First Independent Bank Funds Downtown Reno Upscale Apartment Project
One of downtown Reno’s longest vacant buildings is being transformed into an upscale apartment building, bringing new life and modern living options to the downtown Reno area.
The redevelopment project is a partnership between Basin Street Properties and Bentar Development, which received funding to complete the project from First Independent Bank, a division of Western Alliance Bank.
Once renovation is complete, the 3rd Street Flats will have 94 units and will be marketed to young professionals and a growing portion of the broader population that gravitate to living options in downtown areas. The housing units are a first step in meeting future housing needs associated with Reno’s projected growth of 50,000 jobs by 2020.
“This is a great step forward for downtown Reno and for the city’s rebirth that we’re all working so hard to accelerate,” said Bob Francl, Executive Vice President and Regional Manager at First Independent Bank. “Our ability to provide a range of lending options to developers, and many other types of businesses, is vital to helping Reno prepare for a new era of growth and meet the needs of a new economy.”
The 3rd Street Flats will utilize the structure which once housed the Kings Inn, a hotel-casino that has been dormant for 30 years. The building was stripped down to the concrete and renovation of the interior is now underway. The living units will span the second through seventh floors, containing one and two bedroom floor plans. The first floor will have 9,000 square feet of space for retail tenants.
The project is expected to open in the Summer of 2016.