Company Relocation Brings 400 New Peeps Downtown

by Mike Van Houten / Jan 6, 2015

400 jobs are headed downtown with an average pay of $31 an hour...when Clear Capital relocates its headquarters to Park Center Tower/Jones Vargas Tower/Whatever it's called these days, at 300 East Second Street. The company is relocating from California.

Clear Capital is a technology leader in real estate valuation and analytics solutions. Clear Capital offers appraisals, broker price opinions, property condition inspections, value reconciliations, appraisal review and risk scoring, automated valuation models, and home data indices. Clear Capital's business model, equal parts service and technology, sets the company apart from other providers.

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  • January 6, 2015 - 6:17:22 PM

    The company is relocating from Truckee, CA. Those $31/hour jobs will net $0 in income tax for the state, to offset the $1M the state is incentivizing the move. And most of the workers will probably stay where they live now. A big win for increasing the lunch crowd at Slice of the Peak, and long snowy commutes on 80.

  • January 6, 2015 - 11:50:28 PM

    Hmm 400 part timers - Good luck on the parking.

  • January 7, 2015 - 8:13:53 AM

    Park Center Tower, the building they will be occupying, has 977 built-in parking spaces, I doubt parking will be an issue.

  • January 7, 2015 - 8:59:06 AM

    Geopower.... Why do you undersell the impact of these new downtown employees? As was stated by CC management, 40% of their staff live in Northern Nevada as it stands. It's highly likely some Truckee residents will relocate as housing is reasonable in Nevada and will help bolster the housing and rental markets etc. Also the impact on sales tax and creating a critical mass in Downtown Reno is a net-positive for the area.

  • January 7, 2015 - 10:50:39 AM

    I agree with Rory. Let's view this in a positive light. There is a large shift in thinking about possibilities of infilling from the river to UNR....yes, it will take several years. But, the trend is starting and more restaurants, student housing etc etc will follow!

  • January 7, 2015 - 11:12:49 AM

    This company will be contributing to the state's coffers via Modified Business Tax, Unemployment Insurance, the various fees businesses pay to the city and state. Restaurants downtown will benefit from business execs having more lunch meetings, bars will benefit from more employees hitting up after-work happy hours...this is what happens when more employees move into a neighborhood. The very reason most companies like Noble, Clear Capital, White Rabbit and others move downtown, is to provide a better urban environment for their workers. At least, that's what the CEO of Noble said when they moved downtown. So to think that downtown won't benefit from 400+ workers is not only narrow-minded but inaccurate. Also, this is just a small piece of a much larger picture, with 32 companies and 4,200 jobs coming to Nevada in the near future, and ten of those companies locating their corporate headquarters here. This is part of a larger nationwide trend, which is why Boeing, Motorola, Walgreens and MillerCoors all relocated their headquarters to downtown Chicago from the 'burbs. The key point you're missing, Geopower, is that these workers WANT to be in a downtown location. It's a fundamental employee lifestyle shift.

  • January 7, 2015 - 12:37:12 PM

    Truckee has a downtown too. That's where Clear Capital was before. And Truckee residents already come to Reno to shop. I'm not saying there's no incremental benefit to Reno's downtown. I'm saying stealing jobs from your own feeder markets with government incentives is not a very farsighted plan. Do we have enough gaming revenue left to throw incentives at the next 32 companies? And is that better than spending it on schools? Companies should move to Reno for the fundamentals. Maybe they should be proud they can negotiate a handout from the government, but we shouldn't be proud we're giving it.

  • January 7, 2015 - 12:53:27 PM

    I do get what you're saying, Geopower. In the article by RGJ (haven't read the others) Kazmierski alluded at the time this deal was closed, Catalyst funding was used because of the low employment rate in Nevada, but that since then, our employment rate has grown enough so that Catalyst funding is no longer needed to draw companies here. So I question whether the same type of incentives were used/will be used on ALL the companies coming here. The Catalyst fund, equating to $2500 per job, UP TO $1 million (doesn't mean it will be $1 million) in the grand scheme of things, doesn't seem extreme compared to some of the incentives offered to other companies and entities.

  • January 7, 2015 - 3:01:50 PM

    Stealing jobs from feeder markets? Apparently you didn't read the comments from Marshall and the CC CEO. They are moving because of proximity to airport, the energy of downtown Reno and because they outgrew Truckee. This is not an example of poaching, this is a company making a strategic decision to move to Downtown Reno to grow their business.

  • January 7, 2015 - 3:34:51 PM

    CC can spin this how they wish but they are moving because Truckee couldn't offer the same tax breaks as Reno did. The owners have always held an anti-Reno attitude and considered it dirty and low-class. However, as soon as it makes sense for their pocket books, they jump on-board. While Reno may see an increase in revenue from this, I'm interested to see how this will affect the small businesses in Truckee specifically those around CC's current offices.

  • January 7, 2015 - 3:41:39 PM

    The energy of downtown Reno? Please, they're an analytics firm, not a hiphop record label. They get paid for sitting at computers and crunching numbers, in side an office that can be anywhere their employees are willing to dive to. I understand that if they ran out of reasonable office space in Truckee, Reno is the logical move to expand and not alienate their talent. But if the move is about fundamentals, they don't need a government honeypot to sweeten the deal. Sure, compared to other recent incentives, $1M is a rounding error. But this state isn't so flush that $1M wouldn't be better spent in any number of ways. If the incentive wasn't decisive, then something else needs that money more than they do.

  • January 7, 2015 - 6:20:08 PM

    Clear Channel is NOT relocating their Headquarters to Reno. HQ is staying up at the Lake where the big brass like. This is only their production chop shop for their hipsters that can's afford Truckee.

  • January 7, 2015 - 7:33:51 PM

    Doofus is correct - CC is NOT moving their HQ to Reno, nor even a large portion of their Truckee staff. You guys have got to quit believing these EDAWN press releases and related festivities, most of the "facts" are way overblown. This has been especially obnoxious lately with some recent announcements I won't mention.

  • January 7, 2015 - 9:35:53 PM

    Personally, I wasn't relying on an E-Dawn press release, I relied on this RGJ article which is titled 'Clear Capital Moves headquarters to Reno'..... lol Also, News 2 also reported they were moving their headquarters. I'm not saying they're correct, just saying that's where I got the news from.

  • January 8, 2015 - 6:41:11 AM

    Dude - where do you think TV and the RGJ get their news on stories like this? From the EDAWN press releases, as well as statements from the Governor's office. They do zero independent investigation to determine the veracity of these job claims - they just repeat the statements and suddenly these "facts" are "true". Take a close look at companies like Ghost Systems and Ashima, recently announced as several hundred jobs each locating to Reno. Look at their web site, look at linkedin in to see who runs these places and what their history is, see if they are really a business employing a hundred people or more, of if they are simply startups with a single office suite rented monthly milking EDAWN and the State of Nevada for as much as possible. When you read the fine print on these press releases from EDAWN you'll see these job claims are usually projections - if all goes perfectly, xxx jobs will come to Reno sometime in the future. The Clear Capital press was the same - 400 jobs maybe sometime, maybe 100 jobs this year. The HQ moving to Reno angle on that story is just plain wrong.