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Developer: “Too Early To Say” How Much Park Lane Units Will Cost

By Bob Conrad

The original Park Lane Mall was built in 1964 and served as a shopping and cultural hub for a generation of Renoites. The developers are keeping the original sign, and 25-foot vintage clock, with the new project.

The developers of the Park Lane project, launched officially last week, said in a statement that it’s too soon to know how much residences at the site will run.

It’s a question many have been asking.

“It’s too early to say and it will be what market determines, however, units will be a range of efficient smaller spaces of studios and up to three bedroom units,” said developer Chip Bowlby.

The project, at Plumb Lane and Virginia Street, is 46 acres and will feature a mix of residential and commercial spaces. The vacant lot is expected to be transformed into parking garages, a park, brew pubs, a fitness center, and 1,600 apartments.

Construction on the half-billion dollar project is scheduled to start in late summer of 2018.

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Tom Lane September 3, 2017 - 10:14 pm

Wow, this is interesting. I study urban planning and real estate and noted that my early comment appeared in the top ten for Dennis Treadaway and Reno. I wanted to see what his latest property acquisitions are in Reno. So I looked up his name along with Reno and there was my comment. I think people have figured out who Dennis is, and are starting to read comments about these property management companies and their CEO’s, and think about possible rent controls, since he uses computer programs to raise rents well above the true market value, which would be $800 for a one bedroom if adjusted for inflation. Mark Gleibermann, and Dennis Treadaway, are charging $1300+ for one bedrooms on their various properties, as are Alliance Residential and Pinnacle. These companies make huge profits with the computer programs. They tell you at the leasing counters that rents change daily and go up due to supply and demand. That’s not entirely correct. The computer programs raise the rents disproportionately higher, than how fast they would increase, if due to market forces alone. It’s time for Reno to have rent controls since Treadaway and the others invaded from California and don’t play by the rules. Vegas, is different, and much cheaper. They have their own companies from Vegas and Utah. Treadaway has a few properties on Blue Diamond Road and nearby that are going for $1400, well over the market average of $900.

Tom Lane August 24, 2017 - 12:42 am

The rents will be low if Bowlby does not hire property managers Dennis Treadaway (FPI), Mark Gleibermann (MG), or anyone else who speculates on tenants by using rent maximizing software such as Yardi, Yieldstar, or Rainmaker RLO, such as Pinnacle or Alliance.

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