First the sacred, then the profane.
Foreclosure activity definitely hit a slowdown at month’s end, most likely from the temporary halt on BofA filings, since rescinded. NODs totaled 574 in January, steady with 576 in December and 576 in November. NOSs continued their drop to 567 from 689 in December and 715 in November. TDs were up to 290 from 262 in December and 225 in November. Not a huge surprise given the high number of NOSs in the past few months.
NRES has been very acting in the last quarter, and I’ll work on an update on what they are buying and selling if there is any interest from you readers. NRES isn’t the only party buying on the court house steps – close to 10% of the 290 TDs went to private parties. This is way above the traditional 2-4%.
A couple notable commercial NODs this week:
OK, what you really want to hear about is the Fitz, right? The Dude at Downtown Makeover is reporting that a Notice of Hearing for a special use permit has been posted on the building. The notice gives some enticing clues about what Nando has up his sleeve. The next regularly scheduled Planning Hearing was set for 2 March, so this 11 February hearing is a special session. The application for the Wall was filed on January 12, and it took Reno Planning a full 2 weeks to identify that a SUP would be required, which is pretty embarrassing for a high profile project.
OK NW folks, have you been following the TCA Properties application for the SW corner of I-80 and Robb? It is one of the first major projects to go through the court mandated 2 step land use / zoning process. The applicant wants to strip the top of the hill on what was once proposed to be the Flying-J truckstop and fill in the ravine to the west to create land for a 305,000 SF shopping center (Target?). The Staff Report on the project is really interesting, and the hearing is Wednesday evening. The proposal is against just about everything in the regional and planning codes and Reno has come out with the strongest negative recommendation I’ve ever seen. But the public comment cards are almost universally in favor of the project, as long as it isn’t a truck stop. This is an interesting one.
That’s it for now. Are you seeing anything else interesting out there?