Jacobs Entertainment recently announced a slew of projects in Reno’s Neon Line district valued at $128M.
In its announcement, Jacobs declared it will be looking into Tax Increment Financing to help fund its proposed affordable housing developments. The announcement included three different renovations to the existing J Resort.
Affordable Housing
The first affordable housing development, dubbed The Breeze, is an effort to redevelop the former Bonanza Inn at 215 W. 4th St. Jacobs purchased the inn in 2024 and stated it intends to redevelop the building into proper affordable workforce housing. Redevelopment efforts will bring about 57 units.
Jacobs is requesting $10M in TIF for the Bonanza Inn redevelopment. The TIF will create a special district for the proposed infrastructure. The project will be funded by a bond, which will then be paid for by property tax.
Another unnamed affordable housing project is to be located next to the Gibson Building. The Gibson Building, located at the NEC of W. 2nd and Ralston streets, was previously renovated by Jacobs and has rent for its 18 units set at 80% of the Area Median Income.
The unnamed development is a part of Jacobs’ deal with the Reno Housing Authority. The agreement calls for Jacobs to create an additional 65-unit affordable housing facility to replace Sarrazin Arms. Jacobs is seeking $12M in TIF for this development.
Jacobs stated it will be altering some of its pre-existing units to affordable housing. For example, Renova Flats will be changed from market rate housing to affordable housing dedicated to residents making 80% of the AMI.
J Resort Upgrades
The renovations to the J Resort are also to receive funds from Jacobs, which pledged $128M. Renovation efforts are targeted at three different areas of the resort: the Rolling Art Banquet Hall, J Resort’s Festival Grounds and the J Resorts 4th Street Entrance and Expansion.
The rolling art banquet hall is a 400-seat event center that will publicly display a variety of European sports cars. The festival grounds are an outdoor event center to host a variety of shows.
The north portion of the existing resort is planned to see renovations that introduce more gaming and restaurant areas. Resort renovation efforts are designed by TBE Architects. (NVBEX, Nov. 26, 2024).
Event Venue
Jacobs is planning a wedding/event venue called Glow Gardens. Plans include combining three restored existing structures for the creation of a 300-seat venue. One Studio D+A is the architect.
The project intends to use the recently restored Chapel of the Bells and the historic Nystrom House.
