Redeveloping Midtown

by Capstak

 

The heart of local businesses and the power of large companies are driving the transformation of Reno from a city known previously for gaming and divorce to an entrepreneur’s playground, a crossroads of the arts and a hub for economic innovation.

 

Reno’s Midtown District 

spearheaded this change, starting organically 20 years ago with eclectic local businesses sprinkled throughout the area like The Melting Pot and Black Hole Body Piercing. Years later, Midtown, now recognized on Google Maps, is a focal point of the city’s rebranding.

 

Featured in publications like the New York Times, Midtown is now the standard of change for the new Reno. And, as one of the most appealing neighborhoods for young professionals in Reno, existing Midtown developments have become attractive commercial real estate. With larger projects and redevelopments now approaching completion, Midtown continues to mold the new Reno stereotype – economical, collaborative and visionary.

 

We explored two of the most anticipated Midtown redevelopments. 1401 Midtown and 777 Center are examples of the effort to recreate Reno.

 

1401 Midtown Redevelopment
Image Via S3 Development Website

1401 Midtown

1401 S. Virginia St., Reno

 

1401 Midtown is creating space for a myriad of business types, including a restaurant, a technology firm and a jeweler. According to Blake Smith, chairman and CEO of S3 Development, 92 percent of the 21,000 square feet of commercial space is already occupied.

 

Crews are completing work on the exterior of 1401 Midtown while the interior is preparing to become Morgan’s Lobster Shack & Fish Market. This cuisine is a first for Midtown, but is already a success at the Truckee location.

 

“Morgan’s is all about cooking up great East Coast recipes with a touch of the West Coast flair,” according to their website.

 

1401 Midtown also holds Bristlecone Holdings financial technology firm and SDL Jewelers, part of Michael & Sons Jewelers, which will occupy more than 5,000 square-feet.

 

Bristlecone took the 9,000-square-foot Heritage Bank building, which S3 Development transformed into a modern office space with 26-foot-tall ceilings and exposed brick walls.

 

“I think it might be some of the coolest office space in town,” Smith said. “It has a very San Francisco feel inside of it.”

 

The building is slated to open mid-October.

777 Center Redevelopment
Image via 777 Center Facebook Page

777 Center

777 Center St., Reno

 

Vacancies in the redeveloped 777 Center are filling fast, said Thomas Johnson, building owner and managing director of SVN Gold Dust Commercial Associates.

 

Formerly the home of Maytan Music Center, 777 Center is preparing to open the doors of Bukko Island Sushi and Grill. Bukko offers scenic patio seating or a private dining room for parties or corporate events. Japanese Whiskeys and house-made Sake are available with the Asian-Latin fusion menu.

 

As Bukko prepares to open on the second floor, Johnson says he’s almost ready to announce the name of a jewelry store planned for the ground level.

 

Noble Pie Parlor, a staple of true Reno dining, opened its second location in 777 Center. Using local, organic and non-GMO produce and meats, Noble Pie Parlor creates east-coast style oven-fired pizzas.

 

Adjacent to Noble Pie Parlor is Pinon Bottle Co. It offers “40 beers on tap along with an optional growler filling station,” according to Mike Van Housten for DowntownMakeover.com. “Imports of over 300 bottled beers will be available throughout the year as well.”

 

The Eyelash Connection & Mystique Boutique will join the other shops and restaurants.

 

The tenant of the remaining 1,200 square-feet of retail space is still in the works, Johnson said. Two office spaces with lofts are also available.

 

“When you look at the map, it’s the heart of midtown,” Johnson said. “We had a vision of creating a neighborhood meeting place, and I think we got it.”

 

When looking at projects like 1401 Midtown and 777 Center, it is easy to see the culmination of economic and cultural value becoming a reality. As Reno continues its efforts to transform, we expect to continue to see redevelopments like these.

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Capstak is a market network for the commercial real estate capital markets. Capstak’s proprietary technology solutions empower the $15 trillion commercial real estate industry by enabling CRE professionals to find deals, source capital and identify trusted business partners with greater ease and efficiency. CRES provides bespoke services to enhance the efficiency of the matchmaking of capital for capital seekers and brokers advising the debt and equity CRE capital markets. The company is headquartered in Reno, Nevada with offices in New York and San Francisco. www.Capstak.com