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BOOMTOWN MULTIFAMILY SITE350 Boomtown Garson Rd, Reno, NV 89523
DicksonCG.com
±10.71 AC
OFFERING MEMORANDUM
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523 1
Table Of Contents
PROPERTY DESCRIPTIONsection 1
LOCATION
NEIGHBORHOOD OVERVIEW - BOOMTOWN
MARKET/REGIONAL INFO - RENO
REGIONAL STUDIES
section 2section 3section 4section 5
Scott Shanks, Principal, SIOREMAIL [email protected] 775.850.3100CELL 775.846.1019
Dominic Brunetti, Principal, CCIMEMAIL [email protected] 775.850.3100CELL 775.240.1192
Trevor RichardsonEMAIL [email protected] 775.850.3031CELL 775.233.0754
2
Property Description - Offering section 1
BOOMTOWN MULTIFAMILY SITE - OFFERING SUMMARYLocated on the heavily traveled I-80 corridor and the Truckee River, this development site resides in an area commonly referred to as Boomtown. This sub-market acts as an entrance to the Reno/Sparks metro and sits at the foothills of the Sierra Nevada mountains only minutes from the California/Nevada border. With a drive no longer than 10 minutes to downtown Reno this location offers many opportunities in a market with low inventory and a high demand for additional housing units. Over the last year Reno has seen its economy become diversified and jump started through several large industrial announcements projected to bring tens of thousands of new jobs to the area. Spearheading this rebirth was the announcement that Tesla Motors selected Northern Nevada as the site for its massive $5 billion Gigafactory projected to employ 6,500 people once constructed.
Boomtown
Asking Price $3,275,000Size (AC) ±10.71
$/SF $7$/AC $305,788APNs 038-430-54
038-430-53
Size (SF) ±466,528
OFFERING
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
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Property Description - Zoning & Utilities section 1
NV Energy (Power) Under Parcels NV Energy (Gas) In StreetWater Available
Unit Cap For Site 242 Zoning MF-14
LAND USE - MORTENSEN-GARSON OVERLAY DISTRICT
Mortensen-Garson Overlay District Map
SITE
UTILITIES
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
Sewer In Street
4
section 1
SOUTH FACING BOOMTOWN SOUTHEAST FACING RENO
WEST FACING CALIFORNIA
Property Description - Aerial Photos
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
NORTH FACING PEAVINE MOUNTAIN
section 1
SOUTH FACING BOOMTOWN SOUTH FACING TRUCKEE RIVER
NORTH FACING PEAVINE MOUNTAIN
Property Description - Ground Photos
NORTHEAST FACING TRUCKEE RIVER
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523 5
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section 1Property Description - Parcel Map
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
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Location - Regional Map section 2
SOMERSETT GOLF COMMUNITY
UNIVERSITY OF NEVADA, RENO
LAKE TAHOE
TAHOE RENO INDUSTRIAL CENTER (TRIC)
TESLA MOTORS GIGAFACTORY
SWITCH SUPERNAP
APPLE DATA CENTER
DOWNTOWN RENO
RENO TAHOE INTERNATIONAL AIRPORT
CALI
FORN
IA
NEVADA
NW RENO
TRUCKEE, CA
SPARKS
MIDTOWN RENO
WINGFIELD SPRINGSNORTH VALLEYS
SOUTH RENO
SITE
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
INTERSTATE 80
INTERSTATE 580
SE CONNECTOR (UNDER CONST.)
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section 3
BOOMTOWN RENOWith 318 rooms and suites and a casino with over 39,000 square feet, Boomtown has ample entertainment for all walks of life. The hotel is newly remodeled to a contemporary fashion and has full casino with slots, table games, sportsbook, poker and keno. A 30,000 square foot family fun center features games for the whole family, including a motion theater, bounce house, ferris wheel, carousel and a 9-hole miniature golf course.
