LRE & Cos. Plans New Development in Fernley, NV

LRE & Companies has unveiled plans for Fernley Promenade, a 13-acre mixed-used development project comprising of industrial, retail and hotel, in Fernley, NV

Fernley Promenade will have a 98-room hotel, three quick-service restaurants, three large junior anchors, and 16,000 square-feet of shop space. An extended-stay lodging facility, the four-story Home2 Suites at Fernley Promenade will have a swimming pool, fitness center, guest laundry room, breakfast room, and sundries shop. LRE & Companies is in the process of finalizing the project’s national junior anchors. There are already several letters of intent for the restaurant pads. The remaining retail and QSR spaces are available for lease. Fernley Promenade is adjacent to Victory Logistics District, a 4,300-acre master planned industrial center. The site is located between a Super Walmart and Lowe’s facing Highway 80. The project is slated to be completed by year-end 2024.

Located at the intersection of Interstate 80, U.S. Route 50 Alternate, and U.S. Route 95 Alternate, Fernley is a 30-minute drive from Reno, NV, about 22 miles north of Lake Tahoe. It is a 12-minute drive from Tahoe Reno Industrial Center (TRIC) and nearly an hour drive to Pyramid Lake. In addition to many mom-and-pop restaurants, hotels and casinos in the city, Fernley has an emerging tech community, including facilities for Tesla, Panasonic, and Apple.

Fernley has been in a growth cycle for much of the past decade. Part of the Reno–Sparks metropolitan statistical area, consisting of two counties in Western Nevada, Washoe and Storey, Fernley has a population of nearly 23,000, with a five-mile population projection by 2026 of 25,070. The city has strong market fundamentals, including a growing population, ample affordable housing, a business-friendly state government, and plentiful employment opportunities.