The sprawling Rancharrah development will get a new addition at its main entrance next year.
Charles Schwab has purchased a 3.84-acre parcel on Kietzke Lane where a 20,000-square-foot Class A, two-story office building will be constructed with opening planned for 2018.
“They’re moving dirt now,” said Ken Stark, president and broker at Stark & Associates Commercial Real Estate, who represented Schwab in a years-long search for a viable location.
He said Charles Schwab’s financial services and brokerage will occupy the ground floor and will lease out the other 10,000 square feet of space on the second floor.
Rancharrah, encompassing 141 acres off of Kietzke west of the I-580 freeway, was the home of Reno casino pioneer Bill Harrah, founder of the Harrah’s hotel-casino empire that is now part of Las Vegas-based Caesars Entertainment Inc.
Harrah, who died in 1978, acquired the property in 1957. His son, John Harrah, sold the property, which includes an equestrian center, in 2015 and it is now being developed by Reno Land, Inc., with plans for hundreds of high-end homes. The first home sites went up for sale last summer.
Developers also plan to maintain open space as well as turn the 30,000-square-foot Rancharrah Mansion, visible from the traffic circle at Kietzke and Del Monte lanes, into a private social club.
