The City of Reno started demolition on the blighted Carriage Inn motel on West 4th Street on Friday.

The motel often served as a temporary shelter with a high turnover rate but there were a couple of senior residents living there that developers moved before the demolition.

The developers, Jacobs Entertainment Inc., recently purchased several properties along the street in an effort to bring a new arts and entertainment district to the area.

The project could cost up to $500 million to complete, but that money will come from private funds.

They hope to have it finished within the next 5 years.

The company says it plans to redevelop the property.

“West 4th Street is fast approaching a period of significant transition,” Jeff Jacobs, chief executive officer of Jacobs Entertainment, said. “We are preparing a traffic demand study to determine the appropriateness of the installation of two double lane roundabouts on West 4th Street, one at the intersection of West 4th St. and Ralston St. and the other at the intersection of West 4th St. and Washington St.”

In addition, the company announced has donated money to help with area affordable housing.