This under utilized office building on Mill Street will be transformed into a 24-unit condominium building with a second 26-unit building to be constructed from the ground up in the parking lot. Mardian Development Co. is developing the project.
A new 50-unit condominium is coming soon, right outside the southeast edge of downtown Reno.
“This is clearly a downtown project; we’re literally a block from the Aces Ballpark (Greater Nevada Field),” Michael Mardian, owner of Mardian Development Co., said in a phone interview.
The Mill Street Lofts, lead by Mardian Development, will replace the old office building on 560 Mill St. with two residential condominiums. Building A will transform the old office building into a 24-unit condominium. Building B will be a 26-unit condominium constructed from the ground up on the parking lot just west of building A.
The Lofts are slated to have a variety of features depending on the unit type — like an interior courtyard, security cameras, balconies, elevators, fireplaces, patios and self-storage units.
“The reason it’s called ‘Lofts’ is because we have much higher ceilings than your typical 8-foot ceiling,” Mardian explained. “Our ceilings will range anywhere from 10 feet tall to 16 feet tall on the third floor of the brand new building.”
Mardian believes one of the best things about the Lofts is the location.
“Since we’re downtown we’re centrally located between the two major hospitals, which are Renown and Saint Mary’s. We’re very close to Midtown … and we are literally blocks from the University of Nevada, where they’re at 125 percent occupancy,” Mardian said.
People can get their foot in the door early by signing up for the reservation list on mardiandev.com. According to Mardian, at least 27 people have signed up since the reservation list opened up Jan. 16 of this year.
“I’m very happy with the success so far,” Mardian said about the interest his property has garnered.
Those who sign up and pay the $1,000 deposit will get first pick on the units and receive a reservation package with documentation. Mardian plans to announce prices for the different unit types this March.
He hopes construction can begin within the next couple months.
“The (building) permits are ready,” Mardian said. “I’m just down to my final negotiations for the cost to build it and the financing. And those pretty much go hand in hand.”
He estimates the project will take about 13 months to complete, which puts the anticipated completion date at approximately spring of 2018.
Mardian first considered buying the property years ago when he noticed that only one tenant was using the office building near downtown Reno. He bought it in September of 2015.
Mardian Development has developed many high-end properties for the past 40 years in the northern Nevada region. Mardian graduated from the University of Nevada, Reno with a bachelor of science in Managerial Sciences in 1977.
The Mill Street Lofts were designed by Cathexes Architecture.
For more information, visit mardiandev.com.
