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Out in the northern desert of Nevada, in an area that suffered greatly during the 2008 collapse of the housing market, a transformation has begun that may establish new standards for cooperation between government and business.
The project is called the Tahoe-Reno Industrial Center (TRIC), located within the 264 square miles of Storey County, Nev., just 15 miles east of Reno and three-and-a-half hours from the ports of Oakland and San Francisco.
The 167 square miles of the TRIC represents an ideal partnership between two entities that seek the same goal: A reduced government role in the development and taxation of new locations. When Storey County offered the deals, famous and not-so-famous names came running, including:
- Google - Purchased 1,210 acres of land in the TRIC in 2017 to secure a future site for one of its data center campuses.
- Walmart - An early TRIC tenant that established a distribution center there in 2005.
- Tesla - Opened its first Gigafactory in 2016 to supply batteries for cars and storage systems.
- Home Depot - Warehouse and distribution center.
- PetSmart - Warehouse and distribution center.
But the granddaddy of all transactions was yet to come. In January 2018, tech startup Blockchains bought 67,000 acres on which they plan to build the world's first "smart city," using blockchain technology to support a company campus, sports arena, and residences supported by banks, markets, schools, and more.
Today, there are over 100 tenants in the TRIC, all of them attracted somewhat by Nevada's absence of personal or corporate tax but primarily by the speed of the approval process. Tesla, for example, received a massive tax incentive of about $1.3 billion but when asked about what lured him to the TRIC, CEO Elon Musk said it was the "pace of execution" that won him over.
In most other parts of the country, permit approvals can languish for weeks or months. Not so at the TRIC where grading permits are issued within seven days and building permits are approved within 30 days.
The infrastructure is there, too, with water, utilities, roads, and rail service already in place.
The TRIC has had its share of hurdles, including shortages of workers and complaints from neighboring counties that the new residents are consuming resources and services but not contributing to their costs.
These challenges, and any others that arise, will be met with the same energy and innovation that created the TRIC in the first place.
Take advantage of some of the great TRIC amenities at a fraction of the cost with our selection of industrial ready land parcels in Northern Nevada.