Reno developers have closed escrow on the 45-acre Park Lane property at Plumb and South Virginia streets.
The Reno real estate company, Reno Land Inc., plans to unveil development plans Oct. 12 at a Reno City Council Meeting.
Developer Chip Bowlby did not disclose what the company paid to purchase the property from Bay Area real estate company Merlone Geier Partners.
He said that the company “envisions creation of a neighborhood that becomes an anchor of the Midtown District — a place where professionals can live, work, shop and play.”
Retail, restaurant and office space will coincide with residential spaces on the property, which was the site of Park Lane Mall.
The land has been vacant since 2009. The new development is expected to begin in early 2017.
The project will be a “fully green project, using environmentally sensitive products and building techniques,” Bowlby said.