship Council
• 5th Best Business Tax Climate in the 2016 Business Tax Climate Index by Tax Foundation 11/17/15
• Top 20 Least Expensive Cities in which to do business, 2013 Kosmont-Rose Institute Cost of Doing Business Survey
• 1st Most Populous and Highest Startup Density for the MSA Size Class, Kauffman Foundation 11/15
2.3%Q1 2016 Multifamily
Vacancy
15.8%2015 Median Home
Price Increased
68%Recovery from
2012
FOR SALE >
MERIDIAN 120 SOUTH
HOUSING MARKET
Since the announcement of Tesla’s Gigafactory landing in Northern Nevada, the local real estate market has experienced nothing short of a new boom. With the expectation of unprecedented job growth from multiple entities which are relocating, the Northern Nevada housing market will be faced with massive shortages over the next several years.
The Economic Development Authority of Western Nevada (EDAWN) has projected that approximately 9,000 new housing units will need to be built each year over the next five years to meet the unprecedented demand for new homes in Nevada. EDAWN is projecting that by 2020 Reno will have:
As of today, Reno has approximately 2,000 finished lots with only an additional 1,000 in the planning stages. If all 1,000 lots come online, this provides just over one year’s supply of finished lots based on 2016 projected sales and permits and obviously falls far short of what will be needed on a yearly basis for the foreseeable future. Given the significant demand, the following factors seem to be in play:
• Limited supply and growing demand will continue to drive home prices up
• Quality locations will command higher prices as in-fill land is disappearing quickly
• New builders and developers will continue to attempt to secure a presence in this market