Reno, Nevada is poised for unprecedented growth with the announcement of Tesla’s Gigafactory. Since 2014, several major companies including Switch, Zulily and Apple have announced significant plans for relocation or expansion in Reno creating what is now known as the “Tesla Effect.” With the projected population growth of 65,000, there is an immediate demand for homes in Reno!
Additionally, Nevada was ranked No. 3 Most Business Friendly Tax Climate by the Tax Foundation for 2015. The state’s extraordinary tax incentives and exemptions combined with the projected need for over 45,000 new homes to be built over the next 5 years makes Nevada the ideal place for future development and that number is growing.
In September 2014, Tesla Motors, Inc. announced Reno, NV as its location to build a new $5 billion, 10m sq. ft. battery gigafactory. Tesla is expected to generate over $100 billion of economic growth in Nevada over the next 20 years.
Switch announced on January 15, 2015 that it will build a 3.5m sq. ft. data storage center, and according to Storey County, Switch is now in discussions on an additional 8m sq. ft.
Tesla has since pulled permits to build 24m sq. ft. and purchased an additional 2,000 acres on July 20, 2015.
The factory is currently under construction in the Tahoe Reno Industrial Complex (TRIC).
TRIC will have a substantial impact on the Reno/Sparks MSA.
Companies from Silicon Valley and across the U.S. are following Tesla and Supernap’s lead.