The Colliers Capital Markets Team is pleased to present an opportunity to acquire an unparalleled development site in Downtown Reno, Nevada. The Keystone Reno, located at 290 Keystone Avenue, is a 2.7-acre site with a development capacity for 240+ multifamily units in Reno's Neon Line District. Just off Interstate 80 as one enters Reno from California, Reno’s Neon Line District serves as the gateway district to Downtown Reno, and The Keystone serves as the gateway site to the district. Downtown Reno is in the midst of a development resurgence as a vibrant mixed-use 24-7 neighborhood and also sits adjacent to more than 20,000 students at the University of Nevada, Reno.
The site is located within the new Mixed-Use Downtown Northwest Quadrant District (MD-NW) zoning adopted in January 2021, which allows for multiple development options, allowing all residential uses and many commercial uses. The Property's zoning does not apply a maximum density or maximum height limit, allowing for Wrap, Podium or Type-I construction. However, the site lends itself well to a five-story wrap-style multifamily development with an attached above-ground parking garage. Hypothetical plans propose a 240-unit residential property totaling 217,000 square feet of residential space, 4,270 square feet of ground floor retail space, a 6,285 square foot lobby or amenity space, and an attached parking garage with 330 parking stalls.
The site is located within a Qualified Opportunity Zone, Opportunity Zone ID #32031000101. The site area totals approximately 118,357 square feet and the potential buildable site area is approximately 84,440 square feet, when accounting for setbacks.
