Located in the Downtown Sparks area of Victorian Square, the Square One project is an adaptive re-use of an existing 1980’s vintage 6 story concrete and steel building. Originally built as a 208-unit 86,000 square foot building, for almost 40 years, operated as a twin property to a gaming operation. Known as the Silver Club Hotel, it was an integral part of the formerly known Bourbon Square, a 3 floor 111,000 square foot Casino (now closed and owned by LCIP).
Located just a ½ block away is the Nugget Casino, which employs 1500 and has 1600 hotel rooms. Square One features a solid mix of studios, metros, and 1 & 2 bedroom units, with one 3 bedroom 2 bath pent house. Additionally, it offers a recreation clubhouse and modern workout facility with ample secured tenant parking.
The 100-unit project commenced construction in the summer of 2015 and was scheduled for a summer 2016 occupancy and expected rent stabilization the first of the year 2017.
The partners view this project as non-subsidized affordable housing. The rental mix and pricing is well positioned to compete with newly built and existing Class “A” rental housing in the area.