Housing and apartment trends in the neighborhoods around the University of Nevada, Reno
It seems like every side of the university campus has construction going on. What are all of those projects? Most of it is student housing. Just a brief look at most of the big ones
Park Place North Virginia Street - Located where the old university inn and gas station used to be located, just across from the Planetarium. Over 700 bedspaces of higher-end luxury student housing. From the outside, it looks like there are observable delays, and I am wondering if they will open by the hopeful August 2020 date? With the recently added new crane, perhaps it will speed up.
Uncommon - Similar in size and design with Identity, this 7 story student housing property is being constructed right next to Park Place North Virginia. As of this writing, it looks like construction on this project, is progressing better than Park Place.
Canyon Flats - Bringing private off-campus student housing to downtown. Located near Circus Circus and the Bank of America. Construction between Virginia and Center streets. It looks like it will include some private apartments too, which are greatly needed for the university area. This, along with Wolf Pack Tower, will bring more college student presence south of the I-80 freeway.
New College of Engineering - This two year project plans to finish construction within the next six months. It is designed to house many of the engineering academic departments under one roof, using the latest technologically equipped classrooms and laboratories. It will also create a new face and entrance to the eastern side of the campus, including a new walkway.
Soon to start construction:
These projects are proposed with gated off areas and ready for construction, and may already be doing demolition work.
New College of Business Building - Demolition of several houses has already occurred. Located at the southern entrance of UNR. Detailed plans of this new facility being constructed by the university are slow in coming, but site prep work has already begun.
RTC Rapid Transit University Station - The purchase and boarding up of a motel and other right-of-way land for the construction of a roundabout, along with bus stops for a new direct-line limited-stop rapid transit bus that will run from the University of Nevada to Meadowood Mall with several stops in between. This public transit improvement should help allow students to live in other areas, including Midtown, with easier access to the campus.
Record Street Project - After the closing of the popular community establishment of Bibo Coffee, to be demolished, plans are still slow to be released. A planned parking garage and public-private partnership 600 bedspace student housing building could start construction within this next year. Like Canyon Flats, this project potentially could help connect downtown with UNR's southern entrance.
These projects have proposed plans, and land, but are not quite ready for starting of construction. Often, these projects can fall through or have significant changes
Highland Avenue project - Recently, three connected properties were gated off, located on Highland Avenue, two blocks from the university. A little research and I found that they were all purchased in 2019 by the same owner, Canyon Investment Group of southern California. I researched them, with mostly real estate holdings in the LA area. With the prices they paid to acquire these properties, it would only make sense to build a new dense project. I am guessing student housing, apartments or senior living. We will wait to see.
North Virginia & 15th street - This project is much further along than the speculative one on Highland Ave. With a couple years in the making, the latest plans call for a 12-story housing or mixed-use building. Being located directly across from the new Fitness Center and Northern university Gateway, this could be a catalyst project for that neighborhood.
661 Lake Street - Located downtown, close to the Canyon Flats project, a little research finds an investment proposal from private equity funds for a large housing project combining micro-apartments (a first for Reno) and student housing. It seems like it is in the speculative financing phase, so it may be a ways off. But the entire block is already gated and boarded off and slated for demolition. Check out https://rereno2.files.wordpress.com/2019/05/661-lake-student-housing.pdf
More updates to come later
Special research thanks to:
A blog critiquing and reporting on student housing in Reno Nevada
Mike Cutler is a volunteer with the Reno International House and blogger of the local real estate housing development market in Reno. He likes to give advice for newly arriving students and immigrants, and report on the latest construction and housing needs around the University of Nevada, Reno.