Boomtown - Existing Developments
RENO CABELA’SCabela’s first store in Nevada, is located along I-80 near the California border. Close to beautiful Lake Tahoe, Cabela’s Reno is well positioned for those who desire to get out and explore all that the area has to offer. The enormous 125,000-sq.-ft. large-format retail showroom is packed with outdoor equipment and experienced Outfitters who are experienced and knowledgeable of all that the Nevada outdoors has to offer.
- cabelas.com
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
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section 3Boomtown - Proposed Developments
Meridian 120 NorthProposed ±273 Single Family Housing Development on 102 Acres
Boomtown IndustrialProposed ±885,000 SF Industrial/Manufacturing on 49 Acres
SITE
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
Market Info - Reno section 4
RENO, NEVADAThe Greater Reno/Sparks area is starting to see and feel the unprecedented growth in the area thanks to many key factors. Near the end of 2014, Tesla Motors named Nevada the official site for the Tesla Gigafactory, a massive factory to produce batteries for it’s electric vehicles. According to the Governor’s Office of Economic Development, over 22,715 jobs could be created in Northern Nevada thanks to Tesla, as well as a substantial increase in construction and housing activity. Governor Sandoval, in his State of the State speech in January 2015, stated “Nevada’s job growth is third strongest in the country, we have cut our unemployment rate in half, and we have the second fastest growing population in the nation.”
The Economic Development Authority, or EDAWN, is projecting an increase of more than 51,000 primary and secondary jobs from 2015 to 2019 for the region. In 2014, EDAWN assisted 34 companies in moving or expanding into Nevada, which included 13 headquarters. Prior to that, the record for head-quarters was six. The 34 companies accounted for 4,179 new jobs for the area as well. EDAWN kicked off 2015 with 10 prospects visiting in just January alone. EDAWN credited high profile projects such as the Apple data center, Tesla Motors’ gigafactory and the Switch SUPERNAP data center for increasing interest in the region from outside companies and expects to see nearly 100 other announcements before end of 2015.
DOWNTOWN RENO
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523 10
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Market Info - Major Regional Developments
TESLA GIGAFACTORYCosting $5 billion and projected to employ 6,500 people once up and running, Tesla Motors' Gigafactory at the Tahoe Reno Industrial Center is considered one of the biggest wins in economic development history. The gigafactory is the linchpin in Tesla's plans for expansion, manufacturing an estimated 500,000 battery packs for the company's electric cars each year when operational. It will also allow the company to eventually scale up its Tesla Energy line of storage batteries for homes and businesses. Just as important as its raw numbers, however, is its impact on Reno's reputation as a place to do business for companies looking to expand. - rgj.com
Tesla’s mission is to accelerate the world’s transition to sustainable transportation. To achieve that goal, we must produce electric vehicles in sufficient volume to force change in the automobile industry. With a planned production rate of 500,000 cars per year in the latter half of this decade, Tesla alone will require today’s entire worldwide production of lithium ion batteries. The Tesla Gigafactory was born of necessity and will supply enough batteries to support our projected vehicle demand. Tesla broke ground on the Gigafactory in June 2014 outside Sparks, Nevada, and we expect to begin cell production in 2017. By 2020, the Gigafactory will reach full capacity and produce more lithium ion batteries annually than were produced worldwide in 2013. - teslamotors.com/gigafactory
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
section 4
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APPLE DATA CENTERThe one that started it all. The Reno area has had its fair share of economic development triumphs, including distribution centers for some well-known companies. Apple's $100 million data center, however, was the first sexy project to really put Reno on the map while making it a viable location for data centers at the same time. Since Apple's arrival, the area has racked up a nice list of data center facilities as well as high-profile projects such as Tesla and Switch. The data center also continues to expand years after its announcement and is poised to get 100 percent of its power from renewable energy.
