On Thursday, Jacobs Entertainment announced that they will seek to acquire the Bonanza Inn, located at 215 W 4th St, as part of its goal to increase quality housing options in Reno’s Neon Line District.

“We intend to make a strong bid to acquire the property in order to develop additional workforce housing, with a set aside for 10% affordable senior housing units,” said CEO Jeff Jacobs. “While we currently own the 47-unit Renova Flats, with 10% affordable senior units, as well as the 60-unit 245 North Arlington apartments under construction, also with 10% set aside for senior affordable housing, we are looking for additional opportunities out into 2025. 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.”

The Bonanza Inn was permanently closed last year after repeatedly being cited for code violations by the City of Reno. The property, listed as a tear-down, is scheduled to be sold at auction on November 29.

Jacobs Entertainment made the announcement in advance of appearing before the Reno City Council on November 15 to present updates on its development agreement with the city.

The developer has made steady progress in transforming Reno’s Neon Line District, including more than $400 million in upgrades to J Resort, the former Sands Regency hotel-casino, the creation of the Glow Plaza festival grounds, and new housing at Renova Flats and 245 North Arlington.  

“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,” added Jacobs. 

To learn more about Reno’s Neon Line District, visit https://renosneonlinedistrict.org/.

(The Abbi Agency assisted with this report.)