Development company announces plan for 13-acre mixed use development

01/09/2023 06:27 AM

Fernley Promenade will have a 98-room hotel, three quick-service restaurants, three large junior anchors, and 16,000 square feet of shop space.

Robert Perea, The Fernley Reporter

A real estate development company has announced plans for a 13-acre development it calls Fernley Promenade, to be located on Stanley Dr. between Walmart and Lowe’s.

The project was announced by LRE & Companies, a real estate development, asset manager, construction, and hotel management company.

The project is slated to be completed by the end of 2024.

“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.”

LRE & Companies said Fernley Promenade will have a 98-room hotel, three quick-service restaurants, three large 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 master planned industrial center capable of meeting the growing need for manufacturing, distribution, data center, and logistics development in the region. The site is strategically located between a Super Walmart and Lowe’s facing Interstate 80.

“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.”