Another milestone in the redevelopment of downtown Sparks was reached last Thursday as the new urban style Square One apartment building held its grand opening.
Sparks Mayor Geno Martini was on hand for the official ribbon cutting of the former Silver Club Hotel, that also featured tours of the remodeled building on 1040 C Street.
The former hotel was vacant for more than a decade and is now converted into a new 100-unit state of the art, urban “chic” style rental housing community. The six story building was stripped down to its base materials and rebuilt with all new modern and energy efficient systems including heating and cooling, fire protection systems, (new) elevators, (all new) energy efficient dual pane windows and (new) plumbing systems.
“The excitement continues in downtown Sparks,” said Martini. “I am absolutely amazed on the incredibly transformation of this former hotel into an urban living center. Bringing people to live in downtown Sparks will go a long way toward revitalizing the area, and enhancing economic development.”
Square One is within walking distance from restaurants, shopping and entertainment, and is just a 15-minute drive away from the rapidly expanding Tahoe Reno Industrial Center (TRI) as well as downtown Reno-with two on and off ramps from I-80 within a couple blocks of the location.
“It has been a fantastic experience working with the City Sparks to realize the first part of our shared vision for Victorian Square,” said Stephen H. Hinckley, Managing Partner/CEO of LandCap Investment Partners, LLC. “We are grateful to the Mayor and members of the Sparks City Council for their support and vision for Victorian Square. This project is just the beginning for LandCap.”
“Square One” was completed in mid-July and is now leasing to its new tenants and move-ins have commenced. The community consists of studios, 1, 2, and 3-bedroom apartments featuring stained concrete floors, hard surface counter tops, modern amenities and 10’ exposed concrete ceilings. Each unit has its own balcony, new heating and cooling systems, a washer and dryer, and a fully equipped kitchen with European style cabinetry. The community includes a fitness center, resident center, business center, cyber café, bike storage units and staff offices. The outdoor recreation area includes a fire pit, barbeque with an outdoor kitchen, and community gardens for resident use.
The developer/owner, LandCap Investment Partners of San Juan Capistrano, California, a housing and mixed use investor/developer, owns several development projects in the Reno / Sparks area. In addition to “Square One” and across the street, LandCap has redevelopment plans for its sister property, the former Bourbon Square Casino, now renamed “The Yard”. Plans for “The Yard” include repurposing the ground floor with a mix of restaurants with indoor/outdoor patio dining and specialty retail. The upper two floors are anticipated to be commercial/residential use. Interior demolition has started and project completion is anticipated to be mid-2017. The companion mixed-use properties, “The Yard” and “Square One”, represent an investment of over $30 million in the downtown Sparks area.
LandCap has also recently begun construction on the “Waterfront at the Marina”, 209-unit high quality luxury housing project at Sparks Marina. Reno based GreenStreet Communities is LandCap’s local development manager.