Crews break ground on luxury apartment complex in Sparks

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SPARKS, Nev. (KOLO) - Construction is underway on a major luxury apartment complex next to the Sparks Marina.

The 280-unit complex will be known as "Lyfe at the Marina." It's located on 10 acres of land at the corner of Marina Gateway Drive and Lincoln Way, next to the Outlets at Legends.

Development of this community is a joint venture of Reno-based S3 Development Company and its local investors along with an affiliate of Village Properties of Belmont, California. Pacific West Companies is the general contractor on the project.

Read the full story here: KOLO 8 News

Reno mayor unveils 'Blight Buster' initiative to clean up motels in downtown corridor

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RENO, Nev. (News 4 & Fox 11) — Reno Mayor Hillary Schieve has been outspoken about her plan to remove blight in Reno and bring local motels up to code, but as developers renovate those businesses or demolish them all together, some are concerned about the thousands of people that could be displaced.

"This is truly redevelopment here," S3 Development Partner Blake Smith said as he watched his crews demolish an old motel on W. Fourth Street Wednesday morning. He said, "the city of Reno is changing and we want to be a part of it."

Read the full story here: Fox Reno

Dickson Commercial Group Completes Disposition of Premier Downtown Reno Office Building

Reno –  Dickson Commercial Group (DCG) is pleased to announce the successful sale of 1 E. Liberty Street in Downtown Reno. The six-story, 89,000 square-foot office building, commonly known as the U.S. Bank Building, was purchased by 1 Liberty C2K LLC, and was financed by New York Based UBS.

Dominic Brunetti, CCIM and Scott Shanks, SIOR represented the seller, Reno-based ownership group One East Liberty LLC, who acquired the property in 2013. Led by local development veteran Blake Smith, the group stabilized the building over a course of four years completing over $4.2 million in renovations and taking the building from 60 percent occupancy to 96 percent occupancy at time of sale.

Read the full story here: Nevada Business Magazine

U.S. Bank building fetches $18.3 million in downtown Reno

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“Blake Smith and his team established a vision for a bustling hub at the most important corner in Reno, the intersection of downtown, Midtown and the 'Financial District',” Kirby said in a news release. “They delivered on their promises, creating a strong cornerstone property that now has drawn buyers with fresh capital to the region.”

UBS-AG based in New York financed the purchase of the 85,000 square-foot office, according to a news release. The office building is one of six downtown Reno office buildings in its category. 

Smith originally purchased the building for $5.9 million from U.S. Bancorp (U.S. Bank's parent company) in 2013, according to Washoe County Records. He said he put $4.2 million into improvements, including construction of the Starbucks drive-through on the corner and an outdoor seating area.

Read the full story here: Reno Gazette Journal

Downtown Reno building purchased by locally-led investment group

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The office building at 1 East Liberty Street, a cornerstone in the renewal of downtown Reno, has been purchased by an investment group led by a Reno businessman, Resource Management & Development reported on May 17.

The six-story approximately 89,000-square-foot office building, commonly known as the U.S. Bank Building, was purchased for $18.3 million by 1 Liberty C2K LLC, an investment group established by Jeff Kirby, the owner of Resource Management & Development in Reno.

The seller was C2K Advisors LTD, which acquired the property in 2013. The Reno-based real estate development company is led by Blake Smith.

Read the full story here: Northern Nevada Business Weekly