Saturday, July 17, 2021 | 9:09 p.m.
RENO — Developers have confirmed a new student housing project is planned on the edge of the UNR campus.
A spokeswoman for Canyon Partners Real Estate told the Reno Gazette Journa l this week the 12-story building will provide housing for 755 in single and multiple-bedroom apartments on North Virginia Street near the Lawlor Events Center.
The project dubbed The Academy at Reno is part of a joint opportunity zone project between Canyon, GMH Communities and CRG. It’s expected to be completed in time for the 2023 school year.
The newspaper reports Canyon Partners is investing $36.2 million on the project, which also received a $75.2 million senior construction loan from Citizens and Nevada State Bank.
Housing units will range from one to five bedrooms.
The Academy at Reno is the ninth joint venture by Canyon Partners that’s built on a qualified opportunity zone. Opportunity zones were created as part of the 2017 Tax Cut and Jobs Act to stimulate development in low-income communities and economically challenged areas, though they have also seen their fair share of controversy.
Canyon Partners has invested more than $700 million in opportunity zone projects such as The Academy at Reno.
