Cardinal Investments sees a mixed-use three-story bustle of office condos and retail when it renovates an existing medical building in the Reno redevelopment area. It paid $1.35 million for the property at 275 Hill Street, says project manager Mark Henderson.
The 13,000 square-foot building with 10,000 square feet of parking was erected in 1957. The conversion will add 3,000 square feet from a partial conversion of the garage, says Henderson.
Floor plans demark 22 small office units ranging from 300 to 600-square-feet. A roof deck provides meeting space or private time. At street level, three retail spaces of 1,000-square-feet each will face onto Ridge Street.
Architectural design is by Don Clark and Elton Colbert at Cathexes.
Cardinal plans a comprehensive top-to-bottom remodel of the 1957 building, says Henderson, including new windows and asbestos abatement. The interior demolition work is complete. Exterior work on the three- story building should finish by fall.
The location, says Henderson, offers tenants the ability to walk to the downtown core and to the trendy California Street restaurants. Proximity to the new courthouse is a plus.
"We wanted this building to be a jewel in the new downtown," he says. "It's no secret that Reno is an emerging real estate market."
Cardinal Investments partners are Kyle Ransford, Michael Flaherty, and Henderson. The company has offices in Los Angeles and New York.
