Sparks Victorian Square Rebirth Continues With 'C' Street Lofts, The Yard
From the City of Sparks:
Groundbreaking ceremonies were held today, marking the start of demolition and construction at the Old Silver Club Hotel and Bourbon Square Casino. The project equates to a $25 million investment in downtown Sparks.
“Today we are witnessing the genuine rebirth of the Victorian Square area of our downtown,” said Sparks Mayor Geno Martini. Joining city officials were executives of LandCap Investment Partners, the project’s owner/investor and their recently appointed co-development managing partner, locally owned GreenStreet Communities.
Following formal remarks, Landcap Investment Partners and GreenStreet Communities presented at $5,000 check to the Sparks Heritage Museum for the preservation of “Last Chance Joe.”
“C” Street Lofts
The Old Silver Club Hotel, a 206 unit, 6-story building which has been vacant for years, is being converted into a new 100 unit state of the art, urban loft style rental community, which will be known as the “C” Street Lofts. The entire building is being stripped down to its base materials and will be rebuilt with all new modern and energy efficient systems including heating and cooling, fire protection systems, (new) elevators, (all new) energy efficient dual pane windows, and (new) plumbing systems.
The Lofts will consist of studios, and 1, 2, and 3-bedroom apartments with stained concrete floors, hard surface counter tops, modern amenities, and 10’ exposed concrete ceilings. Each unit will have its own balcony, new heating and cooling systems, a washer and dryer, and fully equipped kitchens with European style cabinetry. The community will include a fitness center, resident center, business center, cyber café, bike storage units and staff offices. The outdoor recreation area includes a fire pit, barbecue with an outdoor kitchen, and community gardens for resident use.
As Steve Hinckley, CEO of LandCap Investment Partners, stated, “With the guidance and oversight of our local partner, GreenStreet Communities, we are bringing contemporary styled urban housing to downtown Sparks. The Lofts will appeal to all ages of young minded people who want a really cool place to live while taking advantage of all of the amenities that Victorian Square has to offer.”
LandCap and GreenStreet are also pleased to announce the demolition started on the interior of the 112,000 square foot, 3-story shuttered Bourbon Square Casino. The former casino will be renamed “The Yard,” and repurposed with a ground floor mix of restaurants and retail, with indoor/outdoor patio dining. The upper two floors are anticipated to be Class A office. Dane Hillyard of GreenStreet Communities says, “We have engaged some of the top consultants and designers in the country and we are confident this will become a landmark destination people will be drawn to and Sparks will be proud of.”
Other upcoming Sparks projects
Steve Hinckley, CEO of Southern California based LandCap Investment Partners stated, “We strongly believe in Northern Nevada and particularly in Sparks.”
LCIP have taken large positions in Northern Nevada, as they have also acquired the parking structure at the Sparks Marina and will be completing a new luxury 209-unit, 5-story apartment community, to be called “Waterfront.”
In addition, LandCap has acquired the adjacent office building and condo lot and an additional 20 acres of multifamily land adjacent to the Legends Mall overlooking the Sparks Marina.
CEO Steve Hinckley stated, “We are investing millions of dollars into the Northern Nevada and Sparks economy and with just our current developments we are set to bring over 1,000 new modern rental units as well as new retail and office to Sparks over the next few years. We also are planning large housing projects in northwest and south Reno.”
From the City of Sparks