Following the tax-increment financing plan for the Grand Sierra Resort, the Reno Redevelopment Agency approved a separate TIF plan for Valeo’s proposed Commercial Row Residential Development.
Valeo is the developer, while its affiliate E. Commercial Row LLC is the owner. Wood Rodgers Inc. is the civil engineer, and LA Studio Nevada is the landscape architect. The architect and general contractor have yet to be selected.
The project is to consist of 200 attached townhomes intended to serve as workforce housing. The site is made up of six individual parcels totaling 8.5 acres.
Two of the parcels are owned by the City of Reno and are under contract with Valeo. Two are owned by Valeo’s Conrad Sick and are pledged to the townhome project. One of the parcels is owned by Waste Management Nevada, and the final parcel is owned by Riverwatch Development LLC.
The agreement between Valeo and the City was initially formed in 2021. The agreement is conditional on the combination of each parcel necessary for the construction of the $74M townhome project.
Developers are planning to include 424 parking spaces throughout the community.
TIF funding allocates future tax increases back to the developers. This, in a sense, allows for a project to pay for itself via the tax dollars it generates. Reno will not have to take on debt to assist in the development of the workforce housing community.
Financial estimates show the developer needed an additional $3.24M prior to the approval of the TIF. Once the project is completed, Valeo is expected to be reimbursed 90% of its property taxes over the next decade. This is anticipated to be approximately $2.9M.
After 2035, the City is expected to receive $140K every year from the property. The current schedule plans for site and building permits to be received in Q2 2026. Financing and groundbreaking are expected to occur in Q3 2026, with initial occupancy slated for Q3 2027.
According to project representatives, the investment community is welcome and the developers are in the process of completing capital requirements.
