2300 Oddie Boulevard Sparks, NV 89431

Evergreen Plaza is an 81,247 square-foot shopping center presented as a repositioning value-add or redevelopment opportunity into a larger modern retail or multifamily complex. The property is strategically located within a HUD Qualified Census Tract, making it suitable for market rate, affordable, or affordable senior apartments, given the retail and medical options available. The site is located just west of the newly constructed 288-unit Parq Crossing luxury apartments and is adjacent to the Oddie District, a transformative 175,000-square-foot light-industrial mixed-use urban infill redevelopment project. The Oddie District features a 62,000 sq. ft. Generator Maker Space, along with tenants like Cartwheel Robotics, CoffeeBar, Fifty Fifty Brewing Company, Mythic Gymnastics, Nevada Works, and The Innovation Collective. A new Starbucks has completed construction nearby, and an El Super Mexican grocer has recently opened. Dutch Bros. and Panda Express will be opening soon. The 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 benefits from Mixed-Use zoning. Within the same parcel, approximately 2.37 acres is currently entitled for 108 multifamily units and can be acquired separately from the existing retail. 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 up to approximately 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. The location is ideal for market rate, affordable, or affordable senior apartments given the abundance of retail, medical options, parks nearby and quick access to major hospitals and employers.