Foothill Partners recently closed escrow on the former Lowe’s Home Improvement in Sparks through a partnership with Belay Investment Group. The developer announced the acquisition in a June 8 press release.
According to Washoe County records, the deal closed May 3, with Foothill acquiring the property from Renown Health for $8 million. Renown had previously bought the property for $6.5 million in 2016.
According to past reports, the vacant 209,000-square-foot building at 2450 Oddie Blvd. is being redeveloped into “The Oddie District,” a multipurpose innovation hub of work, live and creation spaces. Foothill Partners first released details about the project in October 2020, noting that the project is expected to cost upwards of $30 million, and that the anchor tenant will be The Generator, the well-known local makerspace that needed a new home after its lease expired at its old Sparks location.
According to the June 8 update, construction for The Oddie District is scheduled to start late in 2021 with a planned opening date of its first phases in August 2022.
“With so much empty space to redevelop, The Oddie District brings a unique opportunity to create a multifaceted artistic and commercial center in the heart of Sparks,” said Doug Wiele, founding partner and president of Foothill Partners, said in a June 8 press release. “Belay‘s outstanding reputation of cultivating emerging managers makes them the ideal partner to further develop our growing platform and continue to add value to the communities we serve.”
According to Foothill, the Generator will occupy 35,000 square feet at the property, while The Innovation Collective, an Idaho-based venture, is turning 12,500 square feet into “collaborative office spaces for business acceleration and skills building for the tech industry.”
The remainder of the district will be developed into “a variety of commercial spaces, with an emphasis on flex-tech space for engineering, software and design companies,” according to the release.
Food and beverage shops will also be on site, including an 8,000-square-foot brewery and distillery.
