Downtown Damonte

What it is

Downtown Damonte is a planned 30-acre district near Damonte Ranch Parkway and Steamboat Parkway in South Reno, built out in three phases of offices, restaurants, retail, and townhomes, per News 4's November 2025 report. The Di Loreto Companies, led by Perry Di Loreto, is the developer, and tech firm Ridgeline is the office anchor.

The current plan is a tighter version of the one first announced in July 2022. That plan covered 73 acres, with more than 244,000 SF of retail, dining, and bars, more than 150,000 SF of Class A office, more than 180 hotel rooms, and up to 900 residential units, from a partnership of The Di Loreto Companies and Nevada Pacific Development Corp., per Northern Nevada Business Weekly and Nevada Business Magazine. Retail square footage for the 30-acre plan has not been disclosed. Location per our June 2026 pipeline guide and Q1 2026 report; residential component per our Q2 2026 report. Tracked on the What's Coming to Reno hub.

Status as of October 2026

Proposed. No change was reported between our September update and October 7, 2026. The developer said in November 2025 that environmental issues were resolved and buildings could go vertical by summer 2026, per our mid-year outlook. Per News 4 on July 1, 2026, updated floodplain engineering data submitted by the City of Reno is under FEMA review, the step that precedes major construction; our Q2 2026 report describes it as a final FEMA floodplain mapping review.

One piece is moving on its own track: the 147-unit Crescendo Townhomes, approved by the Reno Planning Commission in March 2026 and pursuing its own building permits, per our Q2 2026 report.

The Ridgeline office anchor and the 30-acre program are intact, per our fall 2026 tracker update. We will post the construction start date when the developer announces it.

Timeline

• July 2022: Original 73-acre plan announced by The Di Loreto Companies and Nevada Pacific Development Corp., per Northern Nevada Business Weekly.
• November 2025: Developer says environmental issues are resolved and buildings could go vertical by summer 2026, per our mid-year outlook; the plan is scoped to 30 acres in three phases, per News 4.
• March 2026: Reno Planning Commission approves the 147-unit Crescendo Townhomes, per our Q2 2026 report.
• July 1, 2026: News 4 reports the City of Reno's updated floodplain engineering data is under FEMA review ahead of major construction.
• FEMA determination and construction start: TBD.

Who is in

Ridgeline, a tech firm, is the named office anchor in the master plan, per our June 2026 guide; our fall 2026 update reports that anchor as intact. No retail or restaurant tenants have been announced in the sources we track.

What it means for tenants, owners, and investors

Tenants. Ian Cochran's view: a 30-acre district with an office anchor and on-site townhome residents is the built-in daytime and evening demand that South Reno restaurants and service retail want, and the spaces will be curated. If Downtown Damonte is on your list, get in the conversation now so you are positioned when spaces are released. For a 2027 opening nearby, Double R Marketplace has Grocery Outlet permitted for a 16,000 SF building at 640 Damonte Ranch Parkway, per the Reno Gazette-Journal, with tenant turnover expected in Q1 2027, per Dickson Commercial Group. Class A second-generation inline space in South Reno is transacting at $2.00 to $2.35 per square foot per month, per our Q2 2026 report, against $4.00 to $5.00 for new construction, per brokers cited by the Nevada Appeal. Read our South Reno and restaurant guides first.

Owners. Ian Cochran's view: South Reno vacancy sits near 1.5%, per our Q2 2026 report, and new supply in the corridor arrives in stages. Push 2027 renewals toward market, and plan for a stronger trade area once Downtown Damonte's office workers and residents are in place.

Investors. Ian Cochran's view: 30 acres of offices, restaurants, retail, and townhomes in Damonte Ranch raises the long-term value of every center around it, and until that supply delivers, existing South Reno centers keep their pricing power. Our Q2 2026 report notes that until Double R, Downtown Damonte, and Kiley Ranch deliver, the market has effectively no new inventory, which supports the centers already open. The Fed's September 16 increase to 3.75% to 4.00%, per CNBC, makes the next wave of supply costlier to finance. Based on comparable sales, our Q2 2026 report places stabilized multi-tenant Reno retail in the approximately 6.0% to 6.5% cap rate range. Start off-market.

Sources

• News 4, November 2025: project resumes, scoped to 30 acres in three phases
• Northern Nevada Business Weekly and Nevada Business Magazine, July 2022: original 73-acre plan and partnership
• News 4, July 1, 2026, via our Q2 2026 report, mid-year outlook, and fall tracker update
• Developer statement, November 2025, via our mid-year outlook and fall tracker update
• Reno Planning Commission, Crescendo Townhomes approval, March 2026, via our Q2 2026 report
• Retail Reno Q2 2026 report, August 14, 2026
• Retail Reno Q1 2026 report, June 2026
• Reno Gazette-Journal, Grocery Outlet permit, via our fall tracker update
• Dickson Commercial Group, Double R turnover timing, via our Q2 2026 report
• Nevada Appeal, new-construction rents, via our fall tracker update
• CNBC, September 16, 2026, Fed rate decision