Jacobs Entertainment today announced that the Crest Inn at 500 West Fourth Street, and a nearby mini mart and gas station, will be converted into 46 residential units expected to open in the spring of 2019.
“We are excited to announce Renova Flats, our first market rate housing effort in Reno,” said Jeff Jacobs, chief executive officer of Jacobs Entertainment. “The name Renova comes from the combination of ‘Reno’ and the latin word for new, ‘nova.’ It is our hope to bring something completely new and vibrant, yet still have it stay true to Reno’s spirit and contribute to Reno’s growth.”
The $11 million project will have cosmetic upgrades, new landscaping, and community kitchen and lounge. Another 10 units will be added in a second phase.
The company said that it provided financial assistance and relocation help to former Crest Inn residents.
“Renova Flats is another component of our mission to provide higher quality living conditions to the area,” said Jonathan Boulware, vice president of Nevada operations. “We are eliminating properties in severely blighted conditions. Additionally, we are setting aside a number of affordable units for senior housing.”
The company is seeking to transform the area west of downtown into an arts and entertainment district. Critics have been demanding more transparent plans for the area as the Colorado-based company purchases and transforms properties.