County Sells Land for 444-unit Riverstone Apartments Development

Churchill County Commissioners have approved the sale of county-owned land and the final subdivision map for a project that will bring 444 new apartment units to Fallon. The new development also sets in motion the long-planned Moody Lane extension project.

The 31-acre site, located north of Coleman Road, was purchased by the county five years ago for its potential role in a future river crossing and north–south traffic corridor — and to encourage apartment construction to help ease Fallon’s ongoing housing shortage.

At their Oct. 15 meeting, Commissioners approved the sale of the property to Vertex Fund 3 LLC for $600,000. The county had previously entered into a purchase agreement with Vertex, a Colorado company, but both parties agreed to amend the terms to reflect current conditions and project needs. The revised agreement includes an easement across the property for utilities and roadway purposes. Assistant County Manager Joe Sanford said the sale will close within 15 days.

Vertex granted an on-site access and utility easement to the county. In exchange, the county agreed to a one-time credit of up to $200,000 against impact and hookup fees. County staff described the credit as applying to the property and not transferable to other projects. The county and Vertex removed a prior water-rate guarantee provision; Vertex will obtain water at standard county rates when and if development proceeds.

Stephen Tuck, representing Vertex, said the company has always intended to develop the property, but financing firms required an approved final development map before considering project funding. That map, drawn in 2023, will remain valid until March 2027.

Plans for the Riverstone Apartments include 17 three-story buildings with a total of 444 units, along with a clubhouse, rental office, pool, playground, picnic areas, and volleyball court. The design also incorporates five ponds and a river “take-out” spot for residents floating the river. The take-out area will include a boat ramp and parking. The county obtained an upstream “put-in” spot on Sheckler Cut-Off several years ago. County staff, hoping to create a County River Takeout Park, have recommended adding an ADA-accessible pathway, an all-weather restroom, and a paved lot with 20 parking spaces.