A sprawling new master-planned community is set to take shape in the Reno area, with designs for thousands of homes.
San Diego developer Lansing Companies announced Tuesday it recently closed the purchase of 1,500-plus acres for a community called Prado Ranch. Half of the site is in unincorporated Washoe County and zoned for more than 3,500 homes, and the other half is in the city of Reno and zoned for 1,000-plus homes as well as commercial areas, according to the release.
Lansing did not announce the purchase price or the seller, only saying the land “had been previously owned by a local family for over 80 years.”
Reno’s housing market has accelerated amid record-low mortgage rates, which have let people lock in lower monthly payments and stretch their budgets, fueling buying binges across the country, including in Las Vegas.
Its economy is also more diversified than Southern Nevada’s, helping Reno weather the pandemic-sparked economic crash better than casino-heavy Las Vegas.
The Reno area’s unemployment rate in May was 4.5 percent, down from 15.5 percent in May of 2020, state officials reported. In the Las Vegas area, the unemployment rate in May was 8.9 percent, down from 28.1 percent in May of last year.
Nationally, Las Vegas’ jobless rate in May was second highest among large metro areas.