The downtown Bonanza Inn is for sale for $3.6 million and the Reno Housing Authority (RHA) is considering buying it.
The property at West Fourth and West Streets has nearly 60 units, according to the online listings for the property and was built in 1968.
“The Bonanza Inn was built prior to the construction of the adjacent (and now shuttered) Sundowner Casino to the west and The Seasons Inn to the north,” the listing notes. “It also shares the block with The Belvedere, which is a condo conversion of a portion of The Sundowner. All Belvedere units have been sold. None of the Bonanza units have been renovated and the building is at the end of its useful life.
“The pool and the elevator are out of service. Per an appraisal dated February 4, 2021, the highest and best use is demolition and redevelopment. This would allow a buyer to start with a clean slate on a prime downtown location, with mixed-use zoning that allows for significant development possibilities,” the listing adds.
The housing authority’s April Conway confirmed today to This Is Reno it was considering purchasing the property.
“RHA intends to submit a letter of interest on the property in the coming week,” she said. “From what we understand, the property is held in a trust, so while it’s a public process, it’s also one that’s more complicated than a standard sale.”
Conway said RHA would use the property for affordable housing. Downtown Makeover first reported about RHA’s interest in the property.
