The $150 million project aims to fill a glaring need in the industrial park located just east of Reno-Sparks, said Batuhan Zadeh, head of land acquisition for real estate company Marmot Properties. Thanks to the arrival of companies such as Walmart, Tesla, Panasonic and Switch, the Tahoe-Reno Industrial Center is now home to thousands of workers. The number of businesses that cater to those workers within the park, however, is extremely lacking, Zadeh said.
"The goal is to bring new services to USA Parkway," Zadeh said. "Right now, there are very few options compared to the number of people out there."
Restaurant options, for example, are limited to just a few dining spots such as Burger King, Philly's NV and Shanghai Express. There's also a drought of other services that cater to the park's workforce, including retail stores and health clinics.
It's a sweet spot that The Horse Oasis hopes to take advantage of, especially given how only 12% of the land at the park is zoned for commercial use.
The Horse Oasis can have "an urgent care facility, a charter school, a gym, doctor's office - anything that's not residential or industrial," Zadeh said. "The project is really bringing in the feasibility of providing space for companies."
The first three buildings are slated for completion this year, followed by three more by the end of 2021. Once the project is completed, there will be 16 buildings on the 871,200-square-foot site.
The Tahoe-Reno Industrial Center was already appealing to investors due to the presence of facilities such as Tesla' Gigafactory and Switch's Citadel Campus. Then Google came in as well. Given the names entering the park, the investors decided to buy 20 acres right away, according to Zadeh.
"It was about USA Parkway," Zadeh said.
This is also the biggest project that Reno-based Marmot Properties has ever been involved in. Prior to The Horse Oasis, the company's work focused primarily on smaller projects in Midtown Reno. The company typically does property management, office conversions, project management and some residential flipping in the past.
At the moment, there is a large untapped market in USA Parkway, with some projecting the number of workers in the area to grow to 30,000 in the next few years, Zadeh said.
In most communities, the target market for businesses like a gym, for example, is about 30% of the total population. At a place like the Tahoe-Reno Industrial Center, however, the share increases exponentially due to the large number of working individuals, according to Zadeh.