SAN RAFAEL, California—LRE & Firms has unveiled plans for Fernley Promenade, a 13-acre blended-use progress task comprising industrial, retail, and lodge, in Fernley, Nevada.
“We’ve produced, opened, and operated hundreds of dining places in the course of Northern California and Western Nevada in excess of two decades,” reported Akki Patel, CEO of LRE & Providers. “Throughout our journey, we’ve perfected the process of pinpointing the suitable items of serious estate and where long run progress will be. Our strategic analysis determined many prime real estate chances in secondary and tertiary markets for combined-use progress projects. Thanks to its proximity to important highways and sturdy sector fundamentals, Fernley is a person of these spots.”
Fernley Promenade will have a 98-area resort, three eating places, three junior anchors, and 16,000 square feet of shop area. An prolonged-keep lodging facility, the 4-tale Dwelling2 Suites at Fernley Promenade will have a swimming pool, conditioning middle, guest laundry home, breakfast room, and sundries store. LRE & Providers is in the course of action of finalizing the project’s nationwide junior anchors. There are now quite a few letters of intent for the restaurant pads. The remaining retail and QSR areas are obtainable for lease. Fernley Promenade is adjacent to Victory Logistics District, a 4,300-acre prepared industrial centre capable of meeting the developing will need for production, distribution, facts heart, and logistics growth in the region. The web site is positioned amongst a Super Walmart and Lowe’s facing Highway 80. The challenge is slated to be finished by calendar year-stop 2024.
Located at the intersection of Interstate 80, U.S. Route 50 Alternate, and U.S. Route 95 Alternate, Fernley is a 30-moment travel from Reno, Nevada, about 22 miles north of Lake Tahoe a 12-minute generate from Tahoe Reno Industrial Center and virtually an hour travel to Pyramid Lake. In addition to dining establishments, accommodations, and casinos in the city, Fernley has an rising tech local community, which includes amenities for Tesla, Panasonic, and Apple.
Fernley has been in a expansion cycle for a great deal of the previous ten years. Component of the Reno–Sparks metropolitan statistical place, consisting of two counties in Western Nevada, Washoe, and Storey, Fernley has a population of approximately 23,000, with a five-mile inhabitants projection by 2026 of 25,070. The city has a increasing population, cost-effective housing, and employment alternatives.
“Fernley Promenade has all the factors of a profitable mixed-use enhancement when you search at it on paper,” reported Victor Chiang, vice president of enhancement at LRE & Corporations. “Being in 1 of the strongest counties in Northern Nevada, Lyon County, Fernley in excess of the previous 10 years has captivated large Class A industrial builders. We anticipate Fernley Promenade to push tourism to the neighborhood and turn out to be a substantial need generator for future investments. The possibility for buyers, retailers, and, most importantly, the community is important.”