In a manner of speaking the Montage project is a case of high rise recycling. What was once the Flamingo, then the Golden Phoenix and finally one of a collection of failed downtown hotels is today something altogether different.

"This is the greenest form of development," says the man behind the project, developer-manager Fernando Leal. "It's taking a million square feet that otherwise would have gone into a landfill and creating a class A building that would compete with any building in the country."

In fact, except for the superstructure, there's little left of the old building.
It's 377 units are not refurbished hotel rooms. What was built inside the skeleton of the old building is a surprising variety of urban homes--street level row houses, lofts with 15 foot high ceilings, 3 story townhouses that open onto a half acre pool deck and, of course, conventional studios and one and two-bedroom units.
building.

And there's an unusual feature, one you won't find on in most condos.
A sixth-floor garden that's actually a dog park. "I think dogs humanize a building," says Leal, who's included the same feature in other projects elsewhere. Reaction, he says, has been very positive.

The housing world is a much different landscape when the Montage was first planned. Prices have been discounted as much as 20 to 35 percent reflecting the realities of today's market.

A studio unit will go for a little over $120 thousand. Prices rise with the square footage. One and two bedroom condos, 3 story townhouses go for hundreds of thousands more. And then there are the penthouses. The most expensive unit is a $1.6 million penthouse.

Even in this economic climate, Leal says there's interest.

"Over the last 4 weeks we've had approximately 500 people come and tour the property so I think there's tremendous curiousity as well as interest. I think people right now are just waiting to see what happens, what happens with interest rates and financing options and, of course, pricing."

Thirteen units are already occupied. Another 127 are under contract. Some buyers are looking for a second home in Reno. For others it will be their primary residence.

Some units still need finishing work. The gym is not yet open and planned retail and a restaurant on the first floor haven't materialized. Still, as the ceremonial ribbon was being cut Wednesday, the Montage was being heralded as a big step for downtown Reno. "It's a great addition," says Leal, whose next project is another darkened downtown hotel, Fitzgeralds.