264 Keystone Request for Proposals - 7.24.2026 (1).pdf

Request for Proposals For the Redevelopment of City Owned Property

264 Keystone Avenue (APN 011-350-30)

Issuance Date: July 24, 2026

Optional On-Site Property Tour: Wednesday August 5th, 2026 9:30am -11:00am at 264 Keystone Ave, Reno, NV 89503 (No private tours will be allowed).

Deadline for submitting RFP Questions: Friday, August 14, 2026 via the online portal under the Questions Tab. Responses to questions Issued Friday, August 21, 2026.

Proposal Submittal Deadline: Friday, September 4, 2026 at 5:00pm PST.

City of Reno PlanetBids Vendor Portal: https://vendors.planetbids.com/portal/40669/portal-home

Introduction The City of Reno ("City") is requesting proposals from qualified developers, investors, and development teams for the purchase and redevelopment of the City-owned property located at 264 Keystone Avenue, Reno, Nevada 89503 ("Property"), APN 011-350-30.

The Property was previously utilized by the Reno Police Department as an evidence storage facility.

Following completion of the Public Safety Center, evidence operations were relocated in 2025 and the building has remained vacant. The City has determined there is no future municipal use for the Property.

The City's objective is to transfer ownership of the Property to a qualified developer that can return the site to productive use through private investment that strengthens the surrounding area, generates economic activity, and enhances the community.

This Request for Proposals provides interested parties with the opportunity to submit redevelopment concepts that are financially feasible, compatible with the surrounding area, and consistent with the City's vision for reinvestment in key gateway and downtown corridor. The City anticipates entering into negotiations with the selected proposer for the sale of the Property subject to approval by the Reno City Council.

The City reserves the right to reject any or all proposals, negotiate with one or more proposers, waive informalities, modify this solicitation, or terminate the solicitation process at any time. Respondents are responsible for reviewing and becoming familiar with the contents of all portions of this RFP including all attachments, all background materials referenced, and all addenda to this Request. Your submission to this RFP acknowledges your understanding and acceptance of the terms and conditions set forth in this

RFP.

Property Description Current Ownership: City of Reno

Address: 264 Keystone Avenue, Reno, NV 89503

APN: 011-350-30

Building: Industrial Flex Building constructed in 1973, 26,640 square feet, finished basement 820 square feet

Site: 1.205 acres, approximately 52,500 square feet

Zoning: MD-NWQ (Mixed-Use Downtown – Northwest Quadrant)

Redevelopment Area: Redevelopment Area 1

Existing Conditions: The Property formerly served as the Reno Police Department's evidence storage facility and has been vacant since 2025. The City makes no warranties regarding the condition of the improvements and encourages all respondents to conduct their own due diligence.

Easements and Existing Infrastructure: The Property contains existing public infrastructure and easements that will remain or require accommodation within future development.

ReTRAC Wall and Lighting: The City intends to reserve an easement for maintenance of the

ReTRAC retaining wall located along the eastern portion of the property. The wall ranges from approximately 31 to 33 feet in height and supports adjacent public infrastructure. Lighting infrastructure and associated electrical pull boxes exist within the ReTRAC maintenance corridor. Existing communications infrastructure owned by utility providers also occupies this corridor.

Electrical pull boxes and light pole

Fire Department Connection: A Fire Department Connection (FDC) serving the ReTRAC tunnel exists within the retaining wall. Final maintenance responsibilities and easement language will be coordinated with the Reno Fire Department and Union Pacific Railroad prior to closing.

Fire Department Connection (FDC)

Storm Drain Easement: The Vine Siphon storm drain traverses the Property. Approximate depths range from: 37.5 feet at the northern structure and 16 feet at the southern structure.

The City anticipates reserving easements sufficient for long-term maintenance.

Keystone Wall: The retaining wall constructed as part of the Keystone Corridor improvements will require continued maintenance access. Final easement locations will be identified prior to property conveyance.

Exhibit C outlines existing and required easements and surrounding infrastructure.

