A new Reno redevelopment project area would work, analysts reported last week.
The year-long study by consultant Keyser Marston Associates, Inc., provides a detailed analysis of seven sub-areas in Reno that could be incorporated into a new redevelopment district to address economic and social blight.
The neighborhoods that might be included in a redevelopment project, the city said, are:
* The area between U.S.Highway 395, Moana Lane,Virginia Street and Peckham Lane.
* The area surrounding Park Lane Mall and the former Mark Twain Motel property near Plumb Lane and Virginia Street.
* Property near Boomtown on Interstate 80.
* Land south of the Truckee River between Arlington Avenue and Sierra Street extending south to California Avenue, and a portion of Virginia Street extending south to LaRue Street.
* A swath that wraps around the existing downtown redevelopment district and continues to the city limits east of the Interstate 80 and U.S.
Highway 395 interchange.
The area includes St.
Mary's hospital to the west and extends across Interstate 80 to the University of Nevada, Reno and encompasses the Fourth Street corridor.
The analysis of the proposed redevelopment area found that about 36 percent of the area is vacant or under-utilized.
The study also showed 50 percent of industrial properties and 12 percent of single-family residences are buildings of low quality construction, and that 68 percent of the buildings have exceeded their useful service life without major rehabilitation.
The researchers found that retail sales in the study area increased by only 1 percent from 1998 to 2003, compared with an increase of 33 percent citywide during the same period, and that asking lease rates in the study area between 1998 and 2003 were 36 percent below average lease rates throughout the city.
In addition, the study shows that while the proposed redevelopment area represents only 1.67 percent of the city's total acreage, it accounts for up to 16 percent of the city's crime with 71 percent of crime in the study area occurring in the east Fourth Street and Virginia Street-Plumb Lane areas.
If a redevelopment district is created, the increased tax revenues from improvements to property would be used to pay for the infrastructure that jumpstarts the revitalization.
The preliminary budget estimates for the proposed redevelopment district calls for the investment of about $174 million over the life of the district.
