Marmot Properties has submitted a bid for the former Community Assistance Center.
Their plan, according to CEO Batuhan Zadeh, is to keep the existing buildings at 315-335 Record Street, and repurpose the existing structures into high-quality, Class A serviced office spaces and lease them at 50% of market rate rent. These spaces will cater to non-profits and public-benefiting entities, offering them affordable, modern, and functional office environments. The building will be equipped with all necessary amenities, including elevators, high-speed internet, and shared conference facilities.
Is office space a more viable option than demolishing the building and constructing residential? With the cost of new construction, the cost of demolishing such a large structure, it's unlikely any residential there will be affordable or low income housing without the help of grants. One developer already outlined the numerous challenges with building residential on this lot, including a powerline that cannot be moved, its proximity to railroad tracks and noise, and other challenges.
Marmot Properties stated that no funding from the City of Reno is requested or required for this project. They are covering all costs required to bring the building to code and achieve a certificate of occupancy. Their budget will include contingencies for worst-case scenarios based on the city's documentation provided.
They will retain the existing height, size, and design of the building while performing a full gut remodel to create office spaces.
I wish I could see what the other bids are, it will be interesting to see which finalists go before the City Council. I will be watching with anticipation. What will piss me off is if a developer is chosen who will then sit on the property for 3+ years, waiting for interest rates to lower or construction costs to lower, or a developer who gets the property but then simply tries to resell it. The City Council has been burned by developers so many times with broken promises or not following through on plans.