$1 Billion Redevelopment Project Planned For Reno
A $1 Billion project is mixed-use development is planned for the Neon Line District in Downtown Reno.
Jacobs Entertainment, Inc. is planning a mixed-use development in Downtown Reno. The $1 billion project takes up 20 city blocks. The company already has control of 50 different properties, which is spent about $100 million to acquire.
"From my understanding, this is the largest mixed-use development in Reno's history," Jonathan Boulware, Nevada Regional Vice President of Jacobs Entertainment said.
Jacobs Entertainment is nearly three years into the planning stage of the project. It started buying properties in 2016, with a plan to create The Fountain District. Now it is called Reno's Neon Line District. It stretches from Keystone Avenue to West Street, and from Interstate 80 to West Second Street.
"To take an area, especially close to downtown and revitalize it, and actually do more than revitalize but to create a culture epicenter that will attract local visitors, visitors nationally and internationally, is something we're very excited about," Boulware said.
The project includes 2,000 residential units, including an affordable housing component.
"We plan to have in each of the residential communities, 10 percent are dedicated to senior affordable housing," Boulware said.
Construction is already underway on some of the properties, but crews have not started working on the buildings yet. Eight to 10 sculptures will be placed throughout a half-mile along West Fourth Street. Four of them are already in place. Jacobs Entertainment is paying $25 million for the art display, leasing the former exhibits of Burning Man.
"Art draws people from all different generations," Boulware said. "My 13-year-old daughter enjoys art the same as my 81-year-old father. So you really can't create a truly culture epicenter without having fantastic art for people to enjoy, so it's a big part of what we plan to do as a big part of our development."
The plan called for the demolition of many weekly motels and other blighted properties. It displaced some low-income residents but Boulware says the developer helped find housing in other weekly motels and apartments, which improved their living situations.
"We did demolish some of the blighted motels that were just frankly not in condition for people to live in," Boulware said.
He says the new development will transform that part of downtown, providing a place for people to visit, live, work and play.
"Retail, restaurants, make it pedestrian-friendly, new streetscapes, widen the sidewalks, so we plan to have a completely new experience for people to enjoy," Boulware said.
Boulware does not have a timeline for the beginning of the building construction but he expects the project to be finished in five to seven years, providing a diverse development.
"It's not casinos," Boulware said. "It's residential, it's entertainment, it's art, it's light, it's sound. So because of that, it's just a very unique experience."
Jacobs Entertainment bought Sands Regency in July, 2017. It is spending $250 million to restore the hotel casino, including remodeling its 800 rooms.