RENO, Nev. (News 4 & Fox 11) — Jacobs Entertainment announced plans this week to bid on the vacant Bonanza Inn in downtown Reno at auction and, if the developer acquires it, demolish it for workforce and affordable housing.

CEO Jeff Jacobs said in a statement his company will bid when the property goes to auction Nov. 29. The property, located at 215 W. 4th St., was permanently shuttered in 2022 because of multiple city code violations.

If Jacobs acquires the parcel and builds, it’d be the third new housing project in Jacobs’ massive Neon Line District, a planned $1.8 billion mixed-use entertainment district spanning 4th St.

The Colorado developer renovated 47 units at Renova Flats and 60 apartment units at 245 N. Arlington are under construction currently.

The property, listed for $3.6 million last year, would be turned into workforce housing and 10% affordable senior housing if Jacobs was to be successful in acquiring it at auction, he said.

“Given its location and our overall housing development goals for Reno’s Neon Line District, this is an ideal opportunity to reposition a blighted downtown property and create much needed workforce and affordable senior housing,” Jacobs wrote in a statement.

Our efforts to redevelop blighted downtown properties into quality housing for Renoites is not easy, cheap or quick, but it’s an integral part of our vision for Reno’s Neon Line District and one we remain strongly committed to.

The Reno Housing Authority said last year it intended to pursue the Bonanza Inn for affordable housing, but the RHA was unsuccessful at the time. A spokesperson told News 4-Fox 11 on Friday that RHA has moved on from the project and won’t be pursuing it this time around.

A press release stated Jacobs plans to update the Reno City Council about progress on the Neon Line District on Nov. 15.

Email reporter Ben Margiott at [email protected]. Follow @BenMargiott on Twitter and Ben Margiott KRNV on Facebook.