Evergreen Plaza Redevelopment Opportunity
Evergreen Plaza Redevelopment Opportunity
Marketing description
CBRE Inc. is pleased to offer for sale Evergreen Plaza, an ±81,247 square-foot shopping center as a repositioning value-add or redevelopment opportunity into a larger modern retail or multifamily complex with immediate cash flow.
The Evergreen Plaza development site is strategically located within a HUD Qualified Census Tract, and is ideal for a market rate or affordable or affordable senior apartments given the abundance of retail, medical options. The site is located just west of the newly constructed 288-unit Parq Crossing luxury apartments. It is adjacent to the Oddie District, which is a transformative ±175,000-square-foot light-industrial mixed-use urban infill redevelopment project that features a 62,000 sq. ft. Generator Maker Space, along with various tenants like Cartwheel Robotics, CoffeeBar, Fifty Fifty Brewing Company, Mythic Gymnastics, Nevada Works, and The Innovation Collective. Nearby, a new Starbucks completed construction, an El Super Mexican grocer has recently opened. Other tenants like Dutch Bros. and Panda Express will be opening soon. The overall submarket has recently benefited from a $55 million Reno Transportation Commission road improvement project, enhancing over two miles of roadway with bike lanes and pedestrian safety features.
The property also benefits from Mixed-Use zoning. Within the same parcel, ±2.37 acres is currently entitled for 108 multifamily units and can be acquired separately from the existing retail, and can be purchased separately for $2,160,000. The Seller has a parcel map pending which can be finalized quickly via a lot line adjustment. The scope and size of the multifamily project could be substantially expanded if the retail component were redeveloped as part of the large multi-family project potentially accommodating for up to ±300 units. The short-term nature of most existing retail leases provides flexibility for such a redevelopment, increasing the size, providing a corner location and strong visibility for the new development. Ideal for a market rate or affordable or affordable senior apartments given the abundance of retail, medical options, parks nearby and quick access to major hospitals and employers.
Investment highlights
- Well-located redevelopment opportunity in a growing submarket with strong demand for affordable housing
- Existing cash flow from current tenants, most of which are on shorter-term leases, offers a developer significant flexibility for redevelopment
- Within the same parcel, ±2.37 acres is currently entitled for 108 multifamily units. Potential expansion to 300+ units
- Integrating the full center expands development size and secures a highly visible corner
- Adjacent to the Oddie District, a transformative a ±175,000-square-foot light-industrial mixed-use urban infill redevelopment project that features a 62,000 sq. ft. Generator Maker Space, as well as various tenants like Cartwheel Robotics, CoffeeBar, Fifty Fifty Brewing Company, and more.
- Submarket features new tenants like Dutch Bros., El Super Market, Panda Express, and Starbucks, as well as existing national retailers like Walgreen’s, Dollar Tree, Community Health Alliance, and numerous restaurants.
- Site is the beneficiary of a recent, $55 million Reno Transportation Project known as the “Oddie-Wells Corridor multi-modal Improvement project.
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