I often get strange looks when I respond to someone’s
question regarding what was a key catalyst to the sea change in attitude around
and about Reno. The financial meltdown
of less than a decade ago was one of the best things that could have happened
to our area. Though we all financially
suffered, some more than others, through the greatest shift in wealth the
country has ever seen (and hopefully ever will), what happened post meltdown was
amazing to see and be part of. Egos were
checked at the door and we, as a community, brushed ourselves off and came
together to figure out what we can do to move the greater Reno metro area
forward into a functional, sustainable regional economic player without
sacrificing the incredible quality of life.
Truckee River Walk |
Futurist
Alvin Toffler stated, “Change is not merely necessary to life - it is life.” It’s an evolutionary fact: change or face
extinction. For too long the region has
relied on gaming and mining to do most of the heavy lifting regarding state and
local coffers. It’s not only myopic but
unfair to those industries to carry the burden as one continues to decline and
the other is cyclical at best. Gold
alone has dropped under $1300/oz compared to its high of over $1900/oz 6 years
ago. What was needed was a community
mindset change. That is what we see
happening today. Reno will be successful
in spite or because of itself. With the
collective positive change in self-image, I see it as the latter.
Welcome to The Renossance!
Based
on the feedback of the recently published ReImagine Reno survey (as of this
writing) that nearly 6,000 Renoites responded to, Downtown was the #1 choice of
what people didn’t like about Reno.
Mayor Schieve, following through on her campaign promise continues to
make this a top priority. Two of her administration’s top activities include:
Marriott Renaissance |
- Operation Downtown panel which is a results-driven group of stakeholders, primarily from the private sector, that is defining the top 3 priorities to focus on for downtown revitalization. I am very actively involved. And yes, results will come of this!
- Blight Reduction/Code Enforcement – The city has already noticed the investment group that owns 2/3 of a blighted downtown city block that they are moving forward with the demolition, paid for out of the budget surplus with a lien being placed on those properties. Code enforcement is busily hitting similar properties and owners in the downtown core with similar code violations.
As
with many of my compatriots in real estate and development, I am seeing a
substantial increase in interest from individuals, investors and
companies. This comes with a mixed
blessing as increased interest has met with an unrealistic valuation by a number
of
downtown property owners due primarily to the Tesla announcement and UNR’s
master plan showing the university moving south. As most of us agree, these announcements,
though monumental, won’t really affect our economy for some time.
Downtown Post Office |
Regarding
UNR, the Northern Gateway (property south of UNR to I-80) will be purchased by
UNR. The Southern Gateway, what I’ve
termed the University District for the past few years, comprise the quadrant
from Virginia to Evans, 4th St to I-80. UNR is relying on the private sector for the
redevelopment of this area to fulfill the following requirements that are in
immediate need:
- · Undergrad Housing
- · Graduate Housing
- · Faculty Housing
- · Administrative Space
- · Additional college facilities
- · Daycare Centers
- · Parking
UNR,
by far, will contribute more to our economic development than any one
company. Our Tier 1 University is a
crown jewel of the region, one we must do a better job promoting. The commercialized technology coming out of
The Nevada Advanced Autonomous Systems Innovation Center (NAASIC) will far
eclipse the economic impact of Tesla.
Time and space does not allow me to expand on what our Medical School
and Business College brings to the table.
As
a native New Yorker, my perception of challenges may be skewed. I see the issues that face Reno, especially
downtown, are minor in comparison as to what other, similarly sized communities
overcame and are now perfect examples of what can be. William Holstein’s
book, The Next American Economy, is filled with chapters of cities that
have done what we are doing…pulled themselves back from the brink. We have the pieces; we have the tools; we
certainly have the will and capability.
Whitney Peak Hotel |
As
we have seen with the modicum of success of our MidTown District, it takes a
strong belief from the private sector, to drop that pebble in the pond. Hillary Schieve and Jessica Schneider had a
vision and created the MidTown brand.
Followed by the small developers including The Carter Bros and Marmot
(to name the most notable) MidTown became our new, hip place to eat, work and
live. The Riverfront is doing the same.
3rd Street Flats |
With a continued depressed downtown core, Reno is ripe for repurposing many of the existing buildings that have long since outlived their intended purpose, whether gaming, motel or T-shirt shop. Many of these can be remade into residential, the key to attracting the much-sought-after retail. We need more downtown residents that will drive up the median income, increasing the tax base and providing a compelling reason for something like a supermarket opening up here again. The challenge still remains reasonable sellers. That notwithstanding, Reno has already created several re-visioned properties, with more on the board (images spread throughout this post).
Tesla, Switch and the yet-to-be identified big players
have certainly put us on the map in a very positive way. Once nonexistent on site selector’s radar,
we are quickly rising to the top. We
have an incredible quality of life and story to tell.
Mr. Holstein, here’s to writing the next chapter!