Multi-million dollar purchase closed on Incline property
Sierra Sotheby’s International recently announced the South Lake Tahoe property known as The Chateau at the Village has been purchased for $45.5 million from Tahoe Stateline Venture, LLC, a subsidiary of Owens Realty Mortgage Inc.
Sierra Sotheby International Realty Broker Vince Scott represented the buyer and new owner Tahoe Chateau Land Holding, LLC — a Chinese-American investment group.
The purchased property includes approximately eight acres of land and entitlements with additional condotel “air rights” above the existing commercial space. Also, related parking and garage structures, former convention center pad and commercial and accessory uses are included. The property purchased doesn’t include the existing retail buildings and improvements.
In its entirety, the Chateau at the Village is an 11.5-acre retail and residential development site located at the California/Nevada state line.
In 2014, the first phase was completed offering 31,000 gross square feet of retail space. Still in development, the second phase known as Zalanta Resort at the Village consists of a 30-unit luxury condominium complex located across from the Heavenly Gondola with the balance of 387 luxury condotel being acquired by Chateau Land Holdings, Inc.
“We’re extremely excited to introduce this project to the market and look forward to working with our neighbors including Heavenly resort owner Vail Resorts, and local vendors and suppliers,” said Scott. “This project represents a huge impact to the local job market and overall revenues to the community of South Lake Tahoe. It will also be a vital part of the downtown improvements proposed to enhance and improve pedestrian and vehicle circulation.”
Development Partner, South Tahoe Development Co., CEO Will Oswald says, “We intend to complete the existing plan with some modifications on the condotel project consisting of luxury residential whole ownership units. We are currently in discussions with Vail Resorts to manage the property offerings, including full-service hotel-type amenities.”
“We are in the design and engineering phase determining the ideal product mix and quality of finish detail including spa, restaurants and amenity packages,” Oswald said. “We will stay within the existing framework of the permit while putting a world-class touch on this project.”
The original convention center plan will be eliminated and replaced with smaller meeting rooms targeting incentive and group events. The target date for construction to commence is expected to be in the spring 2018, however, definitive dates haven’t been established for pre-sales or construction at this time.