A permit has been submitted for 705 North Virginia Street, 'University Crossing' 

It will be a retail project with a studio apartment above one of the suites. Here's a link to the Loopnet page with renderings

The permit reads

COMMERCIAL NEW CONSTRUCTION. SITE IMPROVEMENTS INCLUDED CONSTRUCTION OF NEW RETAIL/FOOD SERVICE BUILDING WITH STUDIO APARTMENT ABOVE ONE SUITE.

This is a great location for a small retail complex. If that row of trees is to be removed, perhaps it could be replaced with similar noise-buffer style landscaping.  

This project is in the perfect location to help bridge the divide between downtown and UNR...which seems to be everyone's goals, from the University to the Reno City Council. Retail is sorely needed in the downtown core.