The revitalization of the downtown Sparks area will take another step forward this week when crews break ground on another luxury apartment community on the northeast shore of the Sparks Marina.
The five story, 209-unit Waterfront at the Marina surrounds and incorporates an abandoned parking structure that has been vacant since 2008. The developers, LandCap Investment Partners and Guardian Investment Capital, will gather to celebrate the start of construction on Thursday at 4 p.m. with a groundbreaking ceremony along with other community leaders. The new building is within walking distance of the Legend’s Mall.
“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.”
Construction originally began on the parking structure in 2006 but came to a halt in 2008. LandCap purchased the site and a neighboring building known as Marina Town Centre in 2013 to make way for the new apartments and other projects.
“In the same way we tackled Victorian Square, we are extremely excited and proud to be a part of the Marina’s Revival,” said Steve Hinckley, CEO of LandCap.
The Waterfront will have water and mountain views along with an assortment of one and two bedroom models featuring high end amenities including an art fitness center, concierge services, business center, dog wash and park, roof top deck and secure parking.
“There is nothing like this project in Northern Nevada,” said James Previti, CEO of Guardian Investment Capital. “Five story elevator buildings and a 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.”
Next door to Waterfront is Marina Town Centre, a three-story mixed use building. A face lift is scheduled in late 2017 to bring both retail/restaurant and office tenants to the area. Lighthouse Coffee, a local proprietor with multiple local area locations recently moved into the ground floor, as well as Edward R. Jones 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 said.
Some of the company’s other projects include Bourbon Square and Silver Club, The Yard and Square One Apartments.