Clear Capital building at Truckee airport should break ground in coming weeks | SierraSun.com

Clear Capital building at Truckee airport should break ground in coming weeks

Margaret Moran
mmoran@sierrasun.com
This streetscape shows that the Clear Capital and car rental building will be erected on the corner of Truckee Airport Road and Chandelle Way.
Courtesy TTAD |

If you go

What: Truckee Tahoe Airport District board of directors meeting

Where: Airport Community Room, 10356 Truckee Airport Road, Truckee

When: 4:30 p.m., Wednesday, Sept. 30

Topics: Fiscal year 2016 budget adoption, a summer 2015 pilot outreach report and general updates

TRUCKEE, Calif. — Construction of an office building on Truckee Tahoe Airport property that will serve non-aviation purposes is nearing takeoff.

Located at the corner of Airport Road and Chandelle Way, the building that will house Clear Capital and two rental car companies should break ground no later than mid-October, said Kevin Smith, TTAD general manager.

With project approval from the Nevada County Board of Supervisors, the airport district is going through the bidding process and trying to get the permit to construct the 12,640-square-foot building, he said.

While the project is still in the bidding process, Smith said, airport officials are optimistic the final cost will be close to the $4.1 million estimate, which the district will cover with reserves over multiple fiscal years.

To recoup its investment, the district will charge Clear Capital an agreed-upon rental rate of $1.27 per square foot a month, along with 59 cents per square foot to cover other expenses such as maintenance and electrical fees.

Based on an office size of 10,840 square feet, the Truckee-based real estate valuations and analytics company will pay $20,162.40 a month, or $241,948.80 a year.

The lease term for the building is for 10 years beginning Aug. 1, 2016, with the option for Clear Capital to leave after seven.

In that scenario, Clear Capital must give the airport district 270 days notice it’s leaving at the end of year seven, and pay a year’s worth of rent.

Meanwhile, two unsigned rental car companies will split the remaining 1,800 square feet. The airport district still trying to determine their rental fee, Smith said.

Of the three rental car companies that operate at the airport — Hertz, Enterprise and Avis — Hertz is expressing strong interest in being housed in the new building, he said.

Earlier this September, Hertz temporarily moved its office to Hangar 2, which is located next to the airport playground, as its former office building is located where the new building will be constructed.

The Hertz former building — which is 37 years old, and if kept, would need work — is planned to be demolished in the coming weeks, Smith said.

The goal is to have the new building complete by August 2016, as Clear Capital’s lease at 10875 Pioneer Trail in Truckee expires then.

In late February, Clear Capital signed a construction and lease agreement with the airport district that will keep 100 to 125 jobs in the area.

Prior to that, Clear Capital announced it would relocate its main headquarters and about 125 employees from its current Truckee location to Reno.