(For more retail coverage, click GlobeSt.com/RETAIL.)
RENO, NV- InterMountain Management of Monroe, LA has leased ground from the Reno-Tahoe (International) Airport Authority with plans to develop a 127-suite Hyatt Place hotel. The $10-million lease agreement is for 2.5 acres of a 10-acre parcel that is being developed with a mix of uses.
The development site, located near the intersection of E. Plumb Lane at Terminal Way, is adjacent to both Highway 395 and the main entrance to the airport. It has been vacant for many years. Broker Dewey Struble of Sperry Van Ness in Reno is representing the lessees.
Struble tells GlobeSt.com that in addition to the hotel the 10-acre parcel is tentatively expected to hold two office buildings and two retail buildings. Struble declined to name the would-be ground lessee for the office and retail components until a lease agreement is finalized. "It's a national player," is all he would say.
Construction of the six story hotel is slated to get started by mid-year 2007 and be completed in 2008. The hotel will include a restaurant, bar, swimming pool and meeting rooms. The size of the planned office buildings was not immediately available. The retail component will consists of a standalone restaurant pad and 12,000 sf of in-line space.
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