New apartments had their grand opening today on 245 North Arlington, becoming the newest apartment development in downtown.
Jacob's Entertainment says it's the first of several residential developments in efforts to revitalize Downtown Reno's Neon Line District.
'245 Arlington' has 60 new apartments, and some people have already started moving in. Jacobs Entertainment expect this complex to be full by August.
They say some of the projects they're working on do fall under affordable housing.
Jeff Jacobs, CEO of Jacobs Entertainment says “10% of what we do in town will be affordable, I think we might do 50 across the street at the Bonanza which will be affordable workforce housing so that would be 10% of 500 units.”
In this complex six apartments fall under affordable housing.
This is also the first ground up residential apartment complex on the Neon Line District.
He spoke on a few other projects as well.
The most recent decision came from the Reno Public Commission who approved a permit for festival activities that some locals who live nearby are saying will be too loud.
Jacobs goes on to say “We are going to be over at City Council in a couple of weeks with the festival grounds and I’m assuming that will go well. It was a seven nothing vote in favor with the planning commission.”
He says they plan on building another 80 units at market rate and 60 more units with the Housing Authority that would be affordable for seniors.
Jacobs explains “If you look at what’s going on on this street for example, there’s two other buildings under construction. One just opened for seniors across the street by Ricky’s. There’s a new building coming up with I think 100 apartments and then over on 5th Street I believe Blake Smith is coming to the city to talk about at 200 or 300 units apartment building so the area is starting to pop on the residential side.”
Also, in regards to the new tariff's in place by the President, Jacobs says they aren't too worried about the change affecting their projects.
He says “We just keep coming to work and it’s about pacing yourself. You don’t want to do too much too quick because then some of those things you discussed can hurt you. But if you take your time and do it right and do it well everything takes care of itself.”
