New Fernley Promenade development to feature hotel, restaurants and shopping

A new mixed-use development project will be adding a hotel,restaurants, retail and industrial space to Fernley just east of Reno-Sparks.The Fernley Promenade project, on 13 acres south of Interstate 80,will be betweena Walmart Supercenter and Lowe’s HomeImprovement store on Stanley Drive.More: Fernleyto get 4,300-acre industrial park after 2nd biggest landsale in Nevada history Scheduled to be completed by the end of 2024, Fernley Promenade isthe first project in Northern Nevada by San Rafael, California-basedLRE & Cos. The real estate company hasexperience developingproperties in northern California and western Nevada.

The company cited Fernley’s demographics and location for itsdecision to develop Fernley Promenade.The city is 20 minutes away from the Tahoe Reno Industrial Center,site of Tesla’s first Gigafactory.Fernley itself is thesite of the Victory Logistics District, which, at4,300 acres, was the second largest land sale in Nevada history when itclosed in 2019. Only Blockchains’ 65,000-acre purchase at the TahoeReno Industrial Center in 2018 is bigger.Add Nevada’s business-friendly environment and access to I-80 andtwo rail lines that connect to the port of Oakland and the decision is ano-brainer, according to CEO Akki Patel.

“Fernley is a natural area of growth,” Patel said. “All the cropped-upbusinesses surrounding the Gigafactory, such as Redwood Materials,are also very convenient.”The first confirmed development is the 98-room Home2 Suites atFernley Promenade, an extended stay hotel with swimming pool,fitness center and other amenities.“After the pandemic, there is a huge demand for extended-stay hotels,”Patel said. “It also helps with the customer base who is staying fromMonday to Friday working at these distribution facilities.”The Fernley Promenade also will have a shopping center, and LRE isfinalizing three large junior anchor tenants.Dining will also feature prominently on the site, according to Patel.

“Restaurants will be a combination of national brands and local fare,”Patel said. “We have lots of interest from national quick service andfast casual brands.”Development of the Fernley Promenade is gearing up at a time whenthe economy has gone through ahistoric pandemic and also facingrumblings about a potential recession this year. Patel, however,expressed confidence in the project moving forward.Coroner identifies all five victims in crash near Salton SeaOxnard’s top finance officer to depart afterless than 2 yearsRoad closures in Flagstaff, Grand Canyon as winter storm passes through ArizonaHowto view rare green comet’s fly by in the High DesertInvestigation underway after human remains foundon UC Berkeley campus

The company is “cautiously optimistic that our tenant mix wouldbenefit from a downturn,” according to Patel.Patel also believes that the project can weather any challenges arisingfrom COVID should it make a comeback.“Fernley Promenade was already designed as an open-air shoppingcenter,” Patel said.“We have not had to make any changes due to COVID, and we wouldhave great potential to provide outdoor seating should the need arise.”