Sands Regency Casino owner reveals more details on $1bn Reno Neon Line District development
Jacobs Entertainment Incorporated, the owner of the Sands Regency Casino, has released more details about its $1 billion Reno Neon Line District development or undertaking in the Nevada city, California.
Jacobs Entertainment CEO Jeff Jacobs announced that the first step in turning the project into a reality would involve development of a large condominium complex and a couple of apartment buildings. To be located just south of its Sands Regency casino between W. 2nd and 3rd streets, the planned complex will offer a total of 130 apartments.
The top executive also announced that the condos will be developed, owned, and leased by Jacobs Entertainment itself.
In addition to the condominium complex, Jacobs Entertainment will work on a couple of apartment projects in the Reno Neon Line District. One of the two projects is slated to be built just south of W. 5th Street between Washington and Ralston streets; while the second project will be developed in the west, at the convergence of 4th Keystone and 3rd streets.
In July this year, the company signed an agreement with the Reno City Council to acquire two parcels of land. It made a payment of $2.44 million for a parking lot adjacent to Sands Regency and $631,600 for the vacant parcel of land at 290 Keystone Avenue. Both parcels will be used to develop residential complexes. While the condo site will remain under the ownership of the casino, the two apartment complexes will be presented for sale to interested realty groups.
The twenty-block city district of Reno has primarily been designed to accommodate the Nevada City’s growing population. Dubbed the “Biggest Little City in the World,” the Nevada City has experienced a huge jump in number of its residents.
In short, the primary force behind the project is going to embark on one of the biggest mixed-use development projects in the history of Reno. The $1 billion Reno Neon Line District vision was first announced in the year of 2019. Currently, the company operates Sands and Gold Dust West casinos in Reno and Elko, as well as the Gilpin and Lodge casinos in the Black Hawk area of Colorado.
More than half of the overall budget for the project will be financed by Jacobs Entertainment, while the remaining funding will come from other sources and investors, including real estate developers and the city government.
United Kingdom News
- BGO Entertainment to sell customer list & domain before leaving U.K. market
- Chinese EV maker XPeng sells more than 10,000 units in October 2021
- Ashok Leyland in search of right investors for EV business
- China’s Autoflight successfully completes first flight of autonomous V1500M eVTOL aircraft
- German EV startup Sono Motors files for U.S. IPO, seeking valuation of over $1 billion