The City of Reno’s Redevelopment Agency Advisory Board on April 21 will weigh a proposal that could bring 175 for-sale townhomes to a long-blighted stretch of East Commercial Row, just blocks from the downtown core. The project, led by E. Commercial Row LLC and development firm Valeo, seeks approximately $3.1 million in Tax Increment Financing (TIF) to fund public infrastructure improvements critical to the site’s redevelopment.
Located on 8.5 acres at 1035 E. Commercial Row, the proposed project would transform what is currently a cluster of underutilized industrial properties into a medium-density residential community. The site includes 1,200 feet of Truckee River frontage and sits adjacent to Greater Nevada Field, home of the Reno Aces.
If approved, the TIF funds would be used exclusively for public improvements such as road upgrades, drainage and utility systems, streetscape enhancements, trail extensions, and perimeter safety features. The project is estimated to generate over $760,000 in new annual property tax increment revenues. Here's a list of items that the TIF funds would be used for:
• Expansion of public right-of-way (ROW) and trail access along the Truckee River
• Streets, sidewalks, pedestrian paths, signage, and lighting
• Drainage and utility upgrades to support development
• Perimeter wall and security improvements for public safety and homeless deterrence
• Enhanced public access and maintenance corridors for City of Reno, TMWA, NV Energy, and Greater Nevada Field
The developer will invest approximately $70,000,000 to construct the project and seeks to receive only $3.1 million in TIF solely for the improvement of public infrastructure.
Potential Benefits
City staff and the developer highlight several anticipated benefits of the project, including removal of blighted structures, expanded public access to the Truckee River, creation of workforce-oriented homeownership opportunities, and visual improvements to a highly visible downtown corridor. The project would also include an HOA to maintain common spaces and riverfront trail segments.
The townhomes are expected to range from 1,000 to 1,800 square feet with prices starting around $330,000 - below some nearby new home listings. The developer argues the product will appeal to first-time homebuyers and younger professionals working in the downtown area.
Staff Recommendation
The Redevelopment Agency staff has recommended advancing the proposal to the due diligence phase. This includes a full financial gap analysis, verification of tax revenue projections, and negotiation of terms much like the other preliminary project presentations that have come before the board including an extension of the RED Development, GSR's arena and workforce housing, and a new garage and residential at 5th and Keystone.
The proposed motion would not finalize the TIF commitment but would allow city staff to continue formal evaluations and return with a draft development agreement later this year.
Next Steps
The advisory board is scheduled to vote on whether to recommend advancement of the application at its April 21 meeting. After that, formal negotiations and financial due diligence would begin, with a final agreement potentially returning for approval later to boththe RAAB Board and Reno Redevelopment Agency Board. Construction could begin as early as late 2026, with initial home sales projected for 2027.
You can find the info packet here. The meeting is 10:30 AM Monday morning at Reno City Hall. This will ultimately head the Reno Redevelopment Agency Board (Reno City Council acting as the RDA Board) for approval at a later date once the funding gap analysis is complete.