Reclamation of the old reservoir and water treatment facility on Idlewild between Idlewild Park and Reno High School is complete - with the cleared 9.27-acre infill soon to be home to luxury apartments.
The two-story apartments, designed in the "new urbanist" mode, are part of downtown Reno's renaissance, says Chris Nelson, managing principal of Capstone Partners LLC., a Portland-based group that is itself already a
part of that renaissance.
In September of this year, Capstone, in partnership with NBS Real Estate, purchased 100 W.
Liberty, the 12-story downtown office structure previously known as the Porsche building.
Capstone has said it purchased the building as a long-term investment.
The real estate development company, established in 2002, has offices in Portland and Seattle, with a focus on investments in Washington, Oregon, and northern Nevada.
The company's new Reno project is further evidence of its belief in the town, says Nelson, a former Reno resident who relocated to Portland in 1999.He describes his company as bullish on downtown Reno and eager to be part of it.
But why apartments? The choice was driven by the availability of the land, the last site in that part of downtown, says Nelson.
Zoned for higher density apartments, the site was more appropriate for apartments than for condominiums, he adds.
The project The Village at Idlewild Park at 1450 Idlewild Drive is within walking distance of downtown.And it was a sleeper property, says Nelson, that required about $350,000 in upfront investment for demolition and fill.
That accomplished, Capstone is moving forward, projecting completion of the first phase, including clubhouse and about 30 out of the 218 units in late spring, with full completion by fall 2005.
The $23 million project will add about 195,000 square feet of apartment space to downtown Reno - ranging from studio apartments of about 575 square feet at projected rents of $650, to two-bedroom, two-bath, 1,100-square-foot apartments renting at about $1,200.
Pedestrian-friendly is the watchword for the project, Nelson adds.And the design brings back an arts and crafts look for the region -"respectful of the neighborhood context," says Nelson,"and sensitive to the area."
Capstone is partnering with a team of locals and out-of-towners, including Stewart H.Ankrom Architect, Summit Engineering as civil engineer, and general contractor Naisbitt Company, with HSC Real Estate, Inc.
handling the leasing and property management.
"Urban development gets me excited," says Nelson."A healthy urban core is a good indicator of a healthy community."
And Reno is looking healthy to his group of Portland investors.
