If you build it, will they come?
Breckenridge is a 108 unit development in the NW, just north of the Grand Summit between McCarran and Robb. Meritage was originally going to build it out, and undertook heroic site prep. My recollection is that the prices were to start in the upper $400s. I’ve been up there, and the views are amazing – a hidden little pocket. Access is a bit weird, but easy compared to Somersett standards.
Guess what? They are building. The model homes are under construction. It has been a long time since I have seen bare studs in the NW. It is now showing up on the Ryder Homes site as their project, with pricing in the low to mid $200s, complete with floor plans.
I can’t untangle the cast of characters on this one. Land owner is Lo Land Assets aka Lowe Enterprises. I think Lo Land tied up the property, licensed the development to Meritage who failed, and now is running with Ryder. Commercial Lender, you might be able to make sense of this transaction, but I am flailing.
Ignoring all the financial esoterica, a developer has kicked off a new project in NW Reno. We haven’t seen this in a long, long time. Sheep, or leaders? Any thoughts?