The Park Lane Mall was torn down in October of 2007, except for Gottschalk's. That was demolished in March of 2009. Since then, the parking lot and footprint of the 40-year-old building has remain unchanged. A San Francisco-based developer had plans to build a new mixed-use property before the economy fell into the great recession.
The 45-acre property has new life, after Reno Land, Inc. closed escrow for an undisclosed price. Chip Bowlby is the company's managing partner. He says they are investing a lot into the property, including between $500 million and $750 million for construction.
"I kind of pinched myself, last night, to say 'Well, it really happened. Should I be happy or scared to death?'" Bowlby said.
Bowlby says the plan is to build 1,200 housing units and three multi-family apartment units. 100,000 square feet will be used for retail and restaurants, while another 70,000 square feet will be used for professional offices. There will also be open space in the development.
"We're hoping to really attract the millennials that are coming into our market, and that are here, and that are also existing residents," Bowlby said.
Bowlby describes the development as a place where people can live, work and play. The apartments will be built in a wrap-around concept, in which a parking structure will be constructed and the apartment building will be built around it. A similar design is happening at the Sparks Marina, where a parking garage was built, several years ago.Â
"To take a 45-acre piece of property and to develop what we're planning, it's exciting and it's scary as well," Bowlby said.
Bowlby says the property is a good location, just south of Midtown and west of the Reno-Tahoe International Airport.
"I think we're going to be the book-end to Midtown," Bowlby said. "When Urban Land Institute came and did the S. Virginia Corridor study for the city, they pinpointed this property as kind of the biggest piece of in-fill property that can be developed and developed right."
Bowlby says planning is still being done with various agencies for things like water, sewer and energy. He hopes to break ground by March and says construction could begin in the spring. While residents could possibly move into the first units by the end of 2017, he says the entire project will take 5-10 years to complete, depending on economic factors.
