Leadership Parkway is the street exiting McCarran just west of Keystone – best know these days as the entry to the Keystone Canyon trailhead. For more than a decade, Keystone Community Corporation shepherded a 100 acre mixed use ecumenical development through the planning and entitlement process. The development included some offices and retail, senior living, housing, religous facilities, and a memorial garden. Keystone Community became Regal Pointe, but by 2007 was receiving citations from Reno for not maintaining the landscape. It is impossible to track just how much was invested into the project, but it sold for $7.2M in March 2008 to KEYCOM (note to self: who are these people on Jean Street in Lake Oswego, OR who have tanked at least 10 local projects?). KEYCOM couldn’t cut it either, and the project was recorded this week as a Trustee’s Sale for $1.5M. Over a 100 acres pre-approved for pretty dense multi-family development in a great location, streets and utilities installed. For the price of a Montreux short sale house. Things are getting WHACK out here.
Religious facilities aren’t immune to foreclosure. The Rock Church recently got a NOD on their $5.3 loan (principal was down to $3.1, so they were doing pretty well). Another church in Sun Valley (forget the name) also received a NOD on a 2007 missed payment.
Coming up, the dirt on Erminia, by request. Tracking the surge of NOSs that are still beating NODs for the month. The Riverwalk condo that amazingly appreciated 60% (per asking price) while the rest of the complex has declined 75% or so. Boulevard South (remember that one?) going into default, another blow to the Topol empire. Any other requests?
lurker
Mike,
Hate to admit it, but I always like me some Montage..
I’ll guess that absolutely nothing has happened since the last update?? Seems like the new owners (Starwood consortium) are happy to wait up to 5 years to see it provide a positive return….
Wanton
For a missed 2007 payment? Has anything been paid since 2007?
Guess if you are a church you get some slack.
Norton
By far, the biggest story is the recent surge in NOSs over the past two months. If this marks the beginning of the lost in space 7,000 NODs being rediscovered, and put back in the pipeline, there is no bigger news. If we start seeing 800 NOSs a month, that turn into TDs, carnage is at hand.
Not even DonC will be able to whistle past that one.
skeptical
Norton,
Amen. You pretty well nailed it.
Compound that with the relatively anemic data over the last several weeks leading into the upcoming expiration of the tax credit.
A mountain of supply + lackluster demand makes Jack a very dull boy….
geopower
Since you’re taking requests:
Any idea what the story is with the block at the NE corner of Keystone and 5th? It was supposed to become a high rise casino before the crash. Owner of record is Keystone Investment Holdings LLC, aka REA Keystone LLC, but both of those companies had their Nevada business licenses revoked. Parent company is Real Estate Affiliates of Calabasas, CA. Before the crash they kicked out most of the tenants on the block and knocked down a lot of the buildings, so now it’s more vacant land downtown. I’m not sure if there’s any story to tell since I guess they’re just waiting for a better climate to reevaluate development, but any idea what the status is of land owned by a corporation that lost its license?
billddrummer
And further about churches,
The NOD filed against the Rock Church was in favor of a shell LLC formed by the bank that originally made the loan back in 2005. (Let’s just say the bank is full of local folks, locally organized, etc. etc. etc.)
Another church that received an NOD this month is the Center of Hope Christian Fellowship on Pyramid Way (not the Methodist church on the corner of Oddie, but the one just north on Pyramid). Wells Fargo filed the NOD on a $500,000 deed of trust that hasn’t had a payment since January 2007.
I’m not aware of the Sun Valley one, but I’m not surprised. Center of Hope is a black church, and as is usually the case, blacks have been hurt disproportionately in this recession.
When you have a choice of giving to the church or putting food in your kids’ mouths, the kids win.
GreenNV
billdd, Center of Hope was indeed the other church I was tracking – thanks for the find. When I googled them and their pastor, they came up as pillars of the community. So a sad situation all around.
You couldn’t get me to comment on your statement that “blacks have been hurt disproportionately in this recession” with a 10 foot pole. Mybe some of our readers are braver than I.
geopower, are you new to the blog or just a really smart lurker? You have had some great comments lately. 5th and Keystone just keeps getting passed back and forth between entities, so it is probably all legit. Last I checked, they still didn’t own Wendy’s and a couple properties along Vine Street. Casino is definitely not in the cards today. I’ve heard hushed whispers, though. Might those MSP big hitters be looking at a Target GreatLand and a Best Buy on the site? That would sure work for me. Add in a Nordstrom’s Rack and a Crate & Barrel Outlet (I used to work for the Crate), and you have a downtown power center. Does that work for you? Again, only whispers at this time.
billddrummer
To GreenNV,
Perhaps I can comment because I’m black.
If anyone wants to challenge me, I’m ready.
geopower
Guilty as charged Mike, I’ve been in Reno for the last 4 years, reading the blog sporadically for the last couple years. I’m new to real estate, so I didn’t want to chime in until I felt more confident in my judgments and had a better feel for the city. Thanks for the compliment, but I’m just using a little more free time I have right now and the tools you revealed on the blog- the assessor’s site, eagle web, the secretary of state’s site.
5th and keystone came to my attention a year ago when I was thinking about one of the cute brick bungalows on 6th selling short and was trying to get a sense for the direction of the neighborhood. At the time I was reading the downtown blog more, and asked them, but it seems folks over here have the better connections.
Well, all the freeway noise and sketchy neighbors scared me away from 6th, but I’ve been curious ever since. I hope they do move forward with something soon, since for the moment I live in the neighborhood, and the fewer sketchy vacant lots the better. Although to be fair they gave us the minor gift of leaving the trees when they bulldozed the houses.
billddrummer
And further for the 5th & Keystone parcel–
I work for BBY, and it’s unlikely the company will open another store locally. Three is enough, at least for now.
That doesn’t rule out the company opening standalone Best Buy Mobile stores to accommodate wireless customers, though.
billddrummer
Mike,
Got some data on Boulevard South. I’ll forward what I’ve got when I can.
billddrummer
To Mike,
Strike my last comment. The data I have relates to another project that is now on hold, at the corner of Plumas & McCarran.
RocketRob
Happy Birthday, Mikey! Just think, in another year you can move into that stucco dream house in Sierra Canyon.
BanteringBear
I’m just not feeling the green shoots after reading this post. I’m not so sure “recorded” always means “sold”, but if somebody just picked up 100 acres of dense multi-family with all those improvements for $1.5 mil- katy bar the door, and put a suicide watch on the IV Narcissist.