What's Coming to Reno Retail: Fall 2026 Update to the Development Tracker

Three months ago we published a tracker of every major retail project in Reno-Sparks. Since then, the market named its most important anchor, sold two of its largest centers to out-of-state buyers, and, as of this afternoon, got a rate hike. This is the fall update: what changed on every project, what did not, and how the new cost of capital reshapes the decisions in front of tenants, owners, and investors.

First, the macro that changed today

The Federal Reserve raised its benchmark rate a quarter point to 3.75% to 4.00% this afternoon, the first increase since 2023, on a unanimous vote, per CNBC. The committee's projections show most members expecting at least one more hike, and the statement says inflation "remains elevated." The 10-year Treasury closed at 5.01% yesterday, its highest level since 2007, per CNBC.

Every buyer, developer, and tenant in this market has a cost of money in their model, and that number just went up. Keep it in mind as you read the project list. Local demand is strong. The financing behind new supply is now more expensive, which makes the projects already under construction more valuable, not less.

The local numbers, meanwhile, keep pointing the other way. Our Q2 2026 market report estimates retail vacancy at roughly 3.4%, a full percentage point below a year earlier, with asking rents at about $1.53 per square foot per month NNN, up 4.1% year over year, net absorption of about +55,000 SF, and a pipeline of roughly 101,000 SF. Our base case is vacancy between 3.3% and 3.8% through year-end. Washoe County taxable sales were up 22.8% year over year in May, per Nevada Business Magazine's September business indicators. Reno unemployment was 4.0% in July, down from 4.4% a year earlier, with the metro adding 900 jobs in the month, per the Nevada Department of Employment, Training and Rehabilitation.

The scorecard

Project	June status	September status
Kiley Ranch Marketplace (Spanish Springs)	Anchor unnamed; Phase 1 late 2026	Smith's Marketplace confirmed, 123,000 SF, fall 2027; Phase 1 still Q4 2026
The Oddie District (Sparks)	70% preleased; first move-ins summer	Opening in phases; National Technical Institute added, 8,000 SF, November
Double R Marketplace (South Reno)	First 45,000 SF section listed	First building delivering; Grocery Outlet permitted; tenant turnover Q1 2027
Downtown Damonte (South Reno)	Vertical construction expected summer	City floodplain engineering under FEMA review ahead of major construction
Costco #3 (S. Virginia & Veterans)	Pre-application only	Pre-application stage; reported as part of a larger center
Reno Experience District	Squeeze In opened; Electric Pickle coming	Squeeze In MidTown grand opening June 27; Electric Pickle opening date to be announced
In-N-Out #3 (Plumb & Kietzke)	2024 filing on record	Building permit application filed in May; construction start TBD
Downtown storefront master-lease pilot	Approved in concept	Funded at $150,000; execution targeted this fall
Legends at Sparks Marina	Not on the list	Sold for $103 million July 23; Yard House opened August 31
Reno Public Market	Not on the list	Sold for $19.3 million in June to AmCap
McCarran Marketplace	Paris Baguette under construction	Owner targeting an October opening
Ladera (S. Virginia south of Mt. Rose)	Not on the list	Master plan approved July 22; 39 acres Neighborhood Commercial

Project by project

Kiley Ranch Marketplace: the anchor is Smith's

Per the Reno Gazette-Journal and Northern Nevada Business Weekly, Smith's confirmed in August a roughly 123,000 SF Smith's Marketplace at 6795 Pyramid Way with a drive-through pharmacy and fuel center, opening fall 2027 as Phase 1B of Barclay Group's 400,000 SF power center. Phase 1 shell space is still projected to deliver in the fourth quarter of this year, with about 116,000 SF across 18 spaces listed, per LoopNet. We wrote up the implications for Spanish Springs last month. Short version: the pricing clock on pads and inline space started when the anchor was named.

The Oddie District: filling in

The 232,000 SF former Lowe's conversion in Sparks continues to open in phases. The newest tenant is National Technical Institute, an accelerated vocational trade school taking 8,000 SF for a November opening, per Northern Nevada Business Weekly. The common-area food and beverage tenants are targeting fall openings, per the developer via our Q2 report, and the leasing flyer for the Oddie Commons still shows nine spaces from about 1,100 to 2,300 SF. For a restaurant operator who wants to be in a built-in-audience project without paying South Reno rent, this is the one to look at this fall.

Double R Marketplace: the first real South Reno delivery

Nevada Business Magazine reported the roughly 45,000 SF first building coming online this summer. Grocery Outlet holds a permit for a 16,000 SF cold-shell building at 640 Damonte Ranch Parkway, per the Reno Gazette-Journal, and Dickson Commercial Group has said it expects to turn spaces over to tenants in the first quarter of 2027. Full Belly Deli's August opening nearby at 9333 Double R Boulevard is a preview of the daytime demand this corridor supports.

Downtown Damonte: floodplain review in progress

Per News 4 on July 1, updated floodplain engineering data submitted by the City of Reno is under FEMA review, the step that precedes major construction on the 30-acre district. The developer said last November that environmental issues were resolved and buildings could go vertical by summer, and the Ridgeline office anchor and the mixed-use vision are intact. We will post the construction start date when it is announced. Tenants who want to be in Downtown Damonte should get in the conversation now; for a 2027 opening nearby, Double R Marketplace is the first South Reno delivery.

