Victorian Square Redevelopment Project

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Victorian Square Redevelopment Project Reno
Sparks Chamber Community Forum March 26,
2008 Armando Ornelas, Redevelopment Manager
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Background

• Victorian Square master plan
• Redevelopment area and plan - 1978
• Victorian Square master plan has been amended
  several times
• Current plan approved in 2005
• Multiple meetings with stakeholders and for
  public input
• Must specifically comply with NRS 279

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Project Goals 2005 Plan

• High level of use year-around and
  around-the-clock
• Distinctive uses, attractive architecture and
  urban design an urban village
• New development strengthens connection between
  Nugget and cinema
• Draws local people and visitors, providing a
  boost to Sparks and regional economies
• Catalyst for further investment in surrounding
  commercial and residential areas

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Muni West Plaza Buildings
AERIAL VIEW 1
RTKL
Linda S. Congleton Associates
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West Plaza Mixed-use Buildings
STREET LEVEL VIEW 1
RTKL
Linda S. Congleton Associates
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Municipal Building
STREET LEVEL VIEW 4
RTKL
Linda S. Congleton Associates
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New CitiStation
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Redevelopment Challenges

• Highly public planning process and
  decision-making
• Site assembly multiple, small parcels, and
  diverse ownership
• High land costs, particularly for improved
  property
• Multiple stakeholders
• Statutory requirements (e.g., prevailing wage,
  appraisal requirements, etc.)
• Need for structured parking

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Market Economic Challenges

• Residential development facing potentially long
  delays need to fully reassess market, product
  types, costs, etc.
• Leasing of proposed retail and office space
• Fiscal impacts delay ability to finance city
  hall component
• Project underwriting and financing in a highly
  conservative environment, particularly in a
  secondary market

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Project Outlook

• The 2005 mixed-use plan is the right plan for
  Victorian Square
• Location in urban core and in a mixed-use setting
  will become increasing attractive
• Live-work-play environment
• Adjacent to attractive new transit facility
• Pent-up demand for urban housing (demographic
  changes, changing lifestyles)
• Fuel costs

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Project Outlook

• Much of the needed infrastructure is in place
• Incremental development may be an option