The Marina Town Centre – Sparks, Nevada

Project Details

The Marina Town Centre is a mixed-use existing 24,000 square foot, three-story wood and steel building.  Built 12 years ago, it combines first floor retail use, second floor office, and third floor residential (9 apartments).  The building is located on the shores of the Sparks Marina and overlooks the 65-acre lake maintained by the City of Sparks.  The lake features a 2.5 mile walking and jogging trail outlining the Marina.  Adjacent to the Marina Town Centre is the 1.2 million square foot Legends Shopping Mall, completed in 2009. The vacant 2.5-acre site features stunning views of Mt. Rose on the water’s edge of Sparks Marina.

 

A great stimulus to Marina Town Centre and immediately next door will be the Waterfront at the Marina, Class “A” luxury 209 unit to-be-built apartment project.  Construction commences February 2017, completion and rent up is planned in 2018.  Marina Town Centre is flanked on the opposite side by the LCIP planned Marina Square project, a high end Class “A” luxury condominium development, planned to start in late 2018.

 

Business Plan:

 

LCIP plans for the Marina Town Centre include renovation of landscaping and an upgraded facade, matching the style and design featured next door at the Waterfront.  The Town Centre, through the great recession years of 2008-2014, underwent a period of neglect, waste and was poorly managed by the lenders who foreclosed the property from the original owners.

 

The LCIP value added renovation and repositioning will produce a new tenant mix and quality upgrade when coupled with the development plans of the two luxury multi-family projects next door, the area will be the “hub” of Waterfront Marina activity.

 

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