The unique amenities of this historic home (over 24,000 sq ft) includes multiple quest homes, a carriage house, gardens, ponds, small golf course, exercise suite, patios, and multiple water features.
Rancharrah has become one of the most exquisite equine facilities in the nation.The horse facilities include a 54 stall barn, indoor and outdoor arenas, pastures, multiple corrals and more.
Reno Land Development Co. purchased Rancharrah. This same company purchased Park Lane Mall for 27.5 million recently. Rancharrah is the kind of project that can stand on its own even without the growth from the arrival of companies such as Tesla Motors or Switch. The Park Lane project, on the other hand, is a growth play that also builds on the momentum from Midtown, making it likely more attractive to millennials.
Reno Land Development Co. officially closed on Harrah's 109 acres of the property for $33.9 million in late 2015. Reno Land Development also purchased additional property to bring the total investment to about $40 million and approved development to more than 140 acres.
Plans involve a master-planned community comprising of 691 residential lots on 117 acres. An additional 25 acres will be designated for commercial and retail.
Work on the residential side is expected to start in early 2017. The residential part of Rancharrah will include custom and semi-custom homes as well as townhouses and condominiums.
Escrow already with some very large tenants on the north commercial parcel. Those should be breaking ground before the end of the year. Commercial tenants will include financial companies, professional offices and law firms. There's also a lot of interest from restaurants and boutique shops for the retail parcel but no deals have been finalized for them because the planning for that section have not been finished for the market just yet.
Reno Mayor Hillary Schieve said she was initially nervous after finding out that Rancharrah was being sold. Schieve was particularly worried about the equestrian center and the property's sprawling open spaces."I used to come here as a child to play," Schieve said. "To me, this property is special."
After talking to the development group and seeing its plans for Rancharrah, Schieve says she is now optimistic. 30 percent of the property will continue to be open space. Schieve described the project as the latest in a string of positive developments for Reno.