An upscale Marriott hotel franchise will
anchor the north end of the Mountain
View Corporate Center, a project that was
slow getting started because of the failure
of a similar development not far away.
Construction of the hotel is expected to
begin next year. The first office building in
the 30-acre project, meanwhile, is scheduled
for completion in December.
Templeton Development Corp. of Las
Vegas is developing the area just south of
Del Monte Lane at the end of Kietzke
Road. When complete, the Mountain
View Corporate Center will include about
400,000 square feet of office space. The
first structure known as The Sierra
Building is arising near Highway 395 in
the project. It's a 55,000-square-foot structure
whose lead tenant will be Sunwest
Bank.
Construction of that building is particularly
important to the marketing of the
project because of skepticism engendered
by the high-profile Corporate Pointe
development at South McCarran and
Virginia.
Corporate Pointe these days is little
more than a weed-filled hole in the ground.
Bill Quinn, vice president of Templeton
Development, said potential purchasers
and renters of space at Mountain View
Corporate Center waited to get serious
until they saw the skeleton of the first
building arising.
"It's a show-me kind of thing," Quinn
said.
The Marriott Springhill Suites hotel is
planned north of The Sierra building now
under construction. As its name suggests,
Springhill Suites is an all-suites operation.
Templeton bought the property out of
bankruptcy two years ago. Its initial plan
called for nine large buildings, but the plans
were revised to include eight smaller buildings
along the south edge of the property.
The development company envisions that
those will be purchased by professionals.
"There is a demand from people who
want to own their own building," said
Quinn. "Everybody would rather own than
pay rent."
Recent low interest rates have further
spurred sales rather than leases of
office properties.
One of the offices in the complex will
be owned by Grubb & Ellis Northern
Nevada Group, the firm which is marketing
Mountain View Corporate Center.
John Pinjuv of Grubb & Ellis said construction
is expected to begin in October.
Pinjuv said marketing of the project has
been particularly successful as it targets
medical-related professionals who want to
own their own buildings. Other strong
interest, he said, has come from upper-end
service professionals such as law firms and
certified-accountancy offices.
Along with the project's location
next to Highway 395, close to Reno-Tahoe
Airport Grubb & Ellis' marketing
efforts emphasize the natural setting and
landscaping that includes fountains and
extensive use of cobblestone.
Leases, Pinjuv said, are in the range of
$1.75 a square foot triple net a figure
which is comparable to $2.35 a square foot
in a full-service lease.
