Shopping center to undergo renovation
The new owner of The Crossing at Meadowood Square at the corners of Neil Road and South Virginia Street plans a makeover of the property this summer to better position the center and match nearby upscale retail buildings.
Incline Village-based K Corporation purchased the center anchored by the Goodwill Store in late summer and expects to begin remodeling the exterior and façades this spring. Retail tenants of The Crossing at Meadowood Square include FedEx Office, Nevada Home Fitness, Save On Cleaners, Animal Emergency Center, Subway, Blind Onion, Still Smokin’, We the People legal document service, Reno Gold Exchange and Puppies Plus. The Goodwill Store and the freestanding Taco Bell aren’t owned by K Corporation, which paid $3.7 million for the center.
Owner James Kaplan says vacancy stood at 28 percent when he purchased the center but has since dipped to 26 percent, with several additional tenants waiting in the wings. Kaplan was drawn to the center because of its extremely visible location and proximity to Whole Foods Market directly north.
“It has great potential,” he says. “It’s located in the prime retail core on one of best corners in Reno-Sparks. I’ve been working with retailers on site selection for more than 20 years, and I’m well versed in looking through a retailer’s lens.”
K Corporation is working with Al Salzana, Architect to finalize the designs for The Crossing at Meadowood Square. In addition to new facades, remodel plans include installing new roofing and signage to give the center a more contemporary look and feel.
“We are really trying to appeal to more consumers as an interesting destination shopping center to bring in synergistic retailers and service providers to build off current tenant customer base and increase traffic for new and existing tenants,” Kaplan says. “A big selling point for this shopping center has to be its location near the only Whole Foods in the area. We will bring it up to neighborhood standards to have an attractive, contemporary and highly identifiable shopping center and put it on more people’s shopping patterns.”
From The Nevada Independent: The settlements pf $70,000 and $17,500 were OK’d Feb. 13 during a teleconference meeting of the Nevada Tax Commission.