Jacobs Entertainment is investing an additional $130 million in its expansion plan for J Resort, marking the latest phase of the ongoing redevelopment project at the downtown Reno property. The upgrades include the creation of a dedicated festival venue, luxury facilities, and residential units.
The main part of the announcement is the development of J Resort’s Festival Grounds, a 10-acre outdoor event space located between North Arlington and Ralston Streets. This marks downtown Reno’s first dedicated outdoor festival venue, capable of hosting up to 15,000 attendees.
The festival grounds are expected to enhance J Resort’s entertainment offerings, building on the success of the Glow Plaza concert series. The $5 million project will allow for over 40 events annually, potentially drawing 150,000 to 200,000 visitors each summer.
Jacobs Entertainment has partnered with JMF Presents, a West Coast concert and festival producer, to oversee these expanded outdoor entertainment activities under a five-year agreement. But the expansion project is also set to cover other improvements at the Reno property.
“The improvements will include our new front entrance off West 4th Street, as well as a 20-foot-tall sculpture, which was recently commissioned in Italy from … sculptor Richard Erdman,” said Jonathan Boulware, regional vice president of Jacobs Entertainment.
Construction on the north expansion is set to begin in January 2025. The phase will also include new parking facilities, additional gaming areas, and a food and beverage venue.
The expansion also features “Rolling Art,” a 400-seat banquet hall showcasing over $50 million worth of European sports cars from CEO Jeff Jacobs’ private collection. The display will include iconic Ferrari supercars, offering a blend of luxury and artistry.
Further plans for a west expansion are also in progress, including an 800-seat banquet hall, a spa, and an indoor-outdoor rooftop pool.
In addition to entertainment and hospitality upgrades, J Resort is addressing housing concerns. Leasing will begin on January 1, 2025, for its new residential development, 245 North Arlington, which will feature 60 units in studio, one-bedroom, and two-bedroom configurations.
Residents will begin moving in by March 1. However, the 60 units fall short of replacing the hundreds of motel units demolished during earlier redevelopment phases. Jacobs remains optimistic about securing over $200 million from investors for additional residential and commercial projects along West Second and West Fifth Streets.
CEO Jeff Jacobs confirmed that the company has already invested $400 million into the downtown Reno project, with the additional $130 million bringing the total investment to nearly $550 million. This builds on the $300 million spent during the first phase of J Resort’s transformation, which included acquiring and demolishing several blighted properties around West Fourth Street.
Jacobs has long-term plans to invest $1 billion in the Reno Neon Line district, a vision aimed at revitalizing the area and transforming it into a premier destination for residents and visitors alike. As part of this effort, Jacobs Entertainment has acquired properties such as the Bonanza Inn and Reno’s oldest house, which it sold for $1 while retaining the land for future development.
Original article: https://www.yogonet.com/international/noticias/2024/11/22/86077-reno-39s-j-resort-announces-130-million-expansion-with-new-festival-grounds-additional-facilities
