The new owners of 50 West Liberty, a downtown Reno office building, expect that new retailers will open on the building's first floor by mid-year.
About 7,000 square feet of the building at Liberty and South Virginia will be redeveloped into retail space.
Possible tenants include a convenience store, dry cleaner, coffee shop or delicatessen, said Scott Stranzl, vice president of leasing for Basin Street Properties.
The company based at Petaluma, Calif., paid $34.6 million to purchase the building last month.
Trammell Crow Co., which is handling leasing in the building, points to a population of 25,103 within a one-mile radius including some 3,300 expected to live in new condo projects in the area.
Average household income within a onemile radius is $42,640, and more than 115,000 people work within three miles.
Stranzl said redevelopment plans for the building's ground floor include outdoor seating areas along both Virginia and Liberty streets.
The two-tower office project one tower is 12 stories, the other four story stands about 24 percent vacant.
"We have a lot of space to fill in this building," Stranzl acknowledged as he met with real estate brokers a few days ago.
The building totals 248,843 square feet.
Basin Street Properties will soak up some of that space with with an executive suites project it will manage itself.
The project,with 26 suites, is targeted for opening March 1, Stranzl said.
Despite the vacant space, Stranzl said Basin Street Properties is bullish on downtown Reno because of the nearby development of residential and recreational projects.
"We're repositioning this building," he said."markets have changed.
Tenant demands have changed."
