Once planned for houses, land now set for industrial

Here's a sign of the times:

Panattoni Development Co. last week said it bought 48.5 acres earmarked for residential development by Lennar Homes and instead plans to build two big industrial buildings on the land.

The property is east of Military Road along Lear Boulevard in Stead.

Assuming city officials approve a change in zoning from residential to industrial for the property, Panattoni may begin construction of the first of two 522,000-square-foot industrial buildings on the property as early as next spring, said Doug Roberts, a partner with the firm who oversees its Reno-area projects.

Work on the second building, identical to the first, would begin after the first structure is leased.

Panattoni's new initiative in Stead comes as the company nears completion of its four-building Lear Industrial Center, also in Stead.

That project, which totals some 1.4 million square feet, initially was expected to be built over a six-year period, but will be completed about two years ahead of schedule as the result of strong demand.

Panattoni started each building at Lear Industrial Center as a separate phase of the project, beginning construction of one as soon as the previous building was 50 percent leased.

As the company has marketed the Stead projects to potential industrial and distribution tenants, it's emphasized the availability of a workforce in the nearby Stead and North Valleys neighborhoods.