The developer of the new Ballpark Apartments across the street from Greater Nevada Field on Evans Avenue has teamed with Washinton, D.C.-based hospitality solutions provider Placemakr to create a ‘pop-up’ hotel within the 369-unit multifamily apartment complex.
Courtesy Pacific Development.
The developer of the new Ballpark Apartments across the street from Greater Nevada Field on Evans Avenue in Reno has teamed with Washinton, D.C.-based hospitality solutions provider Placemakr to create a “pop-up” hotel within the 369-unit multifamily apartment complex.
Sean Murphy, partner with Pacific Development, told NNBW that Ballpark Apartments is about 17 percent leased after opening Feb. 1. The deal with Placemakr to turn 66 units into fully furnished hotel rooms for business or leisure travelers brings additional revenue – and cachet – to the project, Murphy said.
“There’s a great synergy to be able to basically plug Placemakr into one-fifth of the building as a pop-up hospitality,” he said. “They have strong brand recognition, and while this asset is new to downtown, we are now seeing more foot traffic into our building.”
The 486,000-square-foot Ballpark Apartments has 117 studios, 161 one-bedroom and 91 two-bedroom units spread across five stories, as well as a 496-spot parking garage. The Class A building also features a rooftop deck that looks out over Greater Nevada Field, which opened in 2009.
Placemakr took a mix of studios, one bedrooms and two bedrooms units. Jason Fudin, chief executive officer and co-founder of Placemakr, told NNBW his company will spend several hundred thousand dollars furnishing the units and stocking them with housewares and other necessities.
Placemakr has had its eye on Reno for several years, Fudin added. Ballpark Apartments is the company’s first entry into the Nevada hospitality market, but Placemakr operates hospitality units in Salt Lake City, Santa Clara and Silicon Valley. Placemakr also has a large presence on the East Coast and in Washington, D.C. Fudin recently moved to Los Angeles to anchor the company’s expansion into the greater western region.
“This is our first property in Nevada, but we are also looking at some properties in Las Vegas,” Fudin said. “We generally like to be in places where there’s a really good overlap between business and leisure, and downtown Reno has that. We also like to be in the nicest properties, and this property fits really well into our mold. It’s a natural entry point for us.”
Ballpark Apartments is the second deal Placemakr has done with Bridge Investment Group of Salt Lake City, the institutional capital partner on the Ballpark Apartments multifamily complex. Placemakr earlier this year launched the 120-room Placemakr Buzzards Point at The Stacks, a seven-acre waterfront development near Nationals Park in Washington, D.C.
Reno is important for Placemakr due to its long history as a leisure destination and ever-growing presence in business travel, Fudin said. Leisure guests typically carry weekend bookings, while business travelers carry mid-week and longer-term stays, he added.
“We perform exceptionally well out of the gate in new markets when there’s a good overlap between business and leisure travel, particularly in markets where businesses are moving in and sending employees to set up jobs,” he said. “As those businesses are coming in, they need to relocate people, and having a turnkey hotel product is a great solution.
“Reno has a robust expansion in business, and it's always historically been a great leisure market, so it checked two critical boxes for us in a new city.”
Pop-up hotels usually last between one and three years depending on how the building leases up, Fudin noted. Placemakr is also looking at bringing its pop-up hotel concept to other properties in the Reno market. Placemakr will employ a staff of nearly a dozen people, including 24/7 onsite staff, property management, housekeeping, and concierge services.
“We like to start with a single property, hire a local team and understand the customer mix,” he said.
Ballpark Apartments is the second project in Northern Nevada for Pacific Development – the San Francisco-based developer also built Uncommon Reno, the student housing project on North Virginia Street just north of Lawlor Events Center. Pacific Development is also developing a 240-unit housing project at University Way and East Fifth Street in downtown Reno.
“We are excited about delivering Ballpark Apartments and having Placemakr plant their flag in downtown Reno,” Murphy said. “We are big believers in the downtown Reno revitalization. There is so much job growth that continues to happen in Reno, and as it continues we need to have more projects like this.
“Companies want to relocate and further their job base in Reno, and those employees need places to live,” Murphy added. “Ballpark Apartments is a brand that’s being established, and combined with the Placemakr flag, those two drafting off each other will really help the overall economics of the project.”