Jacobs Entertainment, owner and operator of the Sands Regency Casino Hotel, has unveiled three components of the company’s $1 billion Reno Neon Line District undertaking in the Nevada city.
Jacobs Entertainment CEO Jeff Jacobs confirmed over the weekend to the Reno Gazette-Journal that a new condominium complex with 130 units will be developed. The location is just south of its Sands Regency casino, between W. 2nd and 3rd streets. Jacobs says it will develop, own, and lease the condos.
Jacobs additionally announced two apartment projects in the district. One complex will be built just south of W. 5th Street between Washington and Ralston streets. The second apartment building is being targeted further west at the convergence of 4th, Keystone, and 3rd streets.
Jacobs Entertainment is embarking on one of the largest mixed-use development initiatives in the history of Reno. The casino company, which operates Sands, as well as Gold Dust West casinos in Reno, Carson City, and Elko, and The Gilpin and Lodge casinos in Black Hawk, Co., unveiled its $1 billion Reno Neon Line District vision in 2019.
The Neon Line District stretches from downtown Reno’s West Street to Keystone Avenue, and from Interstate 80 south to W. 2nd Street.
Jacobs Entertainment in July entered into an agreement with the city to acquire two parcels in the planned district. The company paid $2.44 million for a parking lot adjacent to Sands Regency, and $631,600 for the vacant 290 Keystone Avenue parcel. Both locations are set to become residential complexes.
Jacobs revealed that the two apartment buildings, once completed, will be offered for sale to interested realty groups. The condo site will remain under the ownership of the casino.
Sands Regency recently underwent a substantial renovation to bring the casino hotel up to date. The property’s Aspen Tower was fully updated in part of a $150 million refurbishing. That budget also included Jacobs purchasing and fully renovating four motels and apartments located in the Reno Neon Line District.
Jacobs Entertainment isn’t fully covering the $1 billion investment number for the Reno Neon Line District.
Jacobs says it will finance a little more than half of the overall budget — or upwards of $500 million. The remaining funding will come by way of other investors, such as real estate developers, plus incentives issued by the city, state, and federal government.
The pedestrian-friendly 20-block city district is primarily designed to accommodate Reno’s growing population. The Nevada city, dubbed the “Biggest Little City in the World,” has experienced high housing demand, as corporate giants such as Google, Apple, and Tesla have each opened manufacturing facilities in or near the downtown area.
The Neon Line, once finished, will bring 2,000 new residential units to town. The district is expected to take several years to complete.
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