A sprawling new blueprint community is about to take shape in the Reno area, with designs for thousands of homes.
Developer for San Diego Lansing Companies announced Tuesday he recently completed the purchase of over 1,500 acres for a community called Prado Ranch. Half of the site is in unincorporated Washoe County and is zoned for over 3,500 homes, and the other half is in Reno Town and zoned for over 1,000 homes as well as commercial areas, according to the press release.
Lansing did not announce the purchase price or the seller, claiming only that the land “had previously been owned by a local family for over 80 years.”
Reno’s housing market has accelerated amid record mortgage rates, which have allowed people to lock in lower monthly payments and stretch their budgets, fueling buying crises across the country, including in Las Vegas.
Its economy is also more diverse than that of southern Nevada, helping Reno better weather the economic crash caused by the pandemic than heavy casino Las Vegas.
The Reno region’s unemployment rate in May was 4.5%, up from 15.5% in May 2020, state officials reported. In the Las Vegas area, the unemployment rate in May was 8.9%, down from 28.1% in May of last year.
Nationally, Las Vegas’ unemployment rate in May was the second highest among major metropolitan areas.