Growing up as a native northern Nevadan, I have had the opportunity to experience several events that have dramatically changed the growth and direction of Reno and Sparks. Now, as a commercial real estate specialist, it is amazing to look back on these events and realize how they have all altered the real estate landscape in northern Nevada. It is incredible to remember when Magic Carpet Golf was on the outskirts of town, when the Sparks Marina was just a pit, or when you had to drive through 20 minutes of basically undeveloped land to get to Pyramid Lake. How long ago it seems that the Grand Sierra Resort was Hilton, Bally's, or the MGM, or what life was like before the Silver Legacy or the current Atlantis.
I realize I do not have the experiences of some of the "Old Renoites" who can remember tales that far outdate my lifetime, however I believe there have been several events that have directly influenced the commercial office market in the past 20 years, three of which I want to highlight and a fourth that is shortly to come.
The first event was the completion of the McCarran Boulevard loop in September of 1990. In the late 1980s there was a great desire to build Class A office space outside of downtown. By completing the southern half of the McCarran loop around Reno, Meadowood became the obvious choice. With the amenities of Meadowood Mall, the access to U.S. 395 via the Kietzke or South Virginia intersections, and proximity to Caughlin Ranch and other executive housing, this area had all of the criteria for Class-A office space. Shortly after the completion of the loop, Nevdex development completed its three buildings at 5310, 5340, and 5370 Kietzke Lane between 1997 and 2000. Lakeridge Centre at 6900 Plumas was built in 1999, and Magnolia Village at 6990 S. McCarran was built in 2002. All five buildings are still considered among the premier office locations in Reno.
About the same time as the McCarran loop was completed, in 1992 the U.S. 395 extension south of South Virginia through South Meadows was in full force. Originally developed as the first phase of the Reno-Carson connection, the extension of 395 created a much more impactful event: It created easy access to the South Meadows submarket. Since its creation, South Meadows has been the site of over 5,250 homes, several retail centers, and more than 2 million square feet of commercial office space. In addition, the extension has helped draw attention farther south to Damonte Ranch as well as eased access to Mount Rose Highway and the new Summit Sierra Mall.
The third and most recent event is the completion of the Double R Blvd. extension to Longley Blvd. Double R is the main north-south corridor in the South Meadows submarket. In the past decade this has been the main location for growth in residential and commercial development. The extension of Double R through to Longley had a great impact on the office market because it connected the two most active submarkets, South Meadows and Meadowood. By giving employees an alternate route to U.S. 395 to get from the growth of South Meadows to Meadowood or Sparks, Double R Blvd. has created a heavily frequented arterial.
This has given way to the latest development, the Moana extension from U.S. 395 to Double R Blvd. and the development of "Meadowood East." For years, the congestion of the Meadowood submarket along South McCarran and the Kietzke Lane and South Virginia corridors continued to worsen. The traffic got so difficult that the age old Yogi Berra quote, "Nobody goes there anymore; it's too crowded," actually made sense. It has been this overwhelming congestion that has had some companies moving out of the Meadowood submarket to downtown or South Meadows. By doing so, they lost the benefits of what made Meadowood the most attractive submarket for years: recognizable location, easy access to freeways and downtown, and proximity to a plethora of amenities. With the Moana Lane extension there is opportunity for a company to have all the benefits of the Meadowood submarket combined with easier access to large number of South Reno homes in "Meadowood East."
The most recognizable current developments are the Reno Corporate Center and Longley Professional Campus at the corner of Double R and Longley, at the point where Moana connects with Double R. This is the current home of Tanamera Commercial Development as well as the new home for the Veterans Affairs. Located next to a brand new retail development anchored by Gold's Gym, the new Meadowood East market is sure to be the home of small- to medium-sized companies that want to own or lease office space, are looking to relocate their companies to a central location with great nearby amenities, and want easy access from their employee's residences.
In discussions with the Regional Transportation Commission they highlighted the Moana extension as a featured project and were extremely thrilled about the opportunities it presents, connecting the central Reno and South Meadows submarkets. As a native Nevadan, I echo their sentiments and am excited to experience the creation of Meadowood East.
Kevin Annis is a senior associate for office properties with Colliers International in Reno.