Fair Market Value Fair Market Value: $2,670,000

Consistent with City Policy the fair market value is determined by the average of two independent MAI appraisals:

Johnson Perkins Griffin Appraisal April 16, 2026 $2,340,000

Julie Ott Appraisal April 30, 2026 $3,000,000

The City intends to select the proposal that provides the greatest overall public benefit, considering purchase price, economic development impacts, compatibility with surrounding uses, implementation capability, financial feasibility, and alignment with the City's strategic objectives. The City is not obliged to accept the highest purchase offer and reserves the right to negotiate with the proposer whose proposal is determined to be in the best interests of the City.

Project Objectives The focus of this RFP is broad based in that all ideas and concepts are welcomed so long as it supports the economic development and redevelopment of the subject Property and fits in with the surrounding neighborhood. This RFP is intended to give all who may be interested an opportunity to suggest any development concept that is financially feasible. The ideal Proposer will have demonstrated development experience and will present a quality development which will enhance the surrounding neighborhood and ensure that the reestablishment of blight does not occur.

Consistent with Nevada Revised Statutes, the City may sell real property without offering it to the general public via public auction if it is for the purposes of Economic Development (NRS 268.063) or Redevelopment (NRS 279.408) such as:

Return a vacant facility to productive private or public use.

Generate employment, housing, commercial activity, or mixed-use development.

Strengthen the surrounding neighborhood and contribute to long-term economic vitality.

Replan, redesign, clear, reconstruct or rehabilitate the property for residential, commercial, industrial, or public use in the interest of the general welfare.

Demonstrate quality urban design appropriate for a prominent gateway location.

Create lasting public benefit through reinvestment, increased property values, and tax generation.

Submittal Content All responses shall address each of the items listed herein but may also include any other items which the Proposer believes may be important to the Project.

1. Transmittal/ Cover Letter: Include the RFP title, name(s) of persons authorized to represent the

Proposer in any agreement negotiations and associated contact information. This letter must be signed by an authorized representative.

2. Project Concept and Development Overview: Describe the vision for the economic development and/or redevelopment of the site by describing the specific residential, commercial, retail, cultural, civic, recreational, or mixed-use components.

3. Address City and State Goals and Objectives: Address how the project will meet NRS 268.063 for Economic Development and/or NRS 279.408 for Redevelopment purposes. Describe the components of the project and how they will align with the City’s goals.

4. Team Experience: Proposer must provide a description of their team’s demonstrated expertise and track record in the development of similar projects that have revitalized communities and furthered economic development. This description should include the team’s experience in financing, developing and operating. Provide at least two examples of past successful developments of similar size and mix of uses that the Proposer was involved in, or redevelopment/economic development projects for which the Proposer took the lead.

5. Design:

a. Conceptual Design: Provide conceptual elevations and site plans. Show the proposed development(s) height, size, design, massing and interaction with the existing environment. Describe how the design reflects the appropriate form, includes a vibrant streetscape, and provides pedestrian connections to the surrounding area.

b. Proposed Changes to Existing Zoning or Design Constraints: List entitlements need to construct the project. If a variance or a zone change of any kind is required, the

Proposer should describe: 1) how the request is more advantageous to the City; 2) the

Proposer’s outreach and evaluation of the neighborhood’s support for the request, and

3) what other option might be considered if the Proposer does not obtain the requested variance or zone change.

c. Parking: Identify the total number of parking spaces that are required for the project, and the number provided for the proposed development(s). Describe how the project will take advantage of alternate transportation and shared parking to reduce parking demand/on-site parking.

d. Energy Efficiency: Indicate in detail if and how the project will create, produce or use renewable energy and renewable energy technology. Include any waste and/or energy reduction measures that will be a part of the project. If the project is expected to receive any third-party verification, identify the certifying organization and the expected certification level.

e. Amenities: Identify and describe what other amenities and landscape modifications will be utilized.

f. Flood Mitigation: Provide a conceptual design of proposed flood mitigation.

