Summit Club Apartments address need for multi-family housing to support growing economy
RENO, Nev. (March 8, 2016) — Top state officials voted Tuesday to approve the bond issue that is a cornerstone in the plans to finance a significant multi-family housing project in south Reno. The project is expected to begin meeting the demands of a tight rental market, especially for working families and seniors, as the Northern Nevada economy continues to develop strength.
The State Board of Finance approved issuance of up to $90 million in housing revenue bonds for the proposed Summit Club Apartments. The project, which is planned to include 584 one-, two- and three-bedroom apartment homes, is planned adjacent to the Summit Sierra at the intersection of Interstate 580 and Mount Rose Highway.
“The Summit Club development addresses the need for more housing that will support Northern Nevada’s growing and diverse economy,” said Reno Mayor Hillary Schieve. “Developments like this exemplify our strong economic resurgence and support the mission of a Reno Revival.”
Assuming construction begins this spring, occupancy of the first units is projected for late 2016 or early 2017.
The bonds will be issued by the Nevada Housing Division. No public money will be used to pay off the bonds. The apartment rents will provide all the revenue to service the bonds’ debt service, without liability to the State of Nevada.
Sierra Summit, LLC, the Reno-based company that is developing the project, plans to designate 117 of the new housing units as “workforce housing” for tenants who make 50 percent or the less of the median income for Reno. The median income in Reno is $44,426.
“Our growing workforce requires dynamic and diverse housing options,” said Michael Holliday, Chief Financial Officer for Inclusion with the Nevada Housing Division. “This project is the first of its kind in Northern Nevada and opens the door to this sort of creative housing blend to meet the ever-changing needs of our community.”
Robert Klein, the Co-Managing Partner of Sierra Summit LLC and President of Klein Financial Corporation, emphasized, “The project will bring high-quality architecture and a village design with the apartments developed in 12-, 18-, and 26-unit buildings, and courtyards, greenways, and recreational centers built into the project site plan.”
Chip Bowlby, a Co-Managing Partner of Sierra Summit LLC, said the innovative project in the attractive South Reno area is close to shopping and an RTC Park & Ride location that provides transit links to Reno and Carson City. (Sierra Summit LLC has no relationship with the nearby shopping center.)
From his work throughout the Western United States, Klein also focused on the remarkable scale and diversity of the regional sports center directly across the freeway.
“The quality and diversity of sports venues, with three soccer fields, four baseball diamonds and volleyball courts — all in place — and an ice skating rank in progress, are superior to any neighborhood sports facility I have seen in any of the four states where Klein Financial Corporation has projects,” Klein said. “It is remarkable to have all of these sports facilities immediately available to the residents and their families. Reno has done the best job we have ever seen.”
“We are immensely proud of the plans our team have created,” Bowlby said. “We are meeting a critical need for housing to help sustain the resurgence of the economy throughout the region. Summit Club will be a showpiece of the best in multi-family homes.”
Gov. Brian Sandoval is chair of the State Board of Finance. Other members include State Treasurer Dan Schwartz, State Controller Ron Knecht, Steven E. Martin and David A. Funk.