Apple has filed a permit to double the size of its data centers in Reno, Nevada in 2016. The proposed data center site will be adjacent to Apple’s Project Mills campus, an existing data center site in Reno Technology Park. - rgj.com
SWITCH SUPERNAPThe colocation data center at the Tahoe Reno Industrial Center is a huge undertaking, projected to cost $3 billion and comprise of 6.49 million square feet. Once finished, the SUPERNAP will be a key part of Switch's "Superloop" system, allowing incredibly fast connection speeds for clients in a circular area bordered by Reno, San Francisco, Las Vegas and Los Angeles. It will also be the largest data center campus in the world and house the largest single data center building at 1.2 million square feet. Switch's clients number more than 1,000 and includes high-profile names such as eBay, Xerox, DreamWorks and Shutterfly. - rgj.com
Market Info - Major Regional Developments
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
section 4
13
RACKSPACE DATA CENTERSan Antonio-based Rackspace plans to build a $422 million, 150,000-square-foot data center at Reno Technology Park, which will be serving clients on the West Coast. The company is projecting $95.5 million in payroll as well as a projected economic impact of $323.4 million. Rackspace is a managed cloud services company with 300,000 clients in over 120 countries. - rgj.com
AQUA METALS AQUAREFINERYThe world's first commercial-scale electrochemical lead battery recycling plant, Aqua Metals' AquaRefinery uses clean technology to recycle lead from lead-acid batteries at lower cost and nearly zero emissions compared to the traditional method of smelting. The company also acquired a $10 million loan from Green Bank backed by a loan guarantee from the USDA. The funding will be used to further expand capacity at the refinery, which is located at the Tahoe Reno Industrial Center. - rgj.com
Market Info - Major Regional Developments
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
section 4
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ZULILYThe e-commerce giant doubled down on its Northern Nevada presence by expanding its facility and announcing in 2014 that it will ramp up employment to 1,000-plus jobs. The expansion of its Tahoe Reno Industrial Center facility to 707,000 square feet represented a $40 million investment and a job commitment record for the Economic Development Authority of Western Nevada at the time. - rgj.com
JET.COMThe greater Reno-Sparks area is adding a new e-commerce company to its logistics mix.Jet.com announced on Thursday the opening a new 160,000-square-foot distribution facility at the Tahoe Reno Industrial Center, a move that could potentially bring in more than 500 jobs to the region.
The new jobs are especially important for a region that was hit hard in the last recession, said Gov. Brian Sandoval. “I remember five years ago when we led the country in unemployment … when we led the country in foreclosures,” Sandoval said. “This is a big deal for us (and it’s) important for us to be part of this industry.” - rgj.com
Market Info - Major Regional Developments
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
section 4
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Regional Studies - Employment & Population
Provided by: Brian Bonnenfant
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
section 5
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Regional Studies - Income
Provided by: Brian Bonnenfant
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
section 5
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Regional Studies - Apartment Data
Provided by: Brian Bonnenfant
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
section 5
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Regional Studies - Housing Opportunity
Provided by: Brian Bonnenfant
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523
section 5
Regional Studies - Business Index
Provided by: Brian Bonnenfant
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523 19
section 5
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Dickson Commercial Group
INSTITUTIONAL EXPERIENCE, LOCAL KNOWLEDGEThe team at Dickson Commercial Group has been working in the Northern Nevada market for nearly 35 years. Our seasoned group of real estate professionals offers deep and diverse market knowledge, proven problem solving abilities and resourcefulness with a complete focus on commercial real estate. We work as a team in the truest sense of the word. We collaborate to find the best solutions and we leverage the specific knowledge of each agent. Our multi-faceted brokerage provides local, national and international clients the full array of commercial real estate services. Agents are trained specialists with accreditation through the Society of Industrial and Office Realtors (SIOR) and Certified Commercial Investment Members (CCIM).
Scott Shanks, Principal, SIOREMAIL [email protected] 775.850.3100CELL 775.846.1019
Dominic Brunetti, Principal, CCIMEMAIL [email protected] 775.850.3100CELL 775.240.1192
Trevor RichardsonEMAIL [email protected] 775.850.3031CELL 775.233.0754
Boomtown Multifamily Site - 350 Boomtown Garson Rd, Reno, NV 89523