In the company’s latest efforts in revitalizing downtown Reno’s West 4th St. corridor…
Jacobs Entertainment, Inc. is converting the 46-room Crest Inn Motel and neighboring West 4th St. mini-mart and gas station into urban residences dubbed Renova Flats.
The first phase of the $11 million project, Renova Flats, includes 46 newly renovated units. The second phase will include an additional 10 units. The units will include substantial cosmetic updates, improved landscaping, community kitchen, and lounge. The flats are slated to be rent-ready by early spring.
Jacobs Entertainment will be holding a press conference on October 25 to further discuss the plans for these residence units and will unveil renderings of the renovated space.
“We are excited to announce Renova Flats, our first market-rate housing effort,” Jeff Jacobs, the chief executive officer of Jacobs Entertainment, said. “The name Renova comes from the combination of ‘Reno’ and the Latin word for new, ‘nova.’ It is our hope to bring something completely new and vibrant, yet still, have it stay true to Reno’s spirit and contribute to Reno’s growth.”
“Renova Flats is another component of our mission to provide higher quality living conditions to the area,” Jonathan Boulware, vice president of Nevada operations said. “We are eliminating properties in severely blighted conditions. Additionally, we are setting aside a number of affordable units for senior housing.
Jacobs Entertainment, Inc. continued its commitment to the Reno community by relocating the former residents of the Crest Inn to improved living conditions. The company donated furniture, food, moving laborers, and rent money to assist the individuals and families in relocation.
Renova Flats will be located on the 500 block of W. 4th St. The renovations will be done by Reno Real Estate Development, LLC, a wholly-owned subsidiary of Jacobs Entertainment, Inc.
“We are excited to be moving into the development phase of our West 4th Street efforts,” Boulware said. “We also anticipate announcing our plans for additional green space as well as streetscape for West 4th St. before the end of the year.”
Jacobs Entertainment, Inc owns the Sands Regency, Gold Dust West, and the majority of real estate located on West 4th St. between West St. and Keystone Ave.