I received an email from the developers of Arterra yesterday stating: “After listening to our prospective buyers and reviewing current market conditions, our team has concluded that the residential concept we had originally planned for the intersection of Sierra + Liberty is no longer appropriate for the site or the current housing needs of the community."
The developers, Capstone Partners, have a new concept for the site and will provide additional details when they are ready to proceed. In the interim, interested parties are invited to visit "…one of Capstone Partners’ quality residential projects nearby, which was completed this summer - The Village at Idlewild Park".
16 comments
I can’t say I’m suprised. Tanamera, where I live, has been around 60-65% sold for months now and it’s one of the better selling condo properties in the region. For the record, I realize the two are vastly different, but there is still too much standing inventory, especially condominiums. Any developer would be foolish to undertake a project of this size at the moment.
What a shock. So downtown will have to get by with fewer overpriced condos. Let’s give some applause to GreenNV who, months and months ago, predicted this project would never get built. The far more interesting question is whether the Montage will manage to stay out of bankruptcy.
As for Capstone Partners other “quality residential project”, the Village at Idlewild, which they had to convert 50% into apartment rentals to keep some cash flowing, it will be interesting to see if they can keep that one out of bankruptcy.
Bummer- I was hoping this would get built. I hope their new plans are less elaborate and more realistic so that something gets built on that blighted corner.
Blighted? That corner really isn’t all that bad, IMHO. You want to see blighted? Just go a few blocks north to where the Kings Inn continues to be downtown’s ugliest eyesore. Some units at at the Montage will have a great view of this visual affront to the senses.
I’ve got to agree, Lindie, the corner isn’t so bad, but the proposed use as ultra-chic condos never made sense. It is a good site for a less dense mixed-use project. The Arterra folks got the land cheap, and thought they could cover expenses with the change to higher density residential use when it looked like any sort of condo would sell. Hard to blame them - Reno seems to show an awful lot of flexibility when bending over!
Montage just listed 10 units on the MLS, if anyone is interested in the asking prices. Cross reference with the unit plans on the Montage site to see what we are talking about. The construction lender on the project, Corus Bank, is rumored to be in deep doo-doo based on their Miami condo financing (they also have the low end townhouse project out on Dickerson). I wish the Montage the absolute best, but fear the worst.
Guy you beat me to the punch! The reason why Arterra had issues were the price points…plain and simple, the ones I saw were among the highest downtown for one bedroom units, including Palladio and Montage.
According to Fernando Leal, Montage sales are painfully slow but steady. I heard through the grapevine that a couple of Palladio’s units have reached pre-construction price levels, in the mid 200,000 range.
I think the Montage will do alright in the long run, he will just have a much longer absorbtion rate; he has secured a well-known, popular and more importantly successful restaurant for his main commercial space, he is getting the ReTRAC cover, I have seen his plans for the Fitz remodel across the street, and there are quite a few people brainstorming on what to do with the Kings Inn. A more popular idea is to convert it to start-up company office space, kind of an incubator of sorts for affordable office space for start up companies. Better than converting it to condos.
Canceled? How can that be?
Downtown’s different! EVERYONE wants to live downtown!
Mike Van H, I am really glad to hear there are quite a few people brainstorming about what to do with the Kings Inn. I believe that the Kings Inn ceased gaming operations in about 1977. So that makes about 31 years now that the conversation has been going on. Glad to hear things are moving forward.
Lindie, very funny, yes, 31 years and a vacant old blighted hotel. Interesting note, Corus Bank stock has dropped consistently from peak of $32.00, in april 2006 to less than $10.00 a share today. Maybe they did finance to many failing condo projects.
I cannot beleive anybody is moving ahead with any project as the economy continues to melt. Washoe county/Reno has been slow to admit how bad the budget cuts (sales tax slowdown) are going to affect them.
Couldn’t help but notice this from the new “Neighborhoods” info for downtown:
“Four large conversion projects are currently in progress, and two new projects are in the planning phases. These condos sell rapidly when they hit the market. Prices: $140,000 - $2,000,000″
Sell rapidly?!?
I would love to own a cozy modern condo with red walls and cool views… But what does downtown Reno really have to offer at such a high price? In my opinion, really nothing.
Red walls? Really? Hmmm. I never thought of that.
What does downtown have to offer?
Let’s see….close access to clubs/bars, tons of restaurants, the ice rink, numerous special events, hip boutiques, the whitewater park, the University, Bruka Threatre & Pioneer Center, Nevada Museum of Art. And soon AAA baseball, the Children’s Museum, etc. Not to mention, great views of the river and Sierras (provided you live around the 5th floor or above), and relatively convenient access to Sierra Spirit, downtown’s free public transit. I’m not saying living downtown is for everyone, but it’s not as if downtown Reno is comparable to Fresno. There is a lot more going on that some of you suburbanites want/like to admit.
My old friend Al, rest in peace, would be turning over in his grave if he knew how his King’s Inn hotel looked today.
It met his purpose back in the day.
I hope something useful is done with the property.
Just back in town to visit my kids and grandkids. Lived here for 22 years and remember when the King’s Inn was open. Also remember all the years it was closed and a blight on the community. Am praying something will be done with the property soon, as it seems a HUGE waste. I just googled it to see what was the deal with it. Still love Reno and hope the economy turns around soon and that something great will take its place. Reno rocks!
Fix it up! Trust me, been in Vegas 10 years now and wish I could move back. Take care of your oasis!
Jeez, the King’s Inn was once open? Sure you weren’t visiting the great-grand kids? Just messin’ with you, Heather!
I think the King’s could thrive as artists lofts ala Riverside Lofts. No pergraniteel, utilitarian services, raw space, do what you want to with your unit. I would gladly join a consortium of local buyers to see this happen. Got any takers out there, Mike Van H?