A private company plans to develop a six-block section of north Reno that will bridge downtown and the university district.
The project's financing may depend on the ability of its retail sector to draw visitors from out of state.
The mixed-used project, as yet unnamed, would include more than 446,500 square feet of street-oriented retail plus 230 student housing units.
The anticipated completion date is 2010.
For 10 years, developer Nicholas Pavich, principal at Pavich and Associates, has been buying up parcels between Interstate 80 to Fifth Street and from Evans Avenue to Virginia Street, says Jessica Jones, economic development manager, City of Reno.
The property targeted by Pavich is part of a redevelopment area that extends roughly from Interstate 80 to California Avenue and from Keystone Avenue to Second Street.
The six-plus block area is mostly low-density residential, but three years ago it was zoned for mixed-use development.
"With retail, high-density residential and office, this will be an anchor for our redevelopment area on its northeast corner, says Jones.
"And, the university has been pursuing retail."
The project is being developed through Northern Nevada Urban Development Company LLC. It's charged General Growth Properties, with a portfolio of more than 200 regional shopping malls, with leasing space to high-end retailers for outlet stores.
And, says the developer, restaurants will create a gathering place for area residents as well as tourists and UNR students. That component will include both fine-dining restaurants and casual cafes.
Plans also call for office and residential space, a non-gaming hotel, a luxury spa and venues for live performances and entertainment venues.
On June 25, the City of Reno entered into an agreement with Northern Nevada Urban Development Company to negotiate a definitive agreement for the development, construction and financing of the tourism destination retail center.
And while Pavich says it's too early in the process to comment on a source of funding, Reno City Council last week gave him the go- ahead to submit a proposal to test the financial feasibility of STAR Bonds.To apply for a STAR Bond district, a developer must prove that 51 percent of visitors will come from out-of-state, says Jones. And must show that their development will not displace existing businesses.
The architect is Callison, a retail design firm based in Seattle. Callison has worked on past revitalization projects such as City Creek Center in Salt Lake City and CityScape in Phoenix.
"This project is a wonderful opportunity to redefine Reno," said Steve Dwoskin, principal at Callison.
