SAN RAFAEL, California—LRE & Companies has unveiled plans for Fernley Promenade, a 13-acre mixed-use development project comprising industrial, retail, and hotel, in Fernley, Nevada.
“We’ve developed, opened, and operated hundreds of restaurants throughout Northern California and Western Nevada over two decades,” said Akki Patel, CEO of LRE & Companies. “Throughout our journey, we’ve perfected the process of identifying the right pieces of real estate and where future growth will be. Our strategic evaluation identified several prime real estate opportunities in secondary and tertiary markets for mixed-use development projects. Due to its proximity to major highways and strong market fundamentals, Fernley is one of those locations.”
Fernley Promenade will have a 98-room hotel, three restaurants, three junior anchors, and 16,000 square feet of shop space. An extended-stay lodging facility, the four-story Home2 Suites at Fernley Promenade will have a swimming pool, fitness center, guest laundry room, breakfast room, and sundries shop. LRE & Companies is in the process of finalizing the project’s national junior anchors. There are already several letters of intent for the restaurant pads. The remaining retail and QSR spaces are available for lease. Fernley Promenade is adjacent to Victory Logistics District, a 4,300-acre planned industrial center capable of meeting the growing need for manufacturing, distribution, data center, and logistics development in the region. The site is located between a Super Walmart and Lowe’s facing Highway 80. The project is slated to be completed by year-end 2024.
Located at the intersection of Interstate 80, U.S. Route 50 Alternate, and U.S. Route 95 Alternate, Fernley is a 30-minute drive from Reno, Nevada, about 22 miles north of Lake Tahoe; a 12-minute drive from Tahoe Reno Industrial Center; and nearly an hour drive to Pyramid Lake. In addition to restaurants, hotels, and casinos in the city, Fernley has an emerging tech community, including facilities for Tesla, Panasonic, and Apple.
Fernley has been in a growth cycle for much of the past decade. Part of the Reno–Sparks metropolitan statistical area, consisting of two counties in Western Nevada, Washoe, and Storey, Fernley has a population of nearly 23,000, with a five-mile population projection by 2026 of 25,070. The city has a growing population, affordable housing, and employment opportunities.
“Fernley Promenade has all the elements of a successful mixed-use development when you look at it on paper,” said Victor Chiang, vice president of development at LRE & Companies. “Being in one of the strongest counties in Northern Nevada, Lyon County, Fernley over the last 10 years has attracted large Class A industrial developers. We expect Fernley Promenade to drive tourism to the community and become a significant demand generator for future investments. The opportunity for investors, retailers, and, most importantly, the community is significant.”