The Sands Regency Casino Hotel Jacobs Entertainment owner and operator unveiled three components of the firm’s $1 billion Reno Neon Line District project in Nevada.
Over the weekend, Jacobs Entertainment CEO Jeff Jacobs confirmed to the Reno Gazette-Journal that a new complex apartment containing 130 units would be constructed.
The building will be located just south of its Sand Regency casino, between Washington 2nd and 3rd Streets. Jacobs says it will build, own, and lease the condominiums.
In addition, Jacobs announced two additional apartment projects in the district. One building will be constructed just south of Washington 5th Street between Washington and Ralston streets. The next complex building is targeted further west at the 4th, Keystone, and 3rd streets convergence.
Jacobs Entertainment is taking off on one of the biggest multi-purpose development initiatives in Reno history. The casino firm, which runs Sands, Gold Dust West casinos in Reno, the Gilpin and Lodge casino in Black Hawk, Carson City, and Elko, unveiled its $1 billion Reno Neon Line District vision in 2019.
The Neon Line District extends from downtown Reno’s West Street to Keystone Avenue and Interstate 80 south Washington 2rd Street.
In July, Jacobs Entertainment agreed with the city to obtain two parcels in the planned district. The firm paid $2.44 million for a parking lot next to Sands Regency and $631,600 for the unoccupied 290 Keystone Avenue parcel. Both locations are expected to become residential apartments.
Jacobs’s initial bid for both downtown Reno facilities was approximately $100,000. However, Jacobs claimed that the city should be willing to sell the parcel to the firm at that low price due to the casino firm’s commitment to developing Nevada city.
Although some Reno councilmembers favored selling the facilities to Jacobs for only a hundred grand, most of them were not. As a result, Jacobs upped its figure.
Jacobs unveiled that the two complex buildings, once finished, will be rendered for sale to interested estate agencies. The condominium site will remain under the ownership of the casino.
Sand Regency recently experienced significant renovation to have the casino hotel up to date. The Aspen Tower property was entirely updated in a section of a $150 million refurbishing. That budget also included Jacobs buying and entirely renovating four restaurants and apartments in the Reno Neon Line District.
Jacobs Entertainment is not completely covering the $1 billion investment number for the Reno Neon Line District.
Jacobs says it will finance a little more than a half of the whole budget or more than $500 million. The remaining funding will come through other investors, such as real estate agencies and the state, the federal government, and city incentives.
The banal-friendly 20-block city district is mainly designed to accommodate the growing population of Reno.
The Nevada city, known as the “Biggest Little City in the World,” has experienced significant housing demand as business giants such as Apple, Google, and Tesla have opened manufacturing properties in or close to the downtown area.
Once completed, the Neon Line will bring 2,000 new residential units to town. The district is expected to take some years to complete.
With its proximity to huge cities and diverse economy, Reno is less dependent on airline travelers and casino jobs in reaching pre-pandemic economic levels.
Reno is approximately 440 miles north of Las Vegas, near Lake Tahoe and the California border. It is only around two hours from Sacramento and three and half hours from San Francisco. The nearest major city, Los Angeles, is around four hours away by vehicle. Phoenix is five hours away.