Construction began in downtown Reno last week on the most rare of projects a speculative office and retail project that doesn't yet have any signed tenants.
In fact, the 16,000-square-foot State Street Plaza is believed to the first ground-up speculative project developed in downtown Reno in two decades, said Mike Perkins, a marketing and development consultant to developer MTK Ltd. of Reno.
The project at 170 S. Virginia St., just south of the Pioneer Theater, will be leased as a combination of retail and office space, Perkins said. NAI Alliance will handle leasing.
Select Contractors Inc. of Reno is the general contractor on the building. Completion is scheduled for April.
Speculative development projects throughout the region have come to a halt with the national credit crunch.
Perkins said MTK Ltd. got commitments for development of State Street Plaza before credit markets ground to a halt, and he said the development company's principals have sufficient financial resources to bring the project to completion.
He said the developers are confident the project's location close to courts, city offices, financial centers, dining and entertainment venues will draw tenants.
