Jacobs Entertainment announced this week that it is investing an additional $150 million in its west downtown Neon Line District. The company’s CEO, Jeffrey Jacobs, also said that as part of the development, 100 units will be designated as senior and workforce housing.
Specifically, “units will be made available at the current HUD set affordable housing rate of $783/ month including utilities,” Jacobs told This Is Reno through a PR representative at The Abbi Agency.
The project includes the purchase of several 1970s-style motels as well as the expansion and remodel of The Sands Regency Hotel Casino.
“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,” Jacobs said. “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.”
The first of the new Sands Regency improvements is scheduled to be completed in 2022. The company said that plans will be presented to Reno City Council in the form of a master plan development agreement this summer.