When Elon Musk first announced that he planned to build a massive battery factory employing as many as 6,000 people, he set off a state incentive war aimed at landing what we now call the Gigafactory. Reno, Nevada was the winner of state incentive war set off by Tesla, and with Gigafactory construction now under way, real estate investors are moving in.
So says a report from Teslarati, which notes that land around the Reno-Sparks Industrial Park has been for sale for some time with little interest. Now that Tesla is moving in though, so are real estate magnates looking to snap up land and properties before the sustainably-powered Gigafactory opens for business. Two multil-million dollar apartment complexes have recently been purchased in the nearby area, and agents have fielded calls from interested parties who have the cash and willingness to start building housing and retail development for the influx of residents.
As far as housing goes, there’s just a 2.6 months supply of ready-to-sell units, half what a healthy market normally has. While construction has already begun on a number of nearby developments, a lot of land is being bought up in anticipation of Tesla’s arrival. Basically, Reno is getting a techie makeover as construction of the Gigafactory begins in earnest, and it’s already having a tremendous affect on the local economy.
Elon Musk was quick to point out that the incentive package Nevada offered Tesla was a pretty good deal when you consider what the electric automaker is bringing to the table. It looks like Nevada’s gamble with Elon is already paying off, and Reno stands to benefit tremendously. Pre-Gigafactory, it was already gaining a reputation as something of a start-up incubator for those fleeing San Francisco’s sometimes-toxic culture and outrageous rents. With Tesla coming to town, technie types from across the country could be drawn to Silicon Valley 2.0.
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