Paradise Del Piccione
3/21/07 - That's right! Now's your chance to own a luxury condo in Paradise Del Piccione. All kidding aside, this is truly an eyesore. The worst eyesore in downtown Reno. Some abatement was completed in December, however the building was left ransacked, and looks like it came out of a war zone in Baghdad; windows missing and broken, old ratty drapes flapping in the breeze, and pigeon poop everywhere.
We all got excited when this yellow monstrosity was finally going to get a new life as Denovo, however I've been told by brokers that this project has been put on hold, and the brokers are now focusing their energy elsewhere. THIS BUILDING CANNOT, ABSOLUTELY CANNOT BE LEFT IN ITS CURRENT STATE FOR ANY LONGER. If the project is on hold or scrapped, then the City of Reno needs to come in, declare it a health hazard for the community and order it torn down.
It's eyesore like this that might make an interested developer/investor think twice about investing money in downtown.
To the City's credit, they've done a really good job fast-tracking certain development projects that have lingered in the on-hold state, but you would think they would start putting pressure on projects already approved, like Denovo, and you would think other developers, like L3 Development, would put pressure on the Developers of Denovo to get their act together and start construction. After all, the entire west side of the Montage will have a lovely view of the King's Inn in their viewscape. Now, if you are into pigeon watching this might be a bonus, however I don't think that will be the case with the Montage's new residents.
Comments:
Post your commentsPosted by: Ken - 3/21/2007 6:46:35 PM
Wholeheartedly agree. If the DeNovo people can't get their project together, this thing needs to come down yesterday. I think a case could be made for replacing it with a park. There are plenty of smaller underutilized buildings in need of rehab in that area that could use a little green space to cluster around.
Posted by: franko - 3/22/2007 6:55:38 AM
the fact that the mapes was torn down and this building still exists is like salt in a wound. whatever happened to the mayor's "eyesore list", and why isn't this at the top of it now that the mark twain on south virginia is gone?
Posted by: Justin - 3/22/2007 7:37:00 AM
Im sad to hear about the Kings Inn project. Its to be exposed though, the pricing on most of these projects is just too much for our market IMO. The real question is, are we going to see any sizeable condo projects in downtown aside from the ones already under construction within the next 5-6 years? It doesnt look good IMO. Population growth is slowing at the moment in Reno/Washoe County and the real estate market is struggling. Sometimes it feels like were taking 2 small steps forward and 1 step back.
Posted by: Mike Van H - 3/22/2007 8:53:00 AM
Hi Justin! Yes, I think we'll still see sizable projects downtown. Population growth in Reno has slowed, but I don't think to the point where no more projects will be built downtown. I think the problem is construction costs, not so much the state of Reno's population. The Palladio has sold out of all but 20 units....the Riverwalk is 90% sold, only has a few available floorplans left, The Montage's sales have been steady as well. Brighton Manor just submitted their application for their second and third phases on Plumas and Moana,a good sign, and the District at Victorian Square completely sold out. Think about it: When the Waterfront was first announced, it was dubbed as a $115 million project 2 years ago. Now, compare that to the Montage, who had to secure $135 million for its construction on a bulding that already has its frame and doesnt require vertical construction from scratch. There's a HUGE difference. Or look at Wingfield Towers, originally touted as a $200 million project, secured a private loan for over $320 million. So I think it comes down to cost. Now, that being said, I don't think all is lost. There are rumors Waterfront isn't cancelled totally, but being redesigned so it can be built less expensively. And the broker didnt say Denovo was flat out cancelled, he said it was on hold. Don't forget, this project changed hands and so that might cause a delay in financing or fund transfers. Plus L3 development is VERY interested in the Fitz, and we can probably guess what they would do to that building if they purchase it. So all is not lost, I think it just requires some patience, some ingenuity on the part of developers, and perhaps a scaling back some some projects to a realistic budget so they don't have to ask $710,000 for a 2 bedroom condo. I will be the proverbial optimist haha.
Posted by: Wiley_n_Reno - 3/22/2007 10:09:37 AM
yep, this "building" is so freaking ugly it smacks you in the face when you look at it. I've heard Mayor Cashell say he'd love to be at the bulldozer controls to bring it down.
Posted by: Bill Fine - 4/2/2007 2:30:13 PM
The editor of this blog should contact the developers directly through the Cathexes Architecture firm to find out what is going on. It wouldnt hurt to ask Mayor Cashell. It appears the asbestos removal is complete on the Kings Inn building.
Posted by: Mike Van H - 4/2/2007 3:17:18 PM
Greetings Bill! I actually did contact Stacy Crowley, my only contact for this project and who was involved with presenting the project, but I got no response back yet. I also contacted several city council members including Dan Gustin regarding the status of the project, and the status of the project was not known. I would be glad to get an update from someone in the know, any update is better than no update! :)