Construction is moving forward in earnest on The Edgewater, a new 336-unit apartment/condominium subdivision on Virginia Lake.
J. Witt, president of Silverwing Development and general contractor, said the $40 million complex, Reno’s largest redevelopment project since the end of the economic downturn, is an active construction site with both apartments and homes going up on the 10-acre site.
“We have a very good group of people buying,” said Witt, adding that two out of the six condominium buildings already have sold out. He said the new owners are single professionals and couples wanting to downsize.
Prices range from $175,000 to $275,000 for the 48 three-story two- and three-bedroom condominium homes, which come with garages.
Estimated move in at The Villas at Edgewater is this June.
The first two apartment buildings are currently being framed and estimated move-in is this July. An interest list is filling up fast, said Witt, adding that there will be a total of one- and two-bedroom apartments for rent.
After an eight-year recession-induced delay, which made it hard to secure financing, crews first demolished the aging Virginia Lake Apartments, which dates back to the early 1960s.
“It was a long time coming,” said Witt, who had to wait six years to secure financing from lender City National Bank. On the equity side, Witt also put an undisclosed amount of money into the project, along with a local partner that he declined to name.
Witt said the economic benefit of the project has been felt in the larger economy, with local subcontractors being hired and suppliers and materials purchased from the region’s vendors.
In terms of the impact on the neighborhood, Witt said the project will be a visual enhancement to this area of Reno.
“Anytime you target a highly visible parcel with substantial development, the entire area wins,” said Witt. “Edgewater will provide an updated and upscale look to the Virginia Lake neighborhood, which will in turn direct more attention to the area as a great place to live,” especially for those working in the downtown core.