New Details Revealed for Marina Parking Garage Apartments
It is great to see that LandCap can put the parking garage to good use as an amenity for the apartment project. The structure was a liability to buyers all through the downturn in the residential market. More evidence the market is rebounding!
Mark Krueger, Principal
To read the full article written by Chanelle Bessette, click here.
Plans for the new Waterfront at the Marina housing project have officially been submitted to the city of Sparks for approval. The new development, spearheaded by LandCap Investment Partners, will be a five-story apartment complex that will wrap around the unused parking garage that sits on the edge of the Sparks Marina.
The developers are planning for 209 units that contain one-, two- and three-bedroom luxury apartments. The garage will become private parking for residents, and each level will open onto the residents’ apartment hallways. Rent is currently planned to be between $1,000 and $2,000 per month.
LandCap CEO Stephen Hinckley confirmed that plans have been submitted for the luxury apartment project as of Tuesday and hopes to start construction in spring 2016. He estimates that it will take around 16 months to complete.
LandCap also purchased the mixed-use building next door to the parking garage that contains retail, office space and apartments.
“We bought that building in a defensive move to make sure the area stays high quality,” Hinckley said.
The developers plan on remodeling the building, which they expect will be complete in about a year. As for the apartments, Hinckley anticipates hearing back from the city within the next two or three months.