Abandoned parking structure at Sparks Marina to be transformed into apartment community
March 17, 2017
The Sparks City Council will be hosting a groundbreaking ceremony on the Waterfront project Thursday, March 23, beginning at 4 p.m. The long-awaited Waterfront community is located on the northeast shore of the Sparks Marina on Harbour Cove and Lincoln Parkway.
The Waterfront at the Marina, is a five-story, 209-unit Luxury Apartment Home Community that surrounds and incorporates the existing parking garage structure, which has been vacant since 2008. LandCap Investment Partners and Guardian Investment Capital, the owners/developers along with community leaders and stakeholders will gather to celebrate the commencement of construction. It is within easy walking distance of the Legend's Mall with more than 1,000,000 square feet of stores, shops, entertainment and fine restaurants.
"We are absolutely thrilled to see what has been an eyesore at the Marina, begin to transform into a luxury community at the Sparks Marina," said Sparks Mayor Geno Martini. "The project is truly symbolic of the growth we are beginning to see in our community. I appreciate LandCap and its partners for taking on some of the more challenging projects in the City that have been left closed and vacant from the Great Recession."
Steve Hinckley, CEO of LandCap said, "In the same way we tackled Victorian Square, we are extremely excited and proud to be a part of the Marina's Revival." Other LandCap projects include: Bourbon Square and Silver Club, now The Yard and Square One Apartments, along with several other Marina projects.
The Waterfront at Sparks, Marina
The parking structure's original construction started in 2006, but halted in 2008. LandCap purchased the site "as is" along with the neighboring distressed three story mixed-use building next door, known as Marina Town Centre, in 2013/2014.
Development plans for the Waterfront utilize the "wrap" construction method seen mostly in dense urban downtown locations. The Waterfront will have unequaled Marina water and Mountain views along with an assortment of one and two bedroom model types featuring high-end amenities including state of the art fitness center, concierge services, business center, dog wash and park, roof top deck, and secure parking – all fronting the 65 acre Sparks Marina and its walking trails and recreational activities.
The Waterfront features high-end European and contemporary cabinetry and designs with three elevators for its residents. James Previti, CEO of Guardian Investment Capital says, "There is nothing like this project in Northern Nevada – 5-story elevator buildings and secured parking garage are extremely expensive to build, and impossible for others to replicate, it will be the premier, high-end community in the area." The Waterfront residents will also enjoy the benefits of a short walk next door to the Marina Town Centre and the Legend's Mall for food and entertainment and shopping convenience.
The Marina TownCentre Building
Next door to the Waterfront community is a 3-story mixed use building called Marina Town Centre. A late 2017 face lift is scheduled bringing both retail/restaurant and office tenants to the Marina. Lighthouse Coffee, a local proprietor with multiple local area locations recently moved into the ground floor, as well as Edward R. Jones, the nationally known financial advisor, moved in and is leasing space on the second floor. Additionally, LandCap's Northern Nevada main office occupies space on the second floor. "Soon we hope to announce a Sports Bar and Grill with limited gaming to occupy the former Anchors space." Jeff Holbrook, COO of LandCap stated.
About the Developer
The co-developers, LandCap Investment Partners and Guardian Investment Capital are based in Southern California. LandCap and Guardian principals have developed many thousands of units of housing, and millions of square feet of mixed-use, commercial, and retail properties. The LandCap and Guardian teams have worked together on multiple projects in both California and Northern Nevada. Currently, they are co-developing five different projects in joint ventures.
Other Northern Nevada Projects
LandCap has a focused and concentrated business commitment to the Sparks area. Projects include Square One Apartments and The Yard, formerly Bourbon Square in the Victorian Square area of downtown Sparks. Also, a 240-unit apartment home community at the Marina called Marina Village, 20 acres of undeveloped land on Marina Gateway intended to be developed into a 600 plus unit housing community next to the Legends Mall. Also, LCIP owns a site near the Northern Nevada Medical Center and two more housing projects in Reno.