The developer of the Rancharrah and Park Lane projects in Reno just added another well-known property in The Biggest Little City to its portfolio.
Reno Land Inc., closed on its $18 million purchase of 104 acres of farmland from the University of Nevada, Reno on Monday.
“It’s one of the last large industrial-retail properties in the heart of Reno,” said Chip Bowlby, president and CEO of Reno Land Inc. “We’re very happy that we were able to sit down with the university and make this a reality.”
Commercial development on the site was first approved in 2013 following a 4-3 vote by the Reno City Council. At the time, critics slammed the decision, citing concerns that the site was located on a floodplain. Development in areas with a high risk for flooding is turning into a hot button topic in a community that is seeing growth amid a dwindling supply of easy-to-develop land.