Like A Broken Record
Every day it seems like we who are blessed to live in the Truckee Meadows are hearing about yet another downtown condo project. Today it was announced that the vacant lot on Island Blvd. right next to Wingfield Park--and therefore literally a stone's throw from my Fortress of Solitude--is proposed to be the home of two huge new buildings that will consist of some office and retail space, but once again mostly condos (it's getting to where I cringe every time I hear the word "condo"). Though there's been no official announcement yet and things are just in the preliminary stages, the proposed plan calls for a 28-story building next to a whopping 40-story building, which would be the tallest building in Reno; the current tallest, the Silver Legacy hotel, is 38 stories. The sheer number of condo projects underway or under proposal has now officially moved from ridiculous to sublime. It's getting to where you can't even keep track of them all anymore.
Of course, this newest proposal might meet opposition from local residents because of it's height and density, and it hasn't yet been approved or even considered by local authorities, but my experience in this city is that as long as the money is there, no major development project ever fails to get approved (if anyone knows of an example where I'm wrong on this please let me know--I've only lived here for about 4 1/2 years and I might not be aware of some things).
If you don't live in Reno--and my trusty Clustrmap indicates the vast majority of you who stumble onto this site do not--then I apologize for such an "inside" posting delving so far into local matters that you probably aren't concerned about. But I call this place home, and these issues are important to me.
As I've said before, I'm not anti-growth, and in an age of ugly suburban sprawl I'd much rather build up than spread out endlessly, chewing up both farmland and undeveloped country. However, I just can't help but wonder if demand really exists for this much residential property downtown. Sure, those projects that are nearing completion have sold well, but I still wonder a) whether those who are buying these properties are thinking of them as primary residences, vacation homes or simple investments, and b) when do we reach the saturation point? As long as legitimate demand exists and people actually want to live here and make downtown Reno--i.e. my neighborhood--into a thriving community, then I say build to the sky and beyond. But the last thing I want is a bunch of beautiful buildings that sit empty and an overloaded buyer's market making it impossible for those of us who own property to unload it at a reasonable price. Again, if I'm wrong and if the demand for all this residential space is truly legitimate then I'll happily eat my words. But for now I remain skeptical.
Of course, this newest proposal might meet opposition from local residents because of it's height and density, and it hasn't yet been approved or even considered by local authorities, but my experience in this city is that as long as the money is there, no major development project ever fails to get approved (if anyone knows of an example where I'm wrong on this please let me know--I've only lived here for about 4 1/2 years and I might not be aware of some things).
If you don't live in Reno--and my trusty Clustrmap indicates the vast majority of you who stumble onto this site do not--then I apologize for such an "inside" posting delving so far into local matters that you probably aren't concerned about. But I call this place home, and these issues are important to me.
As I've said before, I'm not anti-growth, and in an age of ugly suburban sprawl I'd much rather build up than spread out endlessly, chewing up both farmland and undeveloped country. However, I just can't help but wonder if demand really exists for this much residential property downtown. Sure, those projects that are nearing completion have sold well, but I still wonder a) whether those who are buying these properties are thinking of them as primary residences, vacation homes or simple investments, and b) when do we reach the saturation point? As long as legitimate demand exists and people actually want to live here and make downtown Reno--i.e. my neighborhood--into a thriving community, then I say build to the sky and beyond. But the last thing I want is a bunch of beautiful buildings that sit empty and an overloaded buyer's market making it impossible for those of us who own property to unload it at a reasonable price. Again, if I'm wrong and if the demand for all this residential space is truly legitimate then I'll happily eat my words. But for now I remain skeptical.
posted by Yukon Sully | 4:20 PM
1 Comments:
What's amazing is that the sprawl continues along side all this vertical growth. And the prices aren't coming down. I don't see (more) empty buildings as long as the jobs keep coming to town.
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