Clear Capital closes in on Truckee airport land lease
August 28, 2013
TRUCKEE, Calif. — Clear Capital is one step closer to leasing land from the Truckee Tahoe Airport District in an effort to stay local.
The airport board agreed last Thursday to move forward with a non-binding letter of intent with the company to lease property fronted by Soaring and Aviation ways for office building construction. A final letter is hoped to be signed by the end of the month.
"The letter will basically outline the terms under which the airport will move forward toward a final lease negotiation," explained Gabe Nacht, chief financial officer for Clear Capital.
The company wants to enter into a long-term lease with the airport district and JMA Ventures — which would serve as developer — no later than Nov. 15.
A preliminary timeline by Clear Capital has office construction starting in July 2014, with occupation in November 2015.
"Clear Capital very much wants to stay in Truckee," Nacht told the board. "We think it makes sense for us as a business and makes sense for Truckee as a town. I think we bring a lot of benefits to the town of Truckee and we benefit from being in the town."
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Clear Capital, a national provider of real estate analytics and valuations, has outgrown its current 40,000 square feet in office space at Pioneer Commerce Center.
As one of the region's largest employers with a local workforce of about 330 individuals, Clear Capital contributes about $25 million annually to the local economy through payroll and local spending, Nacht said.
"Some would argue this is the biggest decision this board ever has or will have (to make)," said airport board director Tom Van Berkem.
According to a previous report, Clear Capital is looking for a site that can accommodate an 80,000-square-foot campus and 500-plus parking spaces, taking up approximately 6 acres of land.
As property manager, the airport district would have final say on architectural design and landscaping.