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Jacobs Entertainment continues to expand its sizable (and sometimes controversial) downtown Reno real estate portfolio by purchasing more older motel properties.
Sands Regency Hotel and Casino owner and Reno Neon Lines developer purchased the Rancho Sierra Motel on Sept. 19 in a transaction involving three parcels in downtown Reno, according to records obtained from Washoe County. All three plots are sold by Bajwa Properties LLC.
more:Does Jacobs’ 1,000 Affordable Housing Proposal Add Up?we did the math
The $10.5 million deal involved three adjoining buildings with a total of 63 units:
- 411 W. Fourth St.: This 10,174-square-foot building was built in 1952 and has 32 units.
- 0 W. Fourth St.: This 6,000-square-foot building was built in 1966 and has 17 units.
- 435 Nevada St.: This 7,400-square-foot building was built in 1971 and has 14 units.
The Reno Gazette Journal has reached out to Jacobs Entertainment about plans for the three properties.
Rancho Sierra bought the latest Real estate acquisition boom in downtown Reno Jacobs Entertainment started operations in 2017. CEO Jeff Jacobs described the acquisition as part of an ambitious project to redevelop the West Fourth Street corridor into a new bustling attraction, which has since become known as the Reynolds Neon Line District.
Jacobs envisions the project as a work-life-play destination that blends residential and commercial development with entertainment and tourist attractions.
“We wanted to create an arts and entertainment district so people could come to Reno from the Bay Area and spend some money in Reno,” Jacobs told Reno Gazette Magazine in 2019. “My The goal is for people, families, and out-of-towners to walk around West Fourth Street and be comfortable.”
However, after Jacobs Entertainment began tearing down several motels it bought as part of the Reynolds Neon Line project, the project started to gain traction, with no ready replacements.
Jacobs said the demolition was necessary, adding that the properties were dilapidated and unfit for people to live in. Jacobs added that his company offers help to tenants to find new rents.
Meanwhile, critics say Destruction of old motel destroys hundreds of housing units This is actually affordable housing at a time when house prices are skyrocketing and rents are hitting record highs.Residents at the lower end of the economic ladder are being hit especially hard Reno’s housing affordability crisis Because house prices are rising much faster than wages.
Neon Line Development Agreement:Here’s what the Reno City Council voted on
The project has also started to come under criticism after a slowdown in development, which Jacobs attributed to the COVID-19 pandemic. One of the project’s fiercest critics, Reno City Council member Jenny Brekhus, slammed what she saw as a lack of progress on the project earlier this year.
“The only economic development here is for Mr. Jacobs’ bottom line,” Brecks said at the time. “I saw Mr Jacobs continue to demolish the property and nothing was built.”
City manager Doug Thornley also embroiled in controversy Discussions surrounding the project came after Brekhus accused city officials of falling into the pockets of developers, which Thornley vehemently denies. The allegation was strongly opposed by several council members and Mayor Hilary Schiff.
“Congresswoman Brekhus’ assumption is completely inappropriate,” Schieve said. “I want to make that very, very clear.”
Since acquiring a string of properties, Jacobs Entertainment has installed several Burning Man sculptures and broke ground on a new 60-unit condo project.Jacobs is also Major $300 million renovation of Sands Regency Hotel and Casinowhich, according to the CEO, will eventually be renamed once completed.
Jacobs proposed earlier this year offering up to three packages on West Third Street for Workforce housing projects up to 1,000 unitsHowever, Jacobs added that such a project would require the “involvement” of the city of Reno and should be led by the Reno Housing Authority.
The proposal could cost $300 million, according to an analysis by the Reno Gazette Journal, but significant progress has yet to be made.
Jason Hidalgo cover Business Reno Gazette Journal of technology and technology, and reviews the latest video games.follow him Twitter @jasonhidalgo. Like this content? Support local journalism RGJ Digital Subscription.
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