Breaking news, the Park Lane Property has clsoed escrow after nealy six months! Press release below:
Reno Land Inc. has closed escrow on purchase of the 45-acre property at South Virginia Street and Plumb Lane. It will introduce its plans to redevelop the high-profile property during an Oct. 12 meeting of the Reno City Council. The city long has identified the site, formerly the home of the Park Lane Shopping Center, as a high-priority for redevelopment.
Reno Land Inc. is a real estate company managed by long-time Reno resident Chip Bowlby that invests in Reno and the surrounding area. The company didn’t disclose the amount it paid to acquire the property from an affiliate of Merlone Geier Partners, a Bay Area real estate company.
While Reno Land Inc. is keeping the details of its redevelopment plan under wraps until the Reno City Council meeting on Oct. 12, Bowlby said the company envisions creation of a neighborhood that becomes an anchor of the Midtown District — a place where professionals can live, work, shop and play.
Retail, restaurant and office space along with residential will fill the long-vacant hole at the heart of the city. The former shopping center buildings were removed in 2009, and most of the property has stood vacant since then.
Reno Land Inc. plans to begin development in early 2017. The company is planning a fully green project, using environmentally sensitive products and building techniques.
Bowlby, managing partner of Reno Land Inc., is also involved in numerous other Reno projects, including the 141-acre master-planned Rancharrah project, the Summit Club multi-family project in South Reno, the Meridian 120 project near Boomtown, projects in the Tahoe Reno Industrial Center, and Fernley.