This 20-acre land parcel is made up of two separately acquired 10-acre sites purchased 2 years ago. It is located at Lincoln Parkway and Marina Gateway Drive, across the street from the 1,200,000 square foot Legends Mall in Sparks Nevada, and just a few short blocks away from recreational activities at Sparks Marina Lake, a 65-acre lake fed by the Truckee River.
It’s convenient location is within ½ mile of I-80 at Sparks Boulevard, making it an ideal commuter residential housing project for new employees of companies relocating at the Tahoe Reno Industrial Complex (TRIC). Companies such as Tesla, Panasonic, E-Bay, Switch, Apple, Wal-Mart, and many more are now located here. The Pointe site is 9 miles away, perhaps the closest multifamily site in the county to TRIC. These companies are employing thousands of existing and future workers.
LCIP received the current entitlements, which allow for 620 to 920 residential units (3 and 4 story buildings). The project has been site plan approved by the City and regional jurisdictions and feature both a mix of rental and for sale communities. The project could be started within 6 to 9 months. However, it is planned that any construction will not commence until 2018, when the initial “new demand” is felt in the Reno-Sparks market.
Presently, LCIP has no immediate plans to develop or build-out this site. Preliminary site plans have been approved by the local building jurisdiction and the location allows for “By Right” Handbook processing of final project approvals with relatively little time and cost associated with changes or project land plan modifications. The Pointe again represents a flexible time frame and plan representing an optional exit plan.