The Park Lane Mall site has a new owner, and a plan for redevelopment.
According to a press release, Reno Land Inc. has closed escrow on purchase of the 45-acre property at South Virginia Street and Plumb Lane. The city long has identified the site, formerly the home of the Park Lane Shopping Center, as a high-priority for redevelopment.
Reno Land Inc. is a real estate company managed by Reno resident Chip Bowlby. Bowlby is also involved in the 141-acre Rancharrah project, the Summit Club multi-family project in South Reno, the Meridian 120 project near Boomtown, and projects in the Tahoe-Reno Industrial Center.
The company will introduce its plans to redevelop the property during a meeting of the Reno City Council on October 12. Though details of its plan are under wraps until then, Bowlby said the company envisions creation of a neighborhood that becomes an anchor of the Midtown District.
Retail, restaurant and office space along with residential will fill the vacant property. It could bring as many as 1,200 housing units to Midtown.
Reno Land Inc. plans to begin development in early 2017.
