Sponsored Project Update – July 2018

Northern Nevada’s economy soars!

Commercial and residential property availability continues to be of concern. Average rents in the area also continue to climb with little relief to renters insight: quite the inverse of recession inventory levels and rates.

Notably, area apartment rent averages top $1,300 per month. It’s just one modern reality of the current state of the multifamily real estate market across Northern Nevada, in which apartment rents continue to soar as vacancy drops. Rents have risen a staggering 60% in the last 6 years.

In the works, the Nevada State EB-5 Regional Center’s sponsored project is a mixed-use project comprised of class A residential units and commercial space. Located in the heart of the historical downtown area, the project is currently under-construction, and will be graced by handsome and historically-inspired architectural features.

The resulting three structure development will include retail/commercial, professional office space, and high-end apartments with garages. Opportunities abound for investors and developers alike.

The Nevada State EB-5 Regional Center’s sponsored project is well suited to help fill both the commercial and residential shortages and is anticipated to reach completion in the Summer of 2018.

Opportunities are still available for H1-B Visa holders and immigrant investors seeking participation in the EB-5 Regional Program for permanent U.S. citizenship.

Building A – Main Building 3-Story mixed use building. This building exterior is nearing completion. The painting, brick, and stucco have been slow go due to manpower issues in the area. It is anticipated that all will be finished in the next 3 weeks.

As to the interior tenant improvements, these are presently under construction as well.

The First Floor (Retail): An agreement with a family style restaurant has been made. The tenant improvement plans are finally approved and tenant improvements are now starting.
Occupancy is estimated for October 2018, subject to workforce availability and construction supply issues.

The Second Floor (Office): The second floor is now fully leased. Lumos Engineering has moved in. Prime Lending space is about complete. Edward Jones space will take the final space on the second floor and should be ready by the end of September.

The Third Floor (Apartments): The 8 top floor apartments are having the paint and counters placed. A decision has been made to wait until all the major construction is completed prior to renting the apartments for safety. It is anticipated that rentals will be set in place in October.

Building B – This building is comprised of two stand-alone apartments with garages. It is complete except for a few minor items and will be ready for leasing in October.

Building C–Garages for apartments. This building is complete except for minor items.

https://www.nveb5.org/sponsored-project-update-july-2018/

Mentions

• Nevada State EB-5 Regional Center

States

• Nevada