Jacobs Entertainment announces an additional $150 million investment in the next phase of Reno’s Neon Line District. The project includes the purchase of several 1970s style motels as well as a major expansion and remodel of The Sands Regency Hotel Casino.
This new investment is coupled with the initial $135 million that was previously used in the acquisition and development of property on West Fourth Street. In the next phase, Jacobs Entertainment will renovate four motels including Townhouse, 7-Eleven, Castaway and Sarrazin Arms.
It's nice to see them keep these four motels instead of demolishing them, and keeping them affordable.
“As part of our proposed development agreement with the City of Reno, Jacobs Entertainment is committed to preserving 100 affordable housing units for the next decade,” said Jeffrey Jacobs, Chairman and CEO of Jacobs Entertainment. “These will be both senior and workforce affordable housing units, and will represent 30 percent of our apartment units along Reno's Neon Line. In addition to the $1.5 million that we previously donated to the Reno Housing Authority (RHA), we continue to explore affordable housing opportunities in public/private partnerships with the RHA and the City of Reno.”
In addition to upgrading these four motels, Jacobs Entertainment will be completing the final phase of public art along Reno's Neon Line, as well as undertaking a major expansion and remodel of The Sands Regency Hotel Casino.
"Not only will we be completely remodeling our 725 hotel rooms, but we are also adding a spa, new restaurants, a rooftop pool, a second parking garage and an exciting new casino,” Jacobs said. “When we have completed our remodel, the property will have a bold, contemporary look and feel that will definitely not be your grandmother's Sands Regency.”
The new developments on Reno's Neon Line will be presented to Reno City Council in the form of a master plan development agreement this summer, with the intent of reflecting city council’s desire to see more affordable housing and infill projects developed in Reno.