I just read the Q32018 Northern Nevada Commercial Investment Real Estate Report by Rowley Real Estate Advisors highlighting some exciting developments here in Northern Nevada. Yes, I know it’s 2019 now, but the report is fascinating and I wanted to share. Be sure to download the full report by clicking on the link at the end of the article.
One of the more intriguing topics in this report is the “blockchain utopia.” Cryptocurrency billionaire Jeffrey Berns purchased 67,000 acres at the Tahoe Reno Industrial Center in 2018 and has plans to build a utopian settlement founded on blockchain. This technology can be hard to understand, but the report puts it succinctly: “A blockchain is a decentralized, distributed and public digital ledger to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. Some blockchain aficionados believe blockchain will make it possible for people to control their own data without relying on big companies or governments.” The report continues, “Berns is promising to give away all decision-making power and 90% of any dividends the project generates to a corporate structure that will be held by residents, employees and future investors in a structure called a ‘distributed collaborative entity.’” They already have some preliminary plans for a school, thousands of homes, and a drone delivery system. Construction won’t start until 2019 at the earliest.
Here are some other interesting updates from the report:
- Tesla met its Q3 production goal for the Model 3; they’ve produced 53,239 Model 3s in Q3, which is up significantly from the 28,578 produced in Q2.
- The Burning Man project is setting up a year-round office in the historic post office building downtown (which also houses the home décor company West Elm and an assortment of businesses called The Basement).
- Downtown Reno’s oldest building, the Mercantile and Masonic Lodge, will be demolished. After investing in efforts to stabilize the decrepit structure, the owners and developers of the Whitney Peak Hotel plan to construct a new hotel in its place.
- Economists for the National Association for Business Economists expect that another recession may hit in late 2020.