Bayer Properties has its hands full right now with the opening of The Summit Sierra its 180-acre shopping mecca in south Reno but it's also enthused about downtown Reno.
The Summit Sierra is bringing 700,000 square feet of upscale shopping to Reno, anchored by Dillard's Department Store and Century Theaters, scheduled for a March 2006 opening.
Bayer Properties, which plans to hold onto ownership and management of the center, owns 21 retail properties,most of them in Alabama, all of them east of the Mississippi.
Privately held Bayer is based in Birmingham,Ala., home to the first Summit retail center.
Reno's will be the third Summit, and another is planned in Lehigh Valley, Pa.All are cut from the same pattern of upscale stores placed in growing, prosperous markets and positioned as community centers.
And how does this fit in with the Reno region's attempts to guide development of Truckee Meadows' rapid growth? "We share the city's desires to plan, and recognize that we are in the growth corridor," says David L.
Silverstein, a principal with Bayer Properties.
Indeed, the Summit sits at the south end of the corridor that city planners envision as a transit-served stretch served by regional transit centers and nodes,with pedestrian-friendly neighborhoods nestled into the city's streets.
At the north end sits downtown Reno and the University of Nevada.
Bayer is excited about downtown, says Silverstein."The regentrification of the city center is a tremendous opportunity," he adds.
And the pieces that look promising to an Alabama boy? The river, the train trench and station, the promise of new restaurants and downtown condos.
"They're terrific improvements," he says.
"We like downtown," says Silverstein,"and in the future welcome the opportunity to work with the city in some fashion."
Though Bayer Properties is most invested in retail real estate, it is also currently at work on a 250,000-square-foot downtown Birmingham building, a historic department store that Bayer is converting to Class A office space.
In Reno, for now, Bayer Properties is keeping busy with development of The Summit Sierra phase one, being built by Q & D Construction.Walls are going up, basic foundations are finished and fa ade work is set for the near future.
Across the Mount Rose Highway on 80 acres also owned by Bayer is the future site of a casino.
Bayer is working with Station Casinos to develop a luxury casino and resort on the property.
That piece is being equated to Station Casino's Henderson Green Valley Ranch, a luxury casino resort and spa.
Bayer also holds 25 acres adjoining the Summit Sierra's phase one section.
That piece of the property won't come under development until the first phase is established, says Silverstein.
And how about another Summit center somewhere in the area? "At this time not a strong likelihood," says Silverstein.
The south Reno location will draw from all of the Meadows, and hopes are that it will attract shoppers from outside the area as well.
Those seven new retailers announced last week Abercrombie & Fitch, Ann Taylor LOFT, Banana Republic,Hollister, Jos.A.
Bank, New York & Co., and the White House Black Market are among 70 Summit shops.More than 50 are still to be announced.
