It’s been called many things by South Lake Tahoe residents and visitors. This area on Highway 50, right in the heart of South Lake Tahoe, is now been rejuvenated and “The Chateau” will see open stores and restaurants by this summer.
The Chateau of South Lake Tahoe
The pictures here were taken on April 2, 2014, so you can see the progress, and the fence will be down as soon as complete, hopefully as early as June.
The site was going to originally be a hotel/convention center complex but the developers ran into financial problems. Owen Realty Mortgage, Inc is now the owner and is moving forward on completing the $400 million dollar project, reportedly as planned with 477 hotel or condo rooms, 58,000 sq ft of retail, a 19,000 sq ft spa and about 20,000 sq ft of meeting space. No plans have been submitted to the South Lake Tahoe Planning Department as of yet, so we’ll have to wait and see what their response is.
What we do know is that the first phase will be what you see in these photos with frontage along Highway 50 and Stateline Avenue. This area will be home to just over 30,000 sq ft of retail space, including a circular restaurant and bar at the eastern corner. The sidewalks are heated and there are outdoor fire pits, just like what we have outside my office across the street at Heavenly Village.
South Lake Tahoe Real Estate
What does this mean for home values in South Lake Tahoe? It’s great news that people are investing in the community and that there is progress being made on what locals have nicknamed “The Hole.” The project lies within the Stateline neighborhood, not far from the slopes of Heavenly Valley.
Real estate figures for the area in March continued to show progress and the future for Lake Tahoe real estate continues to be bright. There is much more confidence among the retail environment in the area as well as solid increases in property values, all of which is very good news for the Tahoe basin.
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