Town Center Properties – What Next?

Somersett UnitedFor property location information, click on the Following:   Somersett Town Center

As reported previously, the vacant lots at the Somersett Town Center have been sold.  Buyers were Somercom, LLC and the Somersett Owners Association.  Details follow:

Parcel 232-051-10: 

This 34,900 sq. ft lot adjacent to The Club at Town Center (TCTC) was bought in June of last year by Somercom, LLC from Nevada State Bank for $150K.  Nevada Bank had acquired this property, as well as the property discussed below, at auction in 2011 following loan default by the Developer (i.e., Somersett Development Company).

 Somercom, LLC was formed in June of last year with Gary W Duhon as the Managing Officer.  It is believed that Mr. Duhon is also head of the Law Offices of Gary Duhon, Ltd., who specializes in Professional and Real Estate Law. It has been reported that Somercom LLC intends to build multi-rise condominiums on the property. To date no building permits have been found.

 This is the same property that the SOA had unsuccessfully tried to purchase for $210K in 2012.

 Parcels 232-051-16 and 17:

Totaling a combined 28,097 sq. ft., these lots adjacent to the Town Center commercial buildings were purchased from Doodle Properties #5, LLC by the Somersett Owners Association in late November of last year for $260K.  Doodle Properties had originally acquired the property from Nevada State Bank in 2011 for $211K.  It had been reported that Doodle Properties originally planned to build a Memory Care Unit on the property.

 With the loss of the property adjacent to TCTC, purchase of these lots by the SOA represents the best available choice for future amenity additions to TCTC.  The most frequently mentioned includes an indoor swimming pool. Club rooms and fitness center expansion have also been mentioned. However, to date no plans for property development exist.  Use of the property for amenities available to Sierra Canyon residents as well has not been ruled out.  Parking space availability is a potential area of concern.

 Regarding future amenity development for the SOA, at the August 27 BOD meeting, the BOD approved a $24,950 contract to Hansford Economics Consulting to perform a “SOA Amenities Assessment” study. Purpose being to: “Objectively analyze existing and potential demands on SOA amenities and provide recommendations for any changes to existing and planned facility offerings. Design and facilitate a process to create a five year amenities plan with short term and long term goals/projects”. The schedule called for submission of a draft report by November 24, 2014, a SOA response to the draft by December 19, and completion of all deliverables by February 20, 2015. Deliverables to include a planning workshop and development of a “Somersett2020 Amenities Master Plan”

It will be interesting to see in what manner this “Master Plan” addresses the Town Square Lot and Country Club purchases.  Perhaps the BOD or the Strategic Planning Committee, who originally recommended the study, can provide a status report, with findings and recommendations, at the February BOD Meeting.

3 thoughts on “Town Center Properties – What Next?

  1. Why doesn’t our Association, to which we all as members pay dues to, put information like this out instead of a supposed small renegade group of grumbling members whose views and facts are always ridiculed as coming from a bunch of uncaring selfish kooks?

    We deserve better. We deserve to know what might happen before it does. We deserve to know what our board, made up of unit owners just like us, is thinking and wants to do and why. We deserve to have all-owner votes on major items/issues instead of a vote by 5 board members. Why are almost all Vote of 5 votes unanimous?

    Every board candidate spouts “better communications” as part of their platform and what do we get after they get elected? Darkness or maybe dim light.

  2. The lot owned by Somercom has a gigantic sewer easement through it. 0ne cannot erect any structure over this easement.

    It is possible (so I have been told) to pay the CofR to have this relocated under the street. It would then be conceptually possible to build an 18,000 sq ft apt block 5 stories high. 45 ~ 2000 sq ft 3BR apts! This lot is “outside” the rules we have to follow for building (+ modifications) in Somersett.

    Assuming they pay dues, (not a given, as these lots are outside the SOA sphere) for amenity access, that could add $224K annually to the HOA in dues. Property Taxes to Reno would be around $150,000

    At a sp of $300K/apt, that could generate over $12,000,000 for Somercom – building cost around $8 to $9 million. Perhaps a rental play would yield better returns (at $2000/month about $960K/yr

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s