Costco: a bigger story at the corner

The South Virginia and Veterans Parkway site remains at the pre-application stage with the city, and the Reno Gazette-Journal has reported that the warehouse would be one component of a larger retail center planned at the corner. That is a meaningful upgrade to the story if it materializes: the corner sits between The Summit and the newly approved Ladera plan, on the only stretch of South Virginia with large-format land left. We will update the tracker when a site plan is filed.

Reno Experience District: one open, one waiting

Squeeze In MidTown held its grand opening at RED on June 27, per Northern Nevada Business Weekly. Electric Pickle, the nine-court pickleball and dining concept, had not announced an opening date as of this writing. News 4 has reported that RED's owners plan further expansion of the district. About 20,000 SF of retail was available at last check.

In-N-Out at Plumb and Kietzke: permit application in

Per the Reno Gazette-Journal, In-N-Out filed a building permit application in May for a 3,890 SF restaurant with a two-lane drive-through and 94 stalls on the former Redwood Rotisserie site. Construction start is the next milestone, and when it happens, every pad within a half mile on Kietzke re-prices.

Downtown: the city becomes a tenant

Two policy items from our July permit watch are now in effect. The temporary exception to conditional use permits for indoor live entertainment in downtown, Midtown, and the 4th Street corridor runs through the end of 2027. The Redevelopment Agency's $150,000 pilot to master-lease vacant Virginia Street storefronts and sublease them to curated operators is targeting execution this fall, per the City of Reno. The city also launched an online Business Licensing Center this month, per This Is Reno, which should shave time off openings citywide.

Legends at Sparks Marina and Reno Public Market: new owners

Both trades are covered in our mid-year outlook and our Reno Public Market post. The update since: Yard House opened at Legends on August 31 with 181 hires, per KTVN, and Alturas Capital Partners has said publicly it intends to re-merchandise the center. For tenants, a new institutional owner at a 95.8%-occupied center means the few remaining spaces will be leased with a specific merchandising plan in mind. For owners of other Sparks centers, it means a well-capitalized competitor for tenants just moved in next door.

McCarran Marketplace: Paris Baguette in October

Per the Reno News & Review, owner Jim Yoell is hoping for an October opening of Reno's first Paris Baguette at the renovated McCarran Marketplace, a center our team leases. The repositioning story is unchanged. The date is now close.

Ladera: the next node, entitled

New to the tracker. Reno City Council approved the 161-acre Ladera master plan on July 22, 5-1, per NVBEX, including roughly 39 acres of Neighborhood Commercial zoning on the west side of South Virginia south of Mt. Rose Highway. It now goes to the regional planning agency. First development is a 2028-and-later story, and it is the first new commercial entitlement of scale on that corridor in years, next to the Costco corner.

Also on the radar

• Firecreek Crossing is landing backfill tenants: West Coast Sourdough plans its second Reno unit at 4809 Kietzke Lane, per This Is Reno, before its first has been open a week.
• Spanish Springs has a roughly 41,000 SF building completing this fall, per Nevada Business Magazine, in addition to Kiley Ranch.
• The Crossing at Meadowood Square added The Tox in June, per Northern Nevada Business Weekly, continuing the lease-up after K Corp.'s $3.6 million renovation.
• Reno Revival (the former Harrah's) has announced five restaurants, three bars, and two nightclubs, with openings still to be scheduled. We will add each venue as it opens.
• Carson City got an Einstein Bros. Bagels at 3849 S. Carson Street on September 11, per the Nevada Appeal, a reminder that the capital's south corridor keeps pulling national quick-service brands.

What it means now that money costs more

Tenants. A rate hike does not lower your rent. If anything, it raises the rent a developer needs on new construction, which was already $4.00 to $5.00 per square foot per month, per brokers cited by the Nevada Appeal. That makes the projects already under construction, Kiley Ranch, Double R, the Spanish Springs building, and the Oddie District, the last relatively affordable new space this cycle. It also makes second-generation space at $2.00 to $3.00 more valuable relative to new. Sign the good existing space when you find it.

Owners. Higher rates push cap rates up at the margin and slow the next wave of development. The first hurts your price a little; the second protects your occupancy a lot. If you were on the fence about selling, our sell-or-hold guide walks through the math, and the case for doing the analysis before the next Fed meeting got stronger today. If you are holding, the scarcity thesis just got another year.

Investors. Two out-of-state institutional buyers paid a combined $122 million for Reno retail this summer with rates at 3.50% to 3.75%. The question for the next 12 months is whether that bid holds at 4.00% and a 5% ten-year. Our expectation: it holds for grocery-anchored and lifestyle product with in-place occupancy above 95%, where we place stabilized multi-tenant pricing in the 6.0% to 6.5% cap rate range per the Q2 report, and it thins out for everything else, which is exactly where a local buyer with local knowledge should be looking. The off-market conversations we are having now are with owners who watched Legends trade and want to understand their own number.

We will update this tracker again after the year-end deliveries at Kiley Ranch and Double R. Subscribe to get it the day it publishes, or email icochran@logicCRE.com with a project you want us to dig into.