6. Financial Structure:

a. Project Financial Summary: Provide a summary of the anticipated project costs, proposed financing sources, and a high-level pro forma or feasibility analysis demonstrating the financial viability of the proposed redevelopment. Include third-party documentation for key pro-forma assumptions including rents/price point projected, absorption rates, construction costs, and interest rates.

b. Construction Budget: Provide an estimated development budget, including acquisition, hard costs, soft costs, financing, contingency, and other major cost categories.

c. Operation and Management Structure: Describe the anticipated long-term ownership and operating strategy for the property following redevelopment.

7. Proposed offer price to purchase the Site(s).

8. Financial Capacity: The selected Proposer must have the financial capacity to successfully complete and operate the proposed Project and shall include any of the following items:

a. Letter of financial capability from a lender;

b. Proof of funds;

c. Bank or investment statement (redacted as appropriate);

d. Evidence of equity availability; or

e. A narrative describing the financing strategy and anticipated capital sources.

9. Timeline: Provide a proposed schedule of development performance, including project benchmarks such as obtaining all entitlements for the intended use, generation of construction docs, securing lending/investment commitments, commencement of construction/rehabilitation work and completion of construction. Please also address any proposed phasing involved with this project.

*Note: A schedule based on this submission will be incorporated into the Purchase and Sale

Agreement and will be tied to reversionary provisions. However, the City recognizes that the actual start date (and subsequent benchmark dates) may change based on when the Purchase and Sale Agreement is executed.

Submittal Process All proposals shall be submitted electronically through the City of Reno PlanetBids Vendor Portal.

Interested proposers must first register for a free vendor account to access the solicitation documents and submit a proposal. Once registered, proposers may download the RFP, review all exhibits, submit questions through the online Question & Answer feature, receive notifications of addenda, and upload their proposal prior to the submission deadline.

The City will issue all official communications regarding this solicitation—including addenda, responses to questions, and any schedule changes—exclusively through PlanetBids. It is the responsibility of each proposer to regularly monitor the PlanetBids Vendor Portal and ensure they have received all addenda before submitting a proposal.

Proposals must be received through PlanetBids no later than the date and time specified in this RFP.

Late submissions or proposals submitted by any other method, including email, mail, or hand delivery, will not be accepted.

City of Reno PlanetBids Vendor Portal: https://vendors.planetbids.com/portal/40669/portal-home

Evaluation and Selection Below is the process for evaluating and selecting the successful Respondent.

1. Selection Committee: The review and Selection Committee will consist of five members selected by the City Manager's Office.

2. Evaluation Process: The Selection Committee will evaluate the short-listed Proposals and measure each Respondent’s response against the selection content set forth in this document, resulting in a numerical score for each Response. There are a total of 100 points available in the categories listed. The Selection Committee will use this evaluation criteria as a guide in making their recommendation. Responses shall be rejected if they are not in accord with the RFP, incomplete, or do not meet the objectives of the City. The Selection Committee may send questions to Respondents to seek clarification on portions of their Responses and may conduct interviews of the top Respondents following the initial review. The City may request supplemental information during the selection process. The City will inform all Submitters when the selection process is complete and will provide the results of the selection process.

3. Recommendation to City Council: The Selection Committee’s recommendation will then be forwarded to the Reno City Council who may, by motion, instruct staff to prepare a draft development/sale or lease agreement, reject the recommendation, or suggest different terms.

The City reserves the right to conclude the selection process if it finds that none of the packages meet the City’s expectations or Council desires to explore other opportunities for the site.

4. Negotiate a Development/Sale or Lease Agreement: Once a Response is accepted, staff will enter into negotiations for an Economic Development/ Purchase and Sale Agreement where the

City agrees to sell the Property and the Purchaser agrees to construct and operate the Economic

Development Project with the possibility that the property would revert to the City if the project is not built within a specified time period. The City Council must approve the Economic

Development/Sale Agreement.