Recognizing that Downtown Reno is at a key juncture, business and community leaders have joined together in a project fiscally sponsored by REA250 to accelerate the evolution of Downtown into a vital, integrated component of our community. The project is the repurposing of Reno’s Nevadan hotel into a multi-use, integrated facility – the Reno TechHUB – designed to help transform Downtown through the synergistic forces of connectivity, innovation, education, economic vitality and entrepreneurship.
Objectives of the Reno TechHUB:
Through thoughtful renovation, the Nevadan hotel will be repurposed into a 21st-century Live-Work-Learn ecosystem that connects the Downtown to the University and Business communities. The Reno TechHUB will consist of three-floors of integrated, multi-use space for students, businesses, entrepreneurs and eleven floors of residential living space with full amenities and underground parking.
The TechHUB aims to achieve:
1. Connectivity: The Reno TechHUB embraces “connectivity” as the goal in creating a Live-Work-Learn ecosystem to bring together students, faculty, entrepreneurs, business people, innovators, artists and other independent creators. The TechHUB will connect Downtown to the University and the University to Downtown, harnessing the combined intellectual power of faculty, students, entrepreneurs and business people. It will connect innovators and entrepreneurs to business development, and business development and economic revitalization to Downtown. It will help to connect Reno to Nevada’s economic future.
2. Innovation: The Reno TechHUB will promote innovation by providing an interactive, creative Live-Work-Learn ecosystem designed for young and independent workers, among others. It will target the 89,000 metro-area residents between 20-34 and the 2,000 plus home-based workers most likely to benefit from co-working. The TechHUB will promote innovation through co-working space with hot desks where people can collaborate, share ideas and foster creativity. It will also provide needed “maker-space” for prototype development. The TechHUB will encourage University-business, business-University collaboration by being a focal point for the dynamic concentration of talent and intellectual resources.
3. Education: The Reno TechHUB will provide a downtown location for University education and research programs advancing entrepreneurship. The TechHUB will collaborate with the University on developing cross-disciplinary courses needed by university students, TechHUB residents and members, as well as the larger community. Businesses as will also be encouraged to base their entrepreneurship training programs here in the form of seminars, conferences and traditional classroom courses. As a Live-Work-Learn ecosystem, the TechHUB will become a major center of educational programs devoted to entrepreneurship and innovation.
4. Economic Vitality: The Reno TechHUB is designed to accelerate downtown revitalization. It will demonstrate to the State and the American business community that Downtown Reno embraces entrepreneurship as the engine of economic growth and job creation. In so doing, the TechHUB will elevate Reno as an attractive city for business development and investment. The TechHUB will provide the kind of environment needed to attract and retain talent. It will be a place where talent meets business opportunity and investment.
5. Entrepreneurship: The Reno TechHUB will be devoted to the principle of entrepreneurship. It will provide an environment for people to share and advance ideas. It will be a place where people are encouraged to explore and take risks – a place where “happy accidents” and “unintended consequences” will lead to new ventures and businesses. The TechHUB will provide a supportive, nurturing environment where entrepreneurs can find the resources needed to progress. It will be a place where entrepreneurs will initiate new projects and business undertakings.
The Business Plan: Self-Sustaining
The Reno TechHUB has a self-sustaining business plan which will ensure financial success. The project is projected to have a net annual cash flow of over $500,000 from its first year of operation. Revenues will be generated from the 140 leased studio and one-bedroom apartments that will comprise the top eleven floors. The TechHUB will also generate revenues from its co-working space where hot desks with state-of-the-art IT capabilities will be leased to independent business people and other creators.
The TechHUB will further offer tiered memberships to individuals, small businesses and corporate clients who wish to participate in the Live-Work-Learn ecosystem. Additional funds will be generated from program revenues, government and foundation grants, and from the food service within the building. The TechHUB is a safe and secure investment in the Downtown Reno community.
The Reno TechHUB embodies a focused, robust, achievable project that will serve as the catalyst to accelerate the evolution and revitalization of Downtown Reno. The many community and business leaders who have come together to support the TechHUB all share the conviction that this project comes at a pivotal time in the future of Downtown. The TechHUB will be a 21st-century Live-Work-Learn ecosystem that will complete the transformation of Reno into a vibrant, integrated community by connecting the University with Downtown and Downtown to Nevada’s business communities.
The TechHUB has been widely embraced and there is a shared desire to have the project move forward quickly. Your financial support is needed to achieve the re-purposing of the building. More information can soon be found at www.renotechhub.com (not live yet)