Tuesday Mark IV Capital announced their plans for an industrial on the 4,300 acres of land they bought near Nevada Pacific Parkway in East Fernley.

Phase one of the project will break ground next summer.

"The first phase that's 7.5 million square feet is something like 12 or 14 buildings depending on which plan we go with," President of Real Estate for Mark IV Capital Evan Slavik says. "And then after that we'll continue to work on future phases which will be dozens more."

The first building will be an 880-thousand square foot SPEC building. A SPEC building means Mark IV Capital hasn't found a business to use the space. A local realtor says that's a good sign from the developers.

"That tells me [Mark IV Capital has] a lot of confidence in the future of this area," Realtor for RE/MAX Realty Affiliates Mike Smith says.

Slavik says the industrial center will brings a lot of jobs to Fernley, but it's too early to know how many.

"Just given that we don't know who's coming," Slavik says. "Distribution is a lot lower on jobs [per square foot], manufacturing has a lot more jobs per square foot, so we'll just have to see how the market reacts there. But you can safely say it will be thousands of jobs."

Mark IV Capital does business in five states, including Nevada with two industrial buildings in Las Vegas. But Slavik says Reno has its own appeal.

"The Reno region is so centrally-located among the west," Slavik says. "We love that you can get to 80 percent of the population on the west within one day's truck."

Slavik says they couldn't go to the Tahoe Reno Industrial Center, because they didn't have enough room for what they wanted to do after so many parties bought land.

"And then Blockchain, LLC came in and bought the remaining 68 thousand acres, so there really isn't available sites over there to develop big-box industrial like we're planning here," Salvik says. "So if you're looking to do 600 or 700-thousand square feet or larger, you're going to have a hard time finding that."

But this location is pretty close to TRIC, has similar highway access, and has direct Union Pacific railroad access, so Slavik says they're satisfied.

"It's business friendly, it's low tax," Slavik says. "Reno, Sparks and Fernley are all great places to live. So there's a lot of reasons why people are moving here, why companies are moving here."

Fernley City Manager Daphne Hooper says with job creation, housing development, along with commercial and retail space usually follows. She says like many places across the country including the Truckee Meadows, housing affordability is a major problem.

"We just finished our master plan which really looked at some multi-family opportunities, some higher-dense housing," Hooper says. "Which hopefully will help with affordability."

Smith believes that high-density housing is the most appealing to developers, which could help Fernley expand their housing needs as jobs are created.

"There aren't that many apartments out here right now, so I predict that you'll see a lot of apartment buildings go up here," Smith says. "Because when builders think they're thinking, 'Wow, the maximum return I can get on 'X' piece of land is going to be high-density apartments.'"

But of lot of the jobs in the industrial center could easily be filled by current resident of Fernley.

"Right now, about 60 percent of our residents commute outside of Fernley for work," Hooper says. "So this is a great opportunity for them to be able to work where they live."

That makes it tougher to predict the change in housing demand as thousands of jobs pop up over time in Fernley. Especially, when you consider the added convenience to other nearby rural communities.

"Those folks that are commuting, not only from Fernley but further east and south have an opportunity to have an employment base here," Hooper says.