Reno Gazette Journal
Reno’s high-profile Rancharrah project has its first homebuilder.
Developer Reno Land Inc., finalized a deal Tuesday with luxury homebuilder Toll Brothers to build 89 semi-custom single-family homes on the master-planned community.
Chip Bowlby, president and CEO of Reno Land Inc., says Toll Brothers fits the upscale feel that his company envisions for Rancharrah.
“We are thrilled to have such a high quality, reputable builder be a part of the future of Rancharrah,” Bowlby said. “Toll Brothers is the perfect fit for our vision.”
Toll Brothers will build houses ranging from 2,600 to 4,500 square feet at Rancharrah’s Latigo community. The first Toll Brothers semi-custom homes are expected to be on the market later this year by fall.
The announcement comes nine months after the first Rancharrah home sites went on sale for the development’s Riata and Lariat communities. Reno Land has sold 44 custom lots to date, 30 of which have already closed, said Bowlby during a sit-down interview with the Reno Gazette Journal last week.
“About six homes are in for architectural review with the city,” Bowlby said. “Those should break ground in the next couple of months.”
Every homeowner at the site, whether they live in a custom house or a development like Toll Brothers, will become members of The Club at Rancharrah. The exclusive facility will include amenities for dining, fitness and tennis as well as pools and a spa. Rancharrah is expected to open its social club in the late summer.
Reno Land has invested $47 million on the project so far since acquiring it from previous owner John Harrah. John Harrah is the son of the late Bill Harrah, who founded the Harrah’s hotel-casino empire.
The 141-acre master planned development will feature a mix of residential and commercial use. In addition to the Toll Brothers deal, Bowlby also told the RGJ that all parcels for the Rancharrah North Commercial Village section of the project have been sold. The section comprised three parcels that average about 4 acres each.
Investment company Charles Schwab already started construction on the first parcel. Real estate investment firm the Wolff Company also began construction on the second parcel, which will be the site for a 138-unit, high-end independent living project. The third parcel has yet to close but is expected to do so around May. It will be the site of an assisted living facility with about 130 units.
The South Commercial Village, which is located near the Kietzke roundabout, will include a mix of retail and office space. Reno Land already picked a developer for Rancharrah’s south village, which will be modeled after the Napa Carneros Market.
Rancharrah is one of several projects for Reno Land in the area. In addition to Rancharrah, Reno Land is working on Park Lane, the Meridian near Boomtown and The Summit Club, which will feature a mix of market-rate and more affordable workforce housing units. Reno Land also purchased property at Tahoe Reno Industrial Center near Google land.
Bowlby expects more announcements regarding developers for Rancharrah’s remaining 500 residential units.
“We’re interviewing builders now,” Bowlby said. “We’re doing anything from small lots, state lots, custom lots, semi-custom lots and we’ll also have condos and townhomes, all with concierge services.”
Source: Reno Gazette Journal
Read Full Article – https://www.rgj.com/story/money/business/2018/04/04/rancharrah-toll-brothers-first-homebuilder/486961002/