The University of Nevada, Reno and nonprofit Scenic Investments are working on a roughly 400-unit apartment complex at 600 University Way in downtown Reno between East Sixth and Seventh streets.
The 2.7-acre lot is currently owned by Scenic Investments, which will serve as the developer of the public-private partnership. The land will be transferred to UNRonce the bonds to pay for the project are retired.
The multifamily development will feature studio, one- and two-bedroom units. The apartment complex is intended to accommodate faculty, staff and students. More specifically, staff and graduate students are eligible to move in, and if occupancy falls below 90% it would open up to undergraduate students and recent graduates.
The application lists a swimming pool, clubhouse, fitness center, study areas, package lockers, barbeque area, game room, café, business center, outdoor cinema, fire pit area and on-site management as the planned amenities.
A UNR representative said affordable housing for both students and staff has become an issue.
The project will use bonds for development, design and construction. Rent payments will be used to secure the bonds.
UNR will not be making a direct investment in the project and said it will be “financially self-sustaining and independent.”
The proposal is expected to appear before the Board of Regents in December. Developers are currently searching for a general contractor.
The estimated timeline expects construction to commence by the end of next year and conclude in Q2 